Vertafore Moves Bothell, Washington Offices to Denver
A technology company that creates software for insurance companies, Vertafore, Inc., has laid off 121 employees in Bothell, Washington as it relocates its headquarters to Denver, Colorado.
The company has filed a notice about the layoffs with the Washington Employment Security Department, as required under the Worker Adjustment and Retraining Notification Act (WARN Act) . The legislation requires companies to inform employees of the layoffs at least 60 days prior to the day they are cut loose.
According to the notice, the company will continue to operate its Bothell offices, despite moving its headquarters to Denver.
The employees who lost their jobs include those who were offered the option to relocate to the new offices but declined. In January, the company had informed its employees at the offices in Snohomish County, Bothell about the layoffs likely to come.
Vertafore is moving its headquarters to Denver after being sold by its former owner, investment firm TPG Capital Management, L.P., to two other equity firms last year. TPG, which acquired Vertafore in 2010, sold the company to Bain Capital, LP and Vista Equity Partners, LLC in 2016, in a deal that valued the software company at approximately $2.7 billion.
Before that, the company had been sold to various investment firms over the years. This is also not the first time the company has moved its headquarters.
Vertafore was founded in 1969 under the name Agency Records Control in Texas. The company changed its name to Vertafore in 2004, and moved its headquarters to Bothell a year later.
Vertafore primarily develops software that insurance agents use to keep track of their customers. The company uses cloud computing technology for its software and calls itself the “leader in modern insurance technology.” It is one of the largest providers of insurance software.
Up until last year, Vertafore was reported to be employing a workforce of about 1,300 employees. Nearly 475 of these employees were employed in Bothell. The company has not disclosed the current number of employees that remain at Bothell following the layoffs.
“Vertafore to keep Bothell offices open despite job cuts,” The Daily Herald, July 20, 2017.
“Vertafore keeping Bothell office open; 120 laid off,” The Seattle Times, July 19, 2017.
“Bothell software maker Vertafore sold to 2 investment funds,” The Seattle Times, May 2, 2016.