[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.
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