Vertafore Announces Agreement to be Acquired by TPG Capital
TPG Capital to acquire Vertafore from Hellman & Friedman
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<p>BOTHELL, Wash., <span class="xn-chron">June 10</span> /CNW/ -- Vertafore, a leading provider of software and services to the insurance industry, today announced that a definitive agreement has been reached for the company to be acquired by investment funds managed by TPG Capital ("TPG"). TPG will purchase the company from Hellman & Friedman and its co-investor JMI Equity for a total consideration of <span class="xn-money">$1.4 billion</span>. Additional terms of the transaction were not disclosed. The acquisition is expected to close in the third quarter, subject to customary regulatory approvals.</p>
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<p>Euan Menzies, President and CEO of Vertafore, said "We are extremely proud of Vertafore's market leading position, innovative products and proven ability to provide value-added services to our clients. We have enjoyed the strong support of Hellman & Friedman and JMI Equity over the past several years, and are excited to welcome our new partner, TPG."</p>
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<p><span class="xn-person">Mr. Menzies</span> continued, "TPG is a premier private investment firm that has an impressive track record in the technology field. The TPG team understands our business and shares our vision for the future of the company. We believe this will be an excellent partnership as we collaborate to build future successes and continue our strong customer focus."</p>
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<p>"Vertafore is a world-class company that has developed essential products and services for the growing insurance industry," said <span class="xn-person">John Marren</span>, a partner at TPG. "Vertafore has proven its ability to grow across market cycles both organically and through well-planned and successfully integrated acquisitions. We look forward to working with the company's excellent management team and dedicated employees."</p>
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<p>"We have had a tremendously successful partnership with Euan Menzies and the entire Vertafore team," said <span class="xn-person">David Tunnell</span>, Managing Director of Hellman & Friedman. "We are proud of the company's performance and market leadership and are confident in a smooth ownership transition."</p>
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<p>Barclays Capital acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to Vertafore in connection with the transaction. Credit Suisse acted as financial advisor, Cleary Gottlieb Steen & Hamilton LLP served as legal counsel and Deloitte served as accounting and tax advisor to TPG in connection with the transaction. Debt financing is being provided by Credit Suisse.</p>
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About Vertafore
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<p>Vertafore is the leading provider of software and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers and reinsurers. Vertafore leverages a unique industry presence to deliver meaningful solutions - powerful technology, critical information and robust insights to help organizations effectively respond to business challenges and capture new opportunities. Vertafore solutions have helped more than 17,000 customers and 500,000 users gain a competitive advantage to accelerate their business performance. For more information about Vertafore, please visit <a href="http://www.vertafore.com">www.vertafore.com</a>.</p>
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About TPG Capital
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<p>TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with <span class="xn-money">$48 billion</span> of assets under management and offices in <span class="xn-location">San Francisco</span>, <span class="xn-location">Beijing</span>, <span class="xn-location">Fort Worth</span>, <span class="xn-location">Hong Kong</span>, <span class="xn-location">London</span>, <span class="xn-location">Luxembourg</span>, <span class="xn-location">Melbourne</span>, <span class="xn-location">Moscow</span>, <span class="xn-location">Mumbai</span>, New York, <span class="xn-location">Paris</span>, <span class="xn-location">Shanghai</span>, <span class="xn-location">Singapore</span> and <span class="xn-location">Tokyo</span>. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG's technology investments have included SunGard, Fidelity National Information Services, Sabre Holdings, Alltel, Aptina, Avaya, Intergraph and Lenovo, among others.</p>
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About Hellman & Friedman
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<p>Hellman & Friedman LLC is a leading private equity investment firm with offices in <span class="xn-location">San Francisco</span>, New York and <span class="xn-location">London</span>. Since its founding in 1984, Hellman & Friedman has raised over <span class="xn-money">$25 billion</span> of committed capital. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including software, business & marketing services, internet & digital media, financial services, insurance, media, healthcare, and energy & industrials. Representative investments in the software and insurance sectors include Datatel Corporation, GeoVera Holdings, Inc., Intergraph Corporation, Kronos Incorporated, SSP Holdings plc, and Sedgwick Claims Management Services, Inc. For more information on Hellman & Friedman, visit <a href="http://www.hf.com">www.hf.com</a>.</p>
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About JMI Equity
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<p>JMI Equity is a private equity firm focused on investing in growing software, internet and business services companies. Founded in 1992, JMI has invested in 97 leading businesses in its target markets and has approximately <span class="xn-money">$1.3 billion</span> of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include Blackbaud, DoubleClick, Eloqua and Service-now.com. For more information on JMI, visit <a href="http://www.jmiequity.com">http://www.jmiequity.com</a>.</p>
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<p>Contact:</p>
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For Vertafore: Linda Caudle
Vertafore
(425) 354-6043
[email protected]
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For TPG Capital: Kristin Celauro
Owen Blicksilver Public Relations,
Inc.
(732) 291-5456
[email protected]
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For Hellman &
Friedman: Steven Bruce / Brendan McManus
Abernathy MacGregor Group (New York)
(212) 371-5999
[email protected] / [email protected]
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For JMI Equity: Chuck Dohrenwend
Abernathy MacGregor Group (New York)
(212) 371-5999
[email protected]
For further information: Linda Caudle of Vertafore, +1-425-354-6043, [email protected]; or Kristin Celauro of Owen Blicksilver Public Relations, Inc., +1-732-291-5456, [email protected], for TPG Capital; or Steven Bruce, [email protected], or Brendan McManus, [email protected], both of Abernathy MacGregor Group (New York), +1-212-371-5999, for Hellman & Friedman; or Chuck Dohrenwend of Abernathy MacGregor Group (New York), +1-212-371-5999, [email protected], for JMI Equity Web Site: http://www.vertafore.com http://www.hf.com http://www.jmiequity.com
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