Greenwich, CT-based global private equity firm Stone Point Capital has agreed to acquire a minority stake in Applied Systems, a provider of cloud-based software for the insurance industry. Financial terms of the deal, expected to close in the fourth quarter of 2017, were not disclosed. As part of the transaction, Hellman & Friedman will retain majority ownership of the University Park, Ill.-based software company.
Upon close of the deal, Stone Point will join JMI Equity as a minority investor in Applied Systems. The company will use the new backing to continue to develop its platform to enable its customers to improve efficiency and build out their businesses with cloud-based technology.
Founded in 1980, Applied Sciences has succeeded in more than doubling its revenue over the past five years. Recently, the firm has focused on building out its business in the United States, Canada, the United Kingdom and Ireland. The nearly four-decade-old company, with offices in Ontario, Canada and East Sussex, UK, is a pioneer in the insurance automation industry, standing as the world’s largest provider of agency and brokerage management systems. The firm was acquired by Silicon Valley-based Hellman & Friedman in November of 2013.
“We are pleased to have Stone Point join Applied’s investor base,” said Reid French, Chief Executive Officer of Applied Systems. “We welcome their deep domain expertise within the insurance vertical and look forward to their partnership as we continue to invest behind our product vision in support of our customers.”