October 17, 2018 09:30
Photo : Freepik
The fund’s investment in growth stock of the parent company of Google, CapitalG, has invested a sum that was not disclosed in the software business brokerage Applied Systems. The investment in the company is a minority and allows Applied with access to expertise in artificial intelligence, learning machine and marketing digital of the american giant.
Applied argues that it has more than doubled its revenue and its size by increasing its portfolio and its customer base in the United States, Canada, the United Kingdom and Ireland.
Stimulate innovation with Google and Alphabet
“Applied Systems is a pioneer in the insurance sector, transforming the way insurers, agents, and clients carry out their operations in the cloud, points out Gene Frantz, CapitalG. We are very excited to partner with Applied to support its rapid growth and its cutting-edge technology. We are looking forward to make an appeal to Google and to Alphabet, the parent company of Google, with some of the world’s leading experts to stimulate innovation within the global ecosystem of the insurance. “
“We are delighted that CapitalG join the investor base is Applied in light of its extensive experience with the software, adds Reid French, ceo of Applied Systems. We also welcome the technical expertise and resources provided by CapitalG thanks to its connection with Google, and we look forward to their partnership as we continue to bring innovation to the insurance sector in order to support our growing customer base. “
The agreement ensures that affiliates of Hellman & Friedman continued to hold the majority of shares in Applied Systems and JMI Equity, Stone Point Capital and CapitalG are minority investors. The transaction was closed in the third quarter of 2018 and the terms were not disclosed.
CapitalG has already invested in companies such as Lyft, Airbnb, SurveyMonkey , and Zscaler.