Applied Systems Announces Minority Investment by Stone Point Capital
Summary
Applied Systems (“Applied”), the leading global provider of cloud-based software that powers the business of insurance, today announced that it has entered into an agreement with funds managed by Stone Point Capital LLC (“Stone Point”), a private equity firm focused on investing in the global financial services industry. Under the agreement, affiliates of Hellman & Friedman will retain majority ownership of the Company, with Stone Point joining JMI Equity as a minority investor. The investment will support Applied as it continues to focus on helping its customers drive enhanced efficiency and grow their own businesses more quickly with cloud-based solutions. Chuck Davis, CEO of Stone Point, said, “We are delighted to be partnering with Reid and the team at Applied, and to work with Hellman & Friedman once again. Tremendous growth runway lies ahead, and we are committed to supporting Reid and his management team in their continued mission to accelerate product innovation and deliver market-leading cloud-based solutions to Applied’s growing customer base.” The transaction is expected to close in the fourth quarter of 2017.
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