UNIVERSITY PARK, Ill., Jan. 24, 2014 (GLOBE NEWSWIRE) -- Applied Systems, Inc., a leading provider of software that powers the business of insurance, today announced the successful completion of its acquisition by funds advised by Hellman & Friedman LLC, a global private equity investment firm with offices in San Francisco, New York and London.
The company has been acquired from Bain Capital in a transaction valued at approximately $1.8 billion. JMI Equity, a growth-oriented private equity firm that focuses on building market-leading software and technology-enabled businesses, has invested alongside H &F. Applied's management team has invested a significant equity position in the company as well.
"We are pleased to move forward in partnership with H &F and JMI to improve the business of insurance through our industry-leading products and services," said Reid French, CEO of Applied Systems. "The insurance and software expertise of H &F and JMI position us well for continued growth as the industry's trusted technology partner."
"Applied Systems is the global leader in insurance distribution software with a strong track record of growth and first-to-market products," said David Tunnell, managing director of Hellman & Friedman. "We are enthusiastic about this partnership and supporting Applied as they continue to expand their business."
"Applied Systems has a long history of advancing insurance technology," said Anupam Mishra, managing director of Hellman & Friedman. "We look forward to working closely with Reid and the Applied team as they continue to provide innovative solutions across the insurance industry."
About Applied Systems
Applied Systems is a leading provider of software that powers the business of insurance. Applied is recognized as a pioneer in agency and brokerage management systems and data exchange between agencies, brokers, carriers and their clients. Automating the insurance lifecycle for more than 140,000 insurance professionals, 12,000 agencies and brokerages, and 350 carriers worldwide, Applied enables millions of people around the world to safeguard and protect what matters most. For more information on Applied Systems, please visit www.appliedsystems.com.
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. Since its founding in 1984, H &F has raised and, through its affiliated funds, managed over $25 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including financial services, insurance, software, business & marketing services, internet & digital media, media, healthcare and energy & industrials. For more information on H &F, please visit www.hf.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and technology-enabled services companies. Founded in 1992, JMI has invested in 112 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include DoubleClick, Eloqua, Halogen, PointClickCare, PowerPlan and ServiceNow. For more information on JMI Equity, please visit www.jmi.com.
Applied Systems Completes Acquisition by Hellman & Friedman
Company positioned for further growth as industry's technology partner
| Source: Applied Systems