Overview Key strengths Key risks Leading provider of third-party insurance broker management system (BMS) products and services. Narrow addressable market in the insurance BMS software industry. Strong pricing power, and minimal customer concentration. Relatively high S&P Global Ratings-adjusted leverage. Revenue visibility from recurring revenue base and high retention rates. Financial-sponsor ownership leading to aggressive financial policy. Applied grew about 12% in the first half of fiscal 2023, ending June 30, 2023, despite a weak macroeconomic environment. Its Subscription and Support segment grew 12%; Transaction-based segment grew about 16%; and Services segment grew about 4%. This growth largely stemmed from price increases (slightly higher than the historical range of 5%-6%), with the balance coming from increased demand from its existing customers
