The Roper Technologies, Inc. logo seen displayed on a smartphone.
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Roper Technologies said on Thursday it would buy Vertafore, a private equity-owned insurance software vendor, for about $5.35 billion, in what would be its largest takeover deal to date.
Reuters had earlier reported that the company was competing with private equity firms in an auction for Vertafore, which is owned by buyout firms Vista Equity Partners and Bain Capital.
Acquiring Vertafore would be in line with Roper’s strategy of snapping up software companies in niche markets with strong recurring revenues.
It also signals that the highly acquisitive company has not given up on its expansion plans in the wake of the COVID-19 pandemic, which has caused some of its customers to review their spending plans.
