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Hellman & Friedman explores sale of Applied Systems at up to $10 billion, sources say - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Hellman & Friedman explores sale of Applied Systems at up to $10 billion, sources say Mergers and Acquisitions , Technology Sep 24, 2026 (Reuters) – Private equity firm Hellman & Friedman is exploring a sale of insurance software provider Applied Systems that could value the company at up to $10 billion, according to people familiar with the matter. The private equity firm is working with investment bankers at JPMorgan and Goldman Sachs on the process, which has attracted interest from prospective buyers, said the sources, who requested anonymity because the matter is confidential. Applied Systems, Hellman & Friedman, JPMorgan and Goldman Sachs declined to comment. Headquartered in Chicago, Applied Systems provides software that helps insurance agencies and brokerages manage customer relationships, policy administration, and other workflows. Its customers include insurance brokerages such as Hub International, Insurance Office of America, and the Baldwin Group, according to its website. Applied Systems generates more than $550 million in annual earnings before interest, taxes, depreciation and amortization, one of the sources said. Hellman & Friedman bought Applied Systems from Bain Capital in a deal valued at approximately $1.8 billion in early 2014. A sale would rank among the largest software buyout processes this year and test investor appetite for mature software assets, following ServiceNow’s $7.7 billion acquisition of cybersecurity provider Armis and buyout firm Hg’s $6.4 billion take-private of financial software provider OneStream. Sell-side activity in the software sector has picked up in recent weeks after being relatively muted over the past months, with more companies launching sale processes. This month, Reuters reported that Thoma Bravo was exploring a sale of Foundation Software, Vista Equity Partners was considering a sale of banking software provider Finastra, and healthcare software company Waystar was weighing strategic options, including a sale, as sponsors seek to capitalize on improving valuations. 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