Hellman & Friedman is exploring the sale of Applied Systems, a cloud-based insurance technology company, according to a report from Benzinga citing sources. The private equity firm is working with JPMorgan Chase & Co. and Goldman Sachs to manage the potential transaction.
The sources indicated that the sale process could value Applied Systems at up to $10 billion. The company provides cloud-based software for the insurance industry, including policy administration, claims management, and billing systems.
Hellman & Friedman acquired Applied Systems in 2018 for approximately $6.5 billion. The firm has been looking to exit the investment as the company has grown significantly since the acquisition.
