Vertafore ensures that insurers can insure. The company develops software for more than 20,000 insurance agencies, carriers, and managing general agents (MGAs) in more than a dozen countries, although primarily in the US. Its areas of expertise include agency and benefits management, connectivity and rating, content management and workflow, producer lifecycle management, and policy administration and billing. Vertafore's leading products include ImageRight (content management and workflow), AMS360 (agency management), and Sagitta (agency management). The company is owned by investment firm TPG Capital.
Change in Company Structure
Vertafore was acquired by TPG Capital in mid-2010 for some $1.4 billion from private equity groups Hellman & Friedman and JMI Equity.
Vertafore places a premium on innovation and reports that some 60% of sales are generated by products developed in the last seven years. One such product is a Software-as-a-Service (Saas) offering serving some 10,000 customers.
Mergers and Acquisitions
Since its acquisition by TPG, Vertafore has been purchasing other companies. In 2011 it bought StoneRiver FSC, a line of software for insurance agents, from StoneRiver. StoneRiver FSC provides insurance rating and management systems to independent agents, brokers, and insurance carriers in 10 states. Also the year Vertafore acquired Kaplan Compliance Solutions (KCS), which provides technology and services that help insurance and securities companies meet compliance standards, from Kaplan. KCS was integrated into the Sircon product line. – less