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Hellman & Friedman weighs sale of Applied Systems valued up to $10B
Applied Systems generates more than $550 million in annual EBITDA, and any deal could be among the largest software buyouts this year.
Private equity firm Hellman & Friedman is exploring a sale of insurance software provider Applied Systems that could value the company at up to $10 billion, according to sources familiar with the process cited by Insurance Journal.
The firm is working with investment bankers at JPMorgan and Goldman Sachs, and the process has drawn interest from prospective buyers, the sources said. Applied Systems, Hellman & Friedman, JPMorgan, and Goldman Sachs declined to comment.
Applied Systems is headquartered in Chicago and provides software used by insurance agencies and brokerages for customer relationship management, policy administration, and related workflows.
Insurance Journal also reported that Applied Systems generates more than $550 million in annual EBITDA, and that Hellman & Friedman bought the company from Bain Capital in early 2014 in a deal valued at about $1.8 billion.
A sale, if it proceeds, would rank among the largest software buyout processes this year, Insurance Journal added, following other recent large software deals and a pickup in sell-side activity across the sector.