11:25 AM
Hellman & Friedman Acquire Applied Systems
Insurance software provider Applied Systems, Inc. has agreed to be acquired by investment funds managed by private equity investment firm Hellman & Friedman LLC (H&F).
[More insurance industry acquisitions:Aetna to Acquire EMEA Insurer. ]
H&F will acquire Applied Systems from global private investment firm Bain Capital in a transaction valued at about $1.8 billion. They will invest alongside JMI Equity, a private equity firm that focuses on building software and technology-enabled services businesses.
“It doesn’t relate to a change in strategy,” Reid French, CEO of Applied Systems told Insurance & Technology. However, it will lead to a stronger emphasis on company goals, he explained. Post-acquisition, Applied Systems intends to continue its focus on automation and efficiency in the insurance workflow by encouraging customers to use hosted offerings and self-service software products. H&F declined to comment on the deal.
Applied Systems was on the other side of M&A news in March when it acquired IVANS’ P&C data exchange business. H&F has acquired PartnerRe Ltd., Sedgwick, and HUB International in the insurance space.
Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio