Applied Systems Acquires Israeli AI Firm Planck

Applied Systems has acquired Israeli company Planck, a developer of AI solutions for the insurance industry, for an estimated $300 million. The exact financial terms were not disclosed.

Planck has secured $73 million in funding from top venture capital firms such as Team8, 3L Capital, Greenfield Partners, Viola Fintech, Arbour Ventures, Vintage Investment Partners, and Eight Roads.

This acquisition marks Applied Systems' first foray into the Israeli market. The 65 employees at Planck will form the core of Applied Systems' new AI Development Centre in Israel.

Planck's AI-driven platform collects public business data for commercial insurance companies worldwide. By leveraging data-driven insights, the platform helps clients assess risk profiles, streamline underwriting processes, and increase premiums while reducing costs. Insurance firms and agencies use Planck's platform for underwriting, contract renewals, quick quotes, and developing precise actuarial models.

Applied Systems, a global leader in cloud-based insurance software, is privately owned by investment firm Hellman & Friedman and employs over 2,700 people globally. The company serves thousands of clients in the US, Canada, the UK, and Ireland, holding a significant share of the global market.

Over the past 18 months, Applied Systems has intensified its focus on AI solutions to enhance productivity and accelerate the adoption of data within the insurance industry. This acquisition is expected to further enable the company to harness AI's potential for intelligent automation throughout the insurance lifecycle.

Source: Startup Rise