獨家：消息人士稱，Hellman & Friedman 探索出售 Applied Systems，估值最高可達100億美元

作者：Milana VinnBy Milana Vinn

紐約9月23日（路透）— 據知情人士透露，私募股權公司 Hellman & Friedman 正在探索出售保險軟體供應商 Applied Systems，這筆交易對該公司的估值最高可能達到100億美元。NEW YORK, Sept 23 (Reuters) - Private equity firm Hellman & Friedman is exploring a sale of insurance software provider Applied Systems that could value the company at up to $10 billion, according to people familiar with the matter.

因相關事宜屬機密而要求匿名的消息人士表示，這家私募股權公司正與摩根大通（JPMorgan）和高盛（Goldman Sachs）的投資銀行家合作推動該程序，並已吸引潛在買家的興趣。The private equity firm is working with investment bankers at JPMorgan and Goldman Sachs on the process, which has attracted interest from prospective buyers, said the sources, who requested anonymity because the matter is confidential.

Applied Systems、Hellman & Friedman、摩根大通和高盛均拒絕回應。Applied Systems, Hellman & Friedman, JPMorgan and Goldman Sachs declined to comment.

Applied Systems 總部位於芝加哥，提供協助保險代理機構與經紀公司管理客戶關係、保單行政作業及其他工作流程的軟體。根據該公司網站，其客戶包括 HUB International、Insurance Office of America 和 Baldwin Group 等保險經紀公司。Headquartered in Chicago, Applied Systems provides software that helps insurance agencies and brokerages manage customer relationships, policy administration, and other workflows. Its customers include insurance brokerages such as HUB International, Insurance Office of America, and the Baldwin Group, according to its website.

其中一名消息人士表示，Applied Systems 年度息稅折舊攤銷前獲利（EBITDA）超過5.5億美元。Applied Systems generates more than $550 million in annual earnings before interest, taxes, depreciation and amortization, one of the sources said.

Hellman & Friedman 於2014年初以估值約18億美元的交易，從貝恩資本（Bain Capital）手中買下 Applied Systems。Hellman & Friedman bought Applied Systems from Bain Capital in a deal valued at approximately $1.8 billion in early 2014.

若出售成案，將躋身今年規模最大的軟體公司收購程序之一，並在 ServiceNow 以77億美元收購網路安全供應商 Armis、收購公司 Hg 以64億美元將金融軟體供應商 OneStream 私有化之後，考驗投資人對成熟軟體資產的胃納。A sale would rank among the largest software buyout processes this year and test investor appetite for mature software assets, following ServiceNow's $7.7 billion acquisition of cybersecurity provider Armis and buyout firm Hg's $6.4 billion take-private of financial software provider OneStream.

在過去數月相對沉寂後，軟體業賣方活動近幾週已回溫，更多公司開始啟動出售程序。Sell-side activity in the software sector has picked up in recent weeks after being relatively muted over the past months, with more companies launching sale processes.

本月，路透報導，Thoma Bravo 正在探索出售 Foundation Software，Vista Equity Partners 正考慮出售銀行軟體供應商 Finastra，醫療保健軟體公司 Waystar 也在評估包括出售在內的策略選項；這些交易發起人正尋求把握估值改善的契機。This month, Reuters reported that Thoma Bravo was exploring a sale of Foundation Software, Vista Equity Partners was considering a sale of banking software provider Finastra, and healthcare software company Waystar was weighing strategic options, including a sale, as sponsors seek to capitalize on improving valuations.

（Milana Vinn 紐約報導；Echo Wang 和 David Gaffen 編輯）(Reporting by Milana Vinn in New York; editing by Echo Wang and David Gaffen)