Bain Capital to exit Applied Systems for USD1 billion
US-based investment firm Bain Capital LLC is reportedly in discussions with other private equity firms about the sale of its insurance software unit Applied Systems Inc.
Sources on Monday told Reuters that the exit could be worth USD1 billion.
Reuters, citing statements made by sources, reported that the negotiations over the sale of Applied Systems are at an advanced stage and a deal could transpire as soon as this week.
As to who might buy the investment software provider is yet to be established.
According to a profile by CrunchBase, Applied Systems was created in 1980 and is currently headquartered in University Park, Illinois. It develops and sells automation tools to insurance agencies and brokerages.
Applied Systems was acquired by Bain from private equity firm Vista Equity Partners LLC in 2006 for an undisclosed amount, Reuters said.
Earlier this month, Vista's financial software company Zywave Inc. sold its insurance solutions division to Aurora Capital Group LLC for an undisclosed amount, the report said.
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