Roper Technologies, Inc. (NYSE: ROP), a diversified technology company, reached a definitive agreement to acquire Vertafore, in an all-cash transaction valued at approximately $5.35 billion.
The transaction is expected to close in the third quarter, subject to regulatory approval and customary closing conditions.
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.
Vertafore provides a cloud-based software featuring agency management, compliance, workflow, and data solutions that simplify and automate the complex property and casualty (“P&C”) insurance lifecycle. More than 20,000 agencies and 1,000 insurance carriers use it to streamline their processes, improve efficiency, and drive productivity.
Vertafore is expected to contribute approximately $590 million of revenue and $290 million of EBITDA in 2021.
Led by Neil Hunn, President and CEO, Roper Technologies operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets.