(Image source: Vertafore homepage.)
Vertafore (Denver), a provider of distribution-related insurance technology, has announced that it will be acquired by Roper Technologies, Inc., a diversified technology company based in Sarasota, Fla. Roper will acquire Vertafore from Bain Capital Private Equity (Boston) and Vista Equity Partners (Austin, Texas) with the acquisition expected to close in the third quarter, subject to regulatory approval and customary closing conditions. Morgan Stanley & Co. LLC served as lead financial advisor, BofA Securities and Credit Suisse also served as financial advisors, and Kirkland & Ellis LLP served as legal advisor to Vertafore. The companies did not disclose terms.
“In Roper we have found a partner who shares both our vision and our values,” comments Vertafore Chief Executive Officer Amy Zupon. “Their acquisition of Vertafore is validation of our strategy to provide innovative and critical solutions to our customers. Roper’s long-term mindset and proven model in selecting niche market leaders offers Vertafore a platform from which we can accelerate our commitment to helping our customers further modernize their operations. We are excited to have found a permanent home for our great company.”
Vertafore reports that, since 2016, the company has added more than 500 employees and improved its customer net promoter score by 200 percent, while meaningfully increasing its annual recurring sales and investment in its products. “All of these initiatives have been done in support of the company mission to automate and simplify insurance distribution to drive value for their customers,” a Vertafore statement says. As part of the Roper family of companies, Vertafore says it will continue to be led by Amy Zupon as its chief executive officer.
Meeting All of Roper’s Criteria
“Roper’s businesses consistently have clear niche market leadership, strong management teams, high customer retention and a track record of consistent growth. Vertafore meets all of our criteria and we are thrilled for them to join the Roper family,” comments Neil Hunn, President and CEO of Roper Technologies. “We’re especially impressed by Amy and her team, their commitment to customer success, and their long-term focus to drive innovation across the insurance industry. The demand from their customers to simplify complex and outdated processes creates multiple drivers for long-term growth, and we are excited to invest in that innovation.”
Roper and Vertafore declared in an announcement on the deal that they share a belief in and commitment to the current and future strength of the insurance industry and the independent agency, and the critical role that technology will play across the entire distribution channel.