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Vertafore

Vertafore

Vertafore, Inc, a privately-held company based in Denver, Colorado, is the largest provider of technology for the insurance industry in the United States. [2] Its products are used by nearly 30,000 insurance agencies, carriers and agents, including 96 of the top 100 U.S. agencies and more than 80 of the top 100 carriers. [3] It serves organizations of all sizes, from large carriers, such as Safeco, to single-office insurance shops. [4]

Vertafore employs over 1,300 people in 11 offices across the country, and was the fifth largest cloud computing company in the Seattle area in 2014, behind Microsoft, HP, Google, and Amazon, with $400 million in revenue. [4] [5]

History

Vertafore was founded in 1969 under the name Agency Records Control (ARC), as a card tabulating service bureau for independent agents based in Bryan/College Station, TX.

Agency's forebear Safecom was incorporated as a wholly owned subsidiary of Safeco Insurance Company.

[6]

In 2004, the company changed its name to Vertafore and was acquired by Hellman & Friedman and JMI Equity. [4] It subsequently relocated its headquarters from Windsor, Connecticut to Bothell in 2005, and was sold to TPG Capital for $1.4 billion in one of the largest leveraged buyouts of 2010. [7]

Jeff Hawn, formerly of Attachmate, became the company's CEO in April 2015. [2]

By 2016, Vertafore was earning $180 million on $485 million of revenue.

[4] [2]

In May 2016, investment companies Bain Capital and Vista Equity Partners announced an agreement to acquire Vertafore for $2.7 billion, which a company representative characterized as "the largest investment ever in the insurance technology space." [2] [2] [2] The deal closed on June 30, 2016. [2]

Amy Zupon, formerly of P2 Energy Solutions, became the company's CEO in September 2016. [2]

Awards

  • 5th largest cloud computing company in the Pacific Northwest. [2]

  • : Bronze win in Company of the Year. [2]

  • : Recognized as "Best of the Best" technology solutions for independent insurance agents and brokers. [2]

  • : Leadership Award for software innovation, Momentum Award industry advocacy, and Case Study Award for advancements made with ID Federation. [3]

Acquisitions

  • RiskMatch [3]- 2017

  • Keal Technology [3] 2016

  • QQ Catalyst [3]- 2015

  • StoneRiver FSC [6]- 2011

  • Kaplan Compliance Solutions [6]- 2011

References

[1]
Citation Linken.wikipedia.orgThe original version of this page is from Wikipedia, you can edit the page right here on Everipedia.Text is available under the Creative Commons Attribution-ShareAlike License.Additional terms may apply.See everipedia.org/everipedia-terms for further details.Images/media credited individually (click the icon for details).
Jul 30, 2016, 7:32 PM
[2]
Citation Linkheraldnet.com"Why Bothell's Vertafore is considered so valuable"
Dec 2, 2017, 10:35 AM
[3]
Citation Linkbizjournals.com"Theo Beack consults data to innovate, change at Vertafore"
Jul 30, 2016, 7:32 PM
[4]
Citation Linkbizjournals.com"Vertafore CEO's first year: reassuring staff, customers, investors"
Jul 30, 2016, 7:32 PM
[5]
Citation Linkseattletimes.com"Vertafore helps insurance firms keep track of data"
Jul 30, 2016, 7:32 PM
[6]
Citation Linkbizjournals.com"Here are the top cloud computing companies here in Cloud City"
Jul 30, 2016, 7:32 PM
[7]
Citation Linkvertafore.comhttp://www.vertafore.com/About-Us/History
Jul 30, 2016, 7:32 PM
[8]
Citation Linkseattlepi.com"Software firm Vertafore chooses Bothell"
Jul 30, 2016, 7:32 PM
[9]
Citation Linkblogs.wsj.com"Deal Profile: TPG Agrees to Acquire Vertafore"
Jul 30, 2016, 7:32 PM
[10]
Citation Linkbloomberg.com"Blackstone Said to Be in Talks to Buy Polymer Group"
Jul 30, 2016, 7:32 PM
[11]
Citation Linkreuters.com"Exclusive: HR software firm Kronos spurns $4.5 billion-plus bids: sources"
Jul 30, 2016, 7:32 PM
[12]
Citation Linkgeekwire.com"Vertafore names former Attachmate boss as CEO"
Jul 30, 2016, 7:32 PM
[13]
Citation Linkreuters.com"Exclusive: TPG explores sale of insurance software firm Vertafore - sources"
Jul 30, 2016, 7:32 PM
[14]
Citation Linkreuters.com"Bain, Vista Equity to acquire Vertafore for $2.7 billion"
Jul 30, 2016, 7:32 PM
[15]
Citation Linkseattletimes.com"Bothell software maker Vertafore sold to 2 investment funds"
Jul 30, 2016, 7:32 PM
[16]
Citation Linkheraldnet.com"Deal closes on purchase of Bothell insurance tech provider"
Jul 30, 2016, 7:32 PM
[17]
Citation Linkbizjournals.comLink on bizjournals.com
Jul 30, 2016, 7:32 PM
[18]
Citation Linkvertafore.com"Vertafore Sweeps Award Season; Accepts Top Honors from Insurance Business America, Best in Biz and ACORD | Vertafore"
Jul 30, 2016, 7:32 PM
[19]
Citation Linkibamag.com"VERTAFORE PL RATING"
Jul 30, 2016, 7:32 PM
[20]
Citation Linkprnewswire.com"Vertafore Wins Four ACORD Awards"
Jul 30, 2016, 7:32 PM