The sale is expected to close during the third quarter. Additional terms of the transaction were not disclosed.

"We are thrilled to be working with two great private investors like Bain Capital Private Equity and Vista Equity Partners to fuel the future growth of Vertafore, and are looking forward to a great partnership that will benefit our customers, our employees, and our industry," said Jeff Hawn, Chairman & CEO at Vertafore. "We are also thankful for the strong leadership and support from TPG over the past six years and appreciate all they've done to prepare us for the next phase of our company's growth."

With over 45 years of deep industry expertise, more than 500,000 insurance professionals trust Vertafore® technology every day across each point of the insurance value chain, utilizing solutions in the company's product portfolio including leading products such as the AMS360® and Sagitta® management systems, ImageRight®, and Sircon® agency and carrier solutions.

"Vertafore is a market leader with mission critical product offerings for insurance brokers and a compelling business model," said Ian Loring, a Managing Director at Bain Capital Private Equity. "The company has been at the forefront of product innovation and bundling solutions to help make agency management more efficient. We look forward to partnering with Vertafore to drive further growth and customer satisfaction."

"Vista is enthusiastic about Vertafore's software and information solutions, employees, and the vast customer base they serve today," said Brian Sheth, Co-Founder and President of Vista. "We're eager to work with the team to continue to develop best-in-class products and services for the insurance industry, grow the business, and expand market share."

"It's been a privilege to be a part of Vertafore's tremendous growth over the last six years," said Bryan Taylor, Partner at TPG Capital. "Vertafore has become a clear leader in the industry by expanding its product line, strengthening its workforce, and putting increased resources toward R&D. Today's announcement is the result of many years of hard work and the culmination of a great partnership with Jeff and the Vertafore management team."

BofA Merrill Lynch is serving as the exclusive financial advisor and Ropes & Gray LLP as the legal advisor to Vertafore and TPG in connection with the transaction. Credit Suisse is providing the financing commitments and acting as financial advisor to Bain Capital Private Equity and Vista. Kirkland & Ellis LLP is acting as legal counsel and EY LLP is serving as accounting advisor to Bain Capital Private Equity and Vista. The transaction is subject to customary regulatory review.

The acquisition of Vertafore comes just a month after Vertafore expanded its reach and capabilities by acquiring Keal Technology in Canada, and less than a year after the purchase of QQSolutions in Florida, both providers of cloud software to independent insurance agencies. The company delivered over 250 new product releases in 2015, bringing new technology and innovation to the industry's largest customer base, including agencies, carriers, MGAs, MGUs and over half the U.S. state regulatory agencies.