Applied Systems, a University Park, IL-based provider of cloud-based software for the insurance business, received an investment from CapitalG, Alphabet’s growth equity investment fund.
The amount of the deal was not disclosed.
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 giving the company access to Google expertise across artificial intelligence, machine learning, and digital marketing.
Led by Reid French, chief executive officer, Applied Systems is a provider of cloud-based insurance agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom.
The company is expanding its global customer base through an innovative product portfolio and services and support.
The transaction closed in the third quarter of 2018.