Bothell, Wash.-based Vertafore is set to be acquired by Bain Capital and Vista Equity Partners Management, the buyers announced today.

While terms of the deal weren’t disclosed, sources told Reuters that the company is being sold for $ 2.7 billion. Bain and Vista Equity are buying Vertafore from TPG Capital, which paid $ 1.4 billion for the company back in 2010.

Vertafore makes software for the insurance industry, giving insurers a way to share information with customers and process claims. According to its website, more than 500,000 insurance professionals use Vertafore’s software.

The company has been around since 1969 in various forms and has made a number of acquisitions in recent years, including buying Canadian insurance software maker Keal Technology in February. At that time, Vertafore employed about 1,300 employees.

The deal is expected to close by the third quarter this year.

GeekWire

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