CEO Jeff Hawn (13 Apr 2015–) | Founded 1969 | |
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Headquarters Bothell, Washington, United States Subsidiaries AMS Services, Inc., QQ Solutions, Inc. Profiles | ||
Vertafore, Inc, a privately-held company based in Bothell, Washington, is the largest provider of technology for the insurance industry in the United States. 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. It serves organizations of all sizes, from large carriers, such as Safeco, to single-office insurance shops.
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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.
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.
In 2004, the company changed its name to Vertafore and was acquired by Hellman & Friedman and JMI Equity. 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.
Jeff Hawn, formerly of Attachmate, became the company's CEO in April 2015.
By 2016, Vertafore was earning $180 million on $485 million of revenue.
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." The deal closed on June 30, 2016.