Applied Systems Chairman and Chief Executive Officer James P. Kellner announced today that Bain Capital Partners will be his new ownership partner in the agency management system company.
According to University Park, Ill.-based Applied, Bain Capital and Mr. Kellner have signed a definitive agreement to purchase Applied Systems from Vista Equity Partners, LLC, the San Francisco-based private equity firm that partnered with Mr. Kellner in September 2004 to buy the company from founder Robert Eustace.
Terms of the new agreement were not made public.
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