Vertafore Bought Out By TPG For $1.4 Billion

BOTHELL, Wash. -- Vertafore Inc., a privately held company that provides software for the insurance industry, is being acquired for $1.4 billion by the investment firm TPG Capital.

TPG is buying the Bothell, Wash., company from private equity firm Hellman & Friedman and co-investor JMI Equity.

Vertafore, which announced the deal Thursday, did not disclose specific financial terms.

John Marren, a partner at TPG, says Vertafore is "a world-class company that has developed essential products and services for the growing insurance industry."

Vertafore said it expects the deal to close in the third quarter.