The sale is expected to close during the third quarter of 2016. The additional terms of the transaction were not disclosed.
The company will use the proceeds to continue to develop products and services for the insurance industry, grow the business, and expand its market share.
Led by Jeff Hawn, Chairman & CEO, Vertafore provides technology solutions for the insurance industry connecting every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. The product portfolio includes products such as the AMS360® and Sagitta® management systems, ImageRight®, and Sircon® agency and carrier solutions.
The company recently acquired Keal Technology in Canada and QQSolutions in Florida, both providers of cloud software to independent insurance agencies.