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Bain Capital exits Applied Systems to Hellman & Friedman

26 Nov 2013

insurance contract formHellman & Friedman has agreed to buy Applied Systems from fellow private equity firm Bain Capital in a $1.8bn deal.

Private equity firm JMI Equity will also be investing in the deal alongside Hellman & Friedman.

Members of Applied Systems’ senior management will retain a “significant stake”, the company said in a statement.

Applied Systems provides software to insurers and brokerages. Its customers include 12,000 agencies and brokerages and 350 insurers across the US, Canada and the UK.

Bain bought the company from Vista Equity Partners in 2006. Earlier this week it was reported that Bain was in advanced talks with private equity firms to sell Applied Systems for more than $1bn.

Hellman & Friedman managing director David Tunnell said, “We believe Applied Systems is a uniquely positioned company in the global insurance software market.

“It combines the largest user base in the industry with Applied Epic, the fastest growing new agency management system, to be the market leader in insurance technology for deployments both on premise and in the cloud.”

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