Vertafore Inc., an insurance services firm backed by Hellman & Friedman and JMI Equity Fund, has agreed to buy BenefitPoint Inc., a company that manages employee benefits, from its venture capital backers.
Terms of the deal, subject to typical closing conditions, were not disclosed.
BenefitPoint, of San Francisco, is currently backed by HarbourVest Partners, HLM Venture Partners, Institutional Venture Partners, Sequoia Capital and Trident Capital. Trident led a $13.8 million recapitalization round in January 2004. Prior to that round, BenefitPoint had raised $86 million since its founding in 1998. Trident did not immediately return a call for comment.
Vertafore, of Bothell, Wash., provides software, services and information for the property and casualty insurance industry. Hellman & Friedman and JMI acquired a majority stake in the company in 2004 for an undisclosed amount from MMC Capital Inc.
Vertafore believes that combining with BenefitPoint will put the company in a better position to serve employee benefit agencies.