Florida-based Roper Technologies has agreed to acquire insurance software maker Vertafore in an all-cash transaction valued at approximately $5.35 billion.
Roper said the Vertafore management team led by CEO Amy Zupon will continue to lead the business from its Denver, Colorado headquarters. Vertafore’s name, brands and office locations will not change as a result of the transaction, according to the announcement.
This is the third change of ownership for Vertafore in the past decade. Bain Capital and Vista Equity, current owners of Vertafore, acquired it in 2016 for $2.7 billion from TPG Capital, which paid $1.4 billion for the company in 2010.
It’s also the third insurance software deal announced within the past month.
Vertafore’s cloud-based software provides agency management, compliance, workflow and data products for the property/casualty insurance industry. More than 20,000 agencies and 1,000 insurance carriers use Vertafore software.
Roper owns a variety of niche market technology software and device firms including iPipeline, Logitech, ConstructConnect, Horizon, Strata Decisions, Metrix and iTradeNetwork.