The Bothell company, which has 1,300 employees, including 500 in the Puget Sound region, develops software used in the insurance industry.
Bothell-based insurance-software company Vertafore has been sold to investment companies Bain Capital and Vista Equity Partners.
Funds managed by Bain and Vista bought the 1,300-employee firm from TPG Capital, which acquired Vertafore in 2010. Vertafore announced the sale Monday and did not disclose deal terms.
Reuters said the deal valued Vertafore at about $2.7 billion, compared with its $1.4 billion price tag in 2010.
Vertafore declined to comment on questions about any impact on the headquarters or staff. The company has about 500 employees in the Puget Sound region.
Most Read Business Stories
- The sad truth about sleep-tracking devices and apps | Tech Review
- Safe deposit boxes aren’t safe
- Almost 40% of U.S. homes are 'free and clear' of a mortgage
- T-Mobile's brash CEO sprints to top of best-paid leaders at Pacific Northwest companies
- Boeing faces largest quarterly loss in its history after a $4.9 billion financial hit due to 737 MAX grounding
“We are thrilled to be working with two great private investors like Bain Capital Private Equity and Vista Equity Partners to fuel the future growth of Vertafore, and are looking forward to a great partnership that will benefit our customers, our employees, and our industry,” Vertafore CEO Jeff Hawn said in a statement.
Hawn said in February that Vertafore and TPG had a positive, strong relationship. He thanked the investment firm in a statement Monday.
Vertafore makes software used in the insurance industry by both large carriers and small insurance shops. It posted revenue of $485 million last year.
The company was originally founded in 1969 under the name Agency Records Control in Texas. It took on the name Vertafore in 2004 and relocated to Bothell in 2005.
Vertafore has been working to make its technology match the fast-changing insurance industry, partly by developing products that offer personalized customer data to insurance agents so agents can sell specifically tailored plans.