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Hellman & Friedman has completed the acquisition of Applied Systems, a software provider that powers the business of insurance, from Bain Capital in a $1.8bn transaction.
JMI Equity, a private equity firm, has invested alongside Hellman & Friedman, which operates as a global private equity investment company with offices in San Francisco, New York and London.
Additionally, Applied's management team has also invested a significant equity position in the company.
Applied Systems CEO Reid French said, "We are pleased to move forward in partnership with H &F and JMI to improve the business of insurance through our industry-leading products and services.
"The insurance and software expertise of H &F and JMI position us well for continued growth as the industry's trusted technology partner."
Applied Systems has automated the insurance lifecycle for more than 140,000 insurance professionals, 12,000 agencies and brokerages, and 350 carriers globally.