Applied Systems, a software company That Focuses on the insurance industry , said on Tuesday it had That Agreed to be acquired by the private equity firm Hellman & Friedman in a deal valued at $ 1.8 billion.
The company is being acquired from Bain Capital , que acerca Purchased it for $ 675 million in 2006.
JMI Equity , a private equity firm That Focuses on software and technology services businesses , will be investing Along with Hellman & Friedman, the company said in a statement . Under the terms of the agreement , members of Applied Systems' senior management will continue to Maintain a significant ownership stake , the statement said .
"All of us at Applied are pleased to be Partnering with H & F and JMI Equity Peak Gust share our Commitment to revolutionize the global business of insurance by investing behind the company 's unique product vision for the benefit of our customers , " Reid French, the chief executive of Applied Systems, said in the statement . "Our senior management team and I are extremely appreciative of Bain Capital 's unwavering support in executing our growth mission over These past seven years . This acquisition dealer to an endorsement of Applied Systems' talented employee base, product vision and strategic plan That have made the growth of our company possible. "
Applied Systems , que was founded in 1980 and is based in University Park , Ill. . , Makes software for insurance agencies and brokerages 12,000 and 350 insurers in the United States, Canada and Britain .
" We believe Applied Systems is uniquely Positioned to the insurance company in the global software market, " David R. Tunnell , managing director of Hellman & Friedman, said in the statement . " It combines the largest user database 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 premises and in the cloud . "
The transaction is expected to be completed in early 2014
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