Chief Customer Chat: One year with Roper
As I think back over the last year, the word that comes to mind most is “atypical.” While it can be easy to assume that anything atypical is inherently negative, it's these moments that allow us to think in new ways and set ourselves apart.
At Vertafore, we're celebrating an unexpected partnership formalized a year ago – our acquisition by Roper Technologies. Acquisitions in our industry are part of the norm, and it often feels like companies are constantly turning over. But our relationship with Roper truly is different. Here's why.
Our forever home
A typical acquisition timeline often reminds me of house flipping shows on HGTV. An investor purchases a "fixer-upper" company just to deconstruct it, add some shiny fixtures, wallpaper over the cracks, and put it back together again to increase its value for resale. The investor is looking for a profit—not a long-term home. And before you know it, another bargain hunter arrives and the process starts over.
So, what makes our sale to Roper Technologies different? Unlike the turn-and-burn approach of short-term partnerships, Roper invests for the future, making long-term investments in already successful businesses that meet specific criteria:
- Leadership in a niche market
- Strong management team
- High customer retention
- Long track record of consistent revenue growth
Roper’s acquisition of Vertafore ensures we have a permanent home where we can build a future—backed by a great support system that helps us do the things we are great at, even better. But what does our acquisition mean for our customers and the industry? It affirms Vertafore's place as the leader in insurance technology. It validates our long-term strategies to enable agency modernization, optimize insurance distribution, and unlock the power of data and analytics. And it signals that our partnership is built on a shared mission to provide innovative solutions that solve real problems. That means we are in it—together—for the long haul, and the sky is the limit.
The luxury of thinking long-term
With our future secured with Roper, we're able to build solid, long-term strategies confidently. Being able to think ahead 10, five, or even a couple of years is an often-overlooked luxury. Even in the largest organizations, uncertainty in the world and the acquisition process often leads to short-sighted decision-making. To go back to the house flipping analogy, a typical acquisition strategy focuses on gaining quick wins to improve overall "curb appeal" but not necessarily the company itself.
For me, having the luxury to think long-term is one of the most exciting opportunities for Vertafore. Our relationship with Roper means we can accelerate our commitment to helping you, our customers, modernize operations through our technology solutions. Now, Vertafore can focus even more on innovating and investing in building products that are fully integrated, with open architecture to allow you ultimate flexibility to meet your needs, next year and next decade.
In the year since our acquisition, you're starting to see the initial fruits of our labor in the products you’ve invested in. We're modernizing the foundations of our technology and creating better user experiences across our product suite. And we’re bringing new solutions to market to solve some of our industry’s most pressing pain points. It's been liberating to think about what our customers will need their products to do in 10 years and develop ideas, but it's also felt incredibly empowering to have the support to act on them.
Getting everyone on board
It's not difficult to see how the typical acquisition cycle has inherent retention issues. Acquired employees fear losing their organizational culture, not to mention losing their jobs. These anxieties aren't unfounded. An acquisition can signal that major shake-ups are ahead. Plus, they can feel frustrated with ever-shifting priorities and short-term strategies. As I discussed in last month's blog, current and prospective employees have more options than ever.
Roper’s strategy is to partner with successful management teams that are already executing relevant strategies and provide them with additional support to keep going. That means shake-ups aren’t necessary. Even before the partnership, Vertafore employees were passionate about our solutions and committed to our strategic direction. Our acquisition is confirmation that we've been on the right path, and now it's full speed ahead.
Additionally, we've been able to leverage our new relationship with Roper as a point of consideration for prospective employees. Knowing that Vertafore has a long-term partner committed to its success is a welcome message in an uncertain marketplace.
I am so proud of what we have accomplished at Vertafore, and now, after a year, I'm amazed at the power our partnership with Roper has created. The stability of our relationship means that Vertafore will continue to thrive while empowering our employees, customers, and partners to transform our industry.