Vertafore, Inc., a leading provider of specialized software solutions for the insurance industry, has entered into a definitive agreement to acquire all outstanding stock of BenefitPoint, a leading San Francisco-based provider of sophisticated benefits software solutions. By combining the complementary capabilities and taking advantage of Vertafore’s financial strength and organizational stability, the two companies will be able to effectively meet the needs of all segments of the benefits agency market and deliver the most comprehensive solution in the industry.
“We are excited about this opportunity to become part of the Vertafore family,” says Kurt M. de Grosz, president and co-founder of BenefitPoint. “The new organization will have the domain expertise, product breadth, customer base and financial stability required to make it a clear market leader.”
“BenefitPoint has always impressed us with their domain expertise and product offering in the benefits arena,” says Euan Menzies, president and CEO of Vertafore. “The combination of the two companies will enable us to deliver a strong, comprehensive solution to benefits agencies.”
The acquisition is subject to the satisfaction of normal conditions to closing. Financial details of the transaction were not disclosed.
Meanwhile Vertafore have formed a new Specialty Markets division. This new division will be responsible for directing the existing AMS Benefits and Silverplume businesses as well as for other complementary business opportunities. BenefitPoint will also become part of the Specialty Markets division after the acquisition closes. The Specialty Markets division will be headquartered in Boulder, Colorado and will be headed by Christina Nelson, SilverPlume’s current president.
“As we look to increase our pace of investment into complementary markets, it is critical not only that we identify attractive opportunities but that we also execute our plans with vigor and precision,” says Euan Menzies. “I am extremely confident that Christina and her team will apply the same focus and energy to these new opportunities that we have seen at SilverPlume. I am also certain we will make substantial strides within a relatively short period of time.”
AMS Benefits provides a suite of Web-based solutions that streamlines and automates employee benefits for firms of all sizes. These solutions offer both employee benefits brokers and agencies a web-based, workflow management system for managing sales, implementation, commission tracking, policy management and renewal processes as well as a broker-centric application that provides online benefit plan administration tools.
SilverPlume is the industry’s leading aggregator of insurance reference content for risk analysis and underwriting support. SilverPlume’s Sage Benefits & HR is an extensive online library of searchable reference information on benefits and human resources content.