Alphabet investment unit buys stake in insurtech Applied Systems

Applied Systems today announced an investment from CapitalG, the growth equity investment fund of Google’s parent company, Alphabet. Applied is a cloud-based software provider for the insurance industry, and the deal will give it access to Google expertise on artificial intelligence, machine learning, and digital marketing. Other CapitalG investments include Lyft, Airbnb, SurveyMonkey, and Zscaler.

Over the past five years, Applied has more than doubled in size and revenue by significantly growing its product portfolio and customer base throughout the US, Canada, the UK and Ireland. Under the agreement, affiliates of Hellman & Friedman will retain majority ownership with CapitalG joining JMI Equity and Stone Point Capital as a minority investor. The transaction closed in the third quarter of 2018 and terms were not disclosed.

Read the full release

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