NEW YORK (Reuters) - 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 Monday.
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 Applied Systems.
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 undisclosed amount.
Additional reporting by Nicola Leske in New York; Editing by Lisa Shumaker