Applied Systems, a developer of cloud-based software for insurance firms, has received a minority investment from CapitalG.
Through the investment, which the value was not disclosed, Applied Systems will be able to access Google’s expertise on AI, machine learning and digital marketing.
As part of the deal, affiliates of Hellman & Friedman will continue to hold majority ownership of the company. CapitalG joins other minority investors, JMI Equity and Stone Point Capital.
Applied Systems develops cloud-based software to help global insurance firms automate their workflows. The company’s clients currently span across the US, Canada, they UK and the Republic of Ireland.
Its offers brokers and insurers to automate the entire insurance lifecycle and better manage customer relationships, sales, market access, accounting, reporting, business process and business administration.
This equity injection will be sued to further the digital innovation within the global insurance space.
CapitalG partner Gene Frantz said, “Applied Systems is a pioneer in the insurance industry, transforming the way insurers, agents and customers do business in the cloud. We are excited to partner with Applied in support of its rapid growth and best-in-class technology.
“We look forward to bringing some of the world’s leading experts at Google and Alphabet to drive innovation within the global insurance ecosystem.”
Last month, CapitalG co-led the $225m Series C round of robotic process automation software creator UiPath. The investment, which was also supported by Sequoia and Accel, valued the RPA company at $3bn.
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