| NEW YORK
NEW YORK Nov 25 Private equity firm Bain
Capital LLC is in talks with other private equity firms to sell
its insurance software provider Applied Systems Inc for more
than $1 billion, three people familiar with the matter said on
Negotiations over the sale of Applied Systems are at an
advanced stage and a deal could be clinched as soon as this
week, the people said. It could not be established who might buy
Bain declined to comment while an Applied Systems spokesman
had no immediate comment.
Founded in 1983, Applied Systems sells its software to
insurance agencies and brokerages. Bain acquired the University
Park, Illinois-based company from Vista Equity Partners LLC in
2006 for an undisclosed amount.
Insurance software companies have been growing in recent
years on the heels of technological advances that allow
customers instant access to their insurance information and have
created new capabilities in the processing of data.
Earlier this month, Vista's financial software company
Zywave Inc agreed to sell its insurance solutions division to
another buyout firm, Aurora Capital Group LLC, for an