Vertafore, an InsurTech company and leading provider of cloud-based software for the property-casualty market, announces it will be acquired by Roper Technologies, Inc.
Last week, Vertafore announced that it will be acquired by Roper Technologies, Inc. a leading diversified technology company, in a $5.35 billion deal.
Vertafore provides cloud-based software for the property-casualty insurance market. More than 20,000 agencies and 1,000 insurance carriers use Vertafore's software. The InsurTech's name, brands and office locations will not change as a result of the transaction and Vertafore CEO Amy Zupon will continue to lead the company, according to a statement.
"Roper's long-term investment in Vertafore will enable us to accelerate our product development and continue to deliver on our commitment to your success," Zupon said in a message to Vertafore's users.
“I feel incredibly fortunate that we found a partner in Roper that shares both our vision and our values. Roper's investment in Vertafore is recognition of our work to provide innovative and critical solutions to our customers, as well as the relationships we've built together over that time," she said. “We are looking forward to doubling down on our work to empower you—our customers—with technology solutions that allow you to better serve your customers and collectively transform the insurance distribution channel."
Since 2016, Vertafore has added more than 500 employees and improved its customer net promoter score by 200%, while meaningfully increasing its annual recurring sales and investment in its products. These initiatives have been carried out in support of the company mission to automate and simplify insurance distribution to drive value for their customers.
“In Roper we have found a partner who shares both our vision and our values," said Amy Zupon, CEO, Vertafore in a press release. “The acquisition is validation of our strategy to provide innovative and critical solutions to our customers."
“Roper's long-term mindset and proven model in selecting niche market leaders offers Vertafore a platform from which we can accelerate our commitment to helping our customers further modernize their operations," she added. “We are excited to have found a permanent home for our great company."
Roper Technologies operates approximately 45 independent businesses that design and develop software and engineered products for a variety of niche end markets. They help companies grow by creating value for their customers.
“Roper's businesses consistently have clear niche market leadership, strong management teams, high customer retention and a track record of consistent growth. Vertafore meets all of our criteria and we are thrilled for them to join the Roper family," said Neil Hunn, president and CEO of Roper Technologies.
“We're especially impressed by Amy and her team, their commitment to customer success, and their long-term focus to drive innovation across the insurance industry." he said. “The demand from their customers to simplify complex and outdated processes creates multiple drivers for long-term growth, and we are excited to invest in that innovation."
Will Jones is IA managing editor.