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.
Mr. Kellner will remain as chairman, CEO, and a significant investor in the insurance technology company that he has helped develop for more than 20 years, said Applied.
Bain Capital is a global private investment firm based in Boston that has $38 billion in assets under management.
“Our product development remains on course and will not deviate with our new owner partners,” Mr. Kellner said.
He added that, “Over the past two years, we have made remarkable progress in adjusting and refining our technology development process. In addition, we have invested heavily in growing our sales force and managing our customer relationships, all to strengthen our commitment to protect our customers' technology investments.”
Applied Systems provides insurance agency automation through products and services for accounting, customer, policy, claims management, and all related agency functions. Further details are available at www.appliedsystems.com.
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