Applied Systems acquires Israeli insurtech startup Planck in estimated USD300m deal
Categories: Corporate and M&A
Insurance software firm Applied Systems, one of the world’s largest providers of cloud-based insurance management systems, has acquired Planck, a leading Israeli artificial intelligence (AI) company for the insurance industry.
Following the acquisition, which marks a strategic milestone in the industry, the Israeli company will form the base for the insurance software giant’s AI Development Center in Israel.
Planck offers an AI-based platform for collecting public business data, serving dozens of clients engaged in commercial insurance worldwide.
Having represented the company since its inception, Arnon, Tadmor Levy advised the company on the purchase, led by attorneys Eliran Furman, Avi Anouchi and Evyatar Katz.
Simpson Thacher represented Applied Systems, together with Herzog as local counsel, led by Nathan Wiesenberg with Dana Qaq.
Meitar represented Planck’s investors in the transaction.
