Hellman & Friedman Eyes Billion Sale of Applied Systems, Sources Say

Hellman & Friedman Eyes $10 Billion Sale of Applied Systems, Sources Say

Hellman & Friedman explores $10B sale of Applied Systems as private equity activity heats up in software sector.

September 24, 2026 One Min Read

POLICY WIRE — New York, United States — Private equity giant Hellman & Friedman is considering a potential sale of insurance software company Applied Systems, with the deal potentially valued at up to $10 billion, according to individuals familiar with the situation.

The firm is collaborating with investment bankers from JPMorgan and Goldman Sachs to evaluate the process, which has drawn attention from multiple potential buyers. However, no official comments have been released by any of the involved parties.

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Based in Chicago, Applied Systems offers software solutions that help insurance agencies and brokerages manage client relationships, policy administration, and other operational workflows. Major clients include HUB International, Insurance Office of America, and the Baldwin Group. The company generates over $550 million in annual earnings before interest, taxes, depreciation, and amortization, one source revealed. Hellman & Friedman originally acquired the firm from Bain Capital in 2014 for around $1.8 billion.

This potential sale would rank among the largest software buyout deals this year, following recent high-profile transactions like ServiceNow’s $7.7 billion purchase of cybersecurity firm Armis and Hg’s $6.4 billion acquisition of OneStream. Recent months have seen increased sell-side activity in the software industry, with companies such as Thoma Bravo, Vista Equity Partners, and Waystar also exploring strategic options amid rising valuations.

Reporting by Policy-Wire (PW)

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