Private equity firm JMI Equity has an appetite for Chicago tech companies, Chicago Business said in a report.
JMI is partnering recently with Hellman & Friedman LLC to buy Applied Systems Inc. from Bain Capital for USD1.8 billion. University Park-based Applied Systems develops software to manage insurance agencies, the report said.
Applied Systems will be the latest Chicago-area investment for JMI, Chicago Business said.
According to the report, JMI was an investor in Deerfield-based software maker BigMachines Inc. BigMachines is reportedly being bought by Oracle Corp. for USD400 million. Chicago Business said that JMI is also the backer of Trustwave Inc., which makes credit card compliance and security software. It also invested USD54 million in online coupon company CouponCabin.com, one of JMI's few consumer tech deals.
Based on a profile by CrunchBase, JMI has invested in over 100 businesses in its target markets. It has a total of USD2.1 billion committed capital under management. JMI closed its Fund VII in November 2010 with a committed capital of USD875 million.
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