Vitech Systems Group has found a buyer, three sources said.
CVC Capital Partners is acquiring Vitech, the people said. The New York insurtech produces about $50 million Ebitda and was expected to fetch a multiple of as much as 14x to 15x, Buyouts reported in February.
The insurtech sold in the “$500 million Zip Code,” one GP said.
Founded in 1986, Vitech provides software to insurers. Customers include tier 1 insurers and public-pension funds. It employs 850. Frank Vitiello is co-founder and CEO, his LinkedIn profile shows.
This year, Vitech received inbound interest from PE and strategics. Vitech wasn’t officially on the block but it hired Jason Gurandiano of RBC Capital Markets to handle the inbounds, Buyouts said.
The company went up for sale in the spring, one GP said.
CVC, London, is a longtime investor in financial services. In insurance, the PE firm owns Fidelis Insurance and Pension Insurance Corp. It sold Brit Insurance in 2015 to Fairfax Financial Holdings for $1.88 billion. CVC couldn’t immediately be reached for comment.
Vitech is the latest insurtech to go up for sale.
Insurity, which provides insurance software, is on the block, Buyouts reported June 4. Lazard is advising.
Insurity is backed by Genstar Capital, TA Associates and General Atlantic. The company is expected to sell for $1.2 billion to $1.5 billion, Buyouts said.
Vitech and RBC could not be reached for comment.
Action Item: Contact Frank Vitiello at +1 212-868-0900