Vertafore

Vertafore, Inc, a company based in Bothell, Washington, is the largest provider of technology for the insurance industry in the United States.[1] It employs 1,500 people in 11 offices across the country.

Vertafore was the fifth largest cloud computing company in the Seattle area in 2014, behind Microsoft, HP, Google, and Amazon, with $400 million in revenue.[2] Its products are used by more than 20,000 insurance agencies, carriers, and agents.[3]

History

Vertafore was founded in 1969 when Agency Records Control (ARC), a card tabulating service bureau for independent agents, relocated to Bryan/College Station, TX. Agency's forebear Safecom was incorporated as a wholly owned subsidiary of Safeco Insurance Company.[4] In 2005, the company relocated its headquarters from Windsor, Connecticut to Bothell.[5]

Vertafore was acquired by Hellman & Friedman and JMI Equity in 2004, and subsequently sold to TPG Capital for $1.4 billion in one of the largest leveraged buyouts of 2010.[6][7][8]

Jeff Hawn, formerly of Attachmate, became the company's CEO in April 2015.[9]

On May 2, 2016, Vertafore was acquired by investment companies Bain Capital and Vista Equity Partners from TPG Capital for $2.7 billion compared to its $1.4 billion price tag in 2010. [10]

Awards

5th largest cloud computing company in the Pacific Northwest [11]

Acquisitions

References

  1. ↑ Adam Worcester (December 12, 2014). "Theo Beack consults data to innovate, change at Vertafore". Puget Sound Business Journal. Retrieved January 3, 2016.
  2. ↑ Stephanie Forshee (January 9, 2015). "Here are the top cloud computing companies here in Cloud City". Puget Sound Business Journal. Retrieved January 3, 2016.
  3. ↑ Robert Celaschi (September 26, 2014). "Vertafore CEO's first year: reassuring staff, customers, investors". Puget Sound Business Journal. Retrieved January 3, 2016.
  4. 1 2 3 http://www.vertafore.com/About-Us/History
  5. ↑ John Cook (June 21, 2005). "Software firm Vertafore chooses Bothell". Seattle Post-Intellegencer. Retrieved January 3, 2016.
  6. ↑ Grocer, Stephen (June 11, 2010). "Deal Profile: TPG Agrees to Acquire Vertafore". The Wall Street Journal. Retrieved January 3, 2016.
  7. ↑ Jeffrey McCracken; Jason Kelly; Zachary R. Mider (August 10, 2010). "Blackstone Said to Be in Talks to Buy Polymer Group". Bloomberg. Retrieved January 3, 2016.
  8. ↑ Soyoung Kim; Nadia Damouni; Greg Roumeliotis (February 12, 2014). "Exclusive: HR software firm Kronos spurns $4.5 billion-plus bids: sources". Reuters. Retrieved January 3, 2016.
  9. ↑ Cook, John (April 2, 2015). "Vertafore names former Attachmate boss as CEO". Geek Wire. Retrieved December 29, 2015.
  10. ↑ Lerman, Rachel. "Bothell software maker Vertafore sold to 2 investment funds". The Seattle Times. The Seattle Times Company. Retrieved 5/6/2016. Check date values in: |access-date= (help)
  11. ↑ http://www.bizjournals.com/seattle/subscriber-only/2015/01/09/cloud-computing-companies.html
  12. ↑ "Vertafore makes foray into Canada with deal to acquire Keal Technology - GeekWire". GeekWire. Retrieved 2016-03-02.
  13. ↑ Cook, John (June 16, 2015). "Insurance software company Vertafore buys QQ Solutions". Geek Wire. Retrieved December 29, 2015.

External links

This article is issued from Wikipedia - version of the Saturday, May 07, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.