Applied Systems Acquires Israeli AI Firm Planck in Landmark Deal for approximately $500 million

Applied Systems, a leading provider of cloud-based software for the insurance industry, has finalized the acquisition of Planck, an Israeli company specializing in AI-driven data analytics for commercial insurance. While financial specifics were not disclosed, estimates suggest the deal values Planck at approximately $500 million.

The acquisition marks Applied Systems' strategic move to integrate advanced AI capabilities into its suite of insurance software solutions. Planck's AI platform is designed to enhance risk assessment, streamline underwriting processes, and optimize premium pricing, while reducing operational costs for insurance companies.

Establishing a Foothold in Israel

With this acquisition, Applied Systems will establish its first development center in Israel, absorbing Planck's 65 employees. This move underscores Applied Systems' commitment to leveraging Israeli talent and innovation in AI technology within the insurance sector.

Leadership and Expertise Integration

Planck's co-founders, Elad Tzur, Amir Cohen, and David Shapiro, bring extensive experience in insurance technology and AI. Tzur, who will assume the role of Chief AI Officer at Applied Systems, previously founded BlueTail, later acquired by Salesforce, and played a pivotal role in establishing Salesforce's presence in Israel.

Advancing AI Across Applied Systems

Under Tzur's leadership, the newly formed Israeli center will focus on advancing Planck's AI products and developing AI-driven solutions across Applied Systems' global product portfolio. This strategic alignment aims to enhance automation and intelligence throughout the insurance lifecycle.

Impact on Insurance Industry

Applied Systems, known for its widespread adoption among insurance agencies globally, anticipates that integrating Planck's AI capabilities will drive innovation, improve decision-making processes, and deliver enhanced value to its extensive customer base across the US, Canada, the UK, and Ireland.

Future Outlook

The acquisition represents a significant milestone for both companies, positioning Applied Systems at the forefront of AI-powered insurance solutions. As AI continues to transform the insurance landscape, Applied Systems is poised to lead with cutting-edge technology developed through its new Israeli center.