UNIVERSITY PARK, Ill., Oct. 16, 2018 /PRNewswire-PRWeb/ — Applied Systems (“Applied”), the leading global provider of cloud-based software that powers the business of insurance, today announced an investment from CapitalG, Alphabet’s growth equity investment fund. CapitalG’s investment will bring Applied access to Google expertise across artificial intelligence, machine learning, and digital marketing. Other CapitalG investments include Lyft, Airbnb, SurveyMonkey, and Zscaler.

Over the past five years, Applied has more than doubled in size and revenue by significantly growing its product portfolio and customer base throughout the United States, Canada, the United Kingdom and the Republic of Ireland. As the insurance industry’s trusted technology partner for more than 35 years, Applied continues to serve the industry and its expanding global customer base through an innovative product portfolio and industry leading services and support.

Gene Frantz of CapitalG said, “Applied Systems is a pioneer in the insurance industry, transforming the way insurers, agents and customers do business in the cloud. We are excited to partner with Applied in support of its rapid growth and best-in-class technology. We look forward to bringing some of the world’s leading experts at Google and Alphabet to drive innovation within the global insurance ecosystem.”

“We are pleased to have CapitalG join Applied’s investor base given their deep software experience,” said Reid French, chief executive officer, Applied Systems. “We also welcome the technical expertise and resources that CapitalG brings through its connection with Google and look forward to their partnership as we continue to deliver innovation to the insurance industry in support of our growing customer base.”

Sameer Narang, Partner at Hellman & Friedman, added, “We are excited to welcome CapitalG as a strategic partner. CapitalG’s investment is a testament to Applied’s track record of innovation and its outlook for continued product leadership. CapitalG uniquely positions Applied to take advantage of tremendous growth opportunities by further accelerating several product initiatives for the benefit of Applied’s customers and the insurance industry.”

Under the agreement, affiliates of Hellman & Friedman will retain majority ownership of the Company, with CapitalG joining JMI Equity and Stone Point Capital as a minority investor. The investment will support Applied as it continues to focus on digital innovation within the global insurance industry.

The transaction closed in the third quarter of 2018. Terms were not disclosed. Simpson Thacher & Bartlett LLP served as legal counsel for Applied and Hellman & Friedman. Wilson Sonsini Goodrich & Rosati PC served as legal counsel for CapitalG.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

About CapitalG
Founded as Google Capital in 2013, CapitalG is a growth equity investment fund backed by Alphabet (Nasdaq: GOOGL). The CapitalG team works with entrepreneurs at later-stage companies to identify where we can make the biggest difference, and connects them with the right expert advisors across Alphabet’s technology, product and business leaders to help. For further information about CapitalG, please visit http://www.capitalg.com.

About Hellman & Friedman
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised over $35 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including business & information services, software, retail & consumer, internet & media, financial services, healthcare, and industrials and energy. For more information on Hellman & Friedman, please visit http://www.hf.com.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in 140 businesses in its target markets, successfully completed over 90 exits, and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit http://www.jmi.com

About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point, see http://www.stonepoint.com.

SOURCE Applied Systems