Applied Systems buys Israeli AI insurtech co Planck

Planck founders credit: PR
Planck founders credit: PR

Planck’s team will set up an Israel development center for Applied Systems to further develop AI products for cloud-based insurance software.

US software giant Applied Systems announced today that it is acquiring Israeli AI Insurtech company Planck. Financial details about the deal were not disclosed but estimates are that Applied Systems is paying between $200 and $500 million for the Israeli company.

Planck has developed an AI-based platform that gathers open-source business data for commercial insurance companies worldwide. Planck’s platform produces data-based insights for organizations that help in assessing levels of risk, promote underwriting processes and increase premiums, while cutting costs. The company has 88 employees, most of them in Israel.

The company, which was founded in 2016 by CEO Elad Tsur, CTO Amir Cohen and David Schapiro, has raised $73 million to date and was valued at $250 million in its most recent financing round in September 2022. Investors include Greenfield Partners, 3L Capital, Team8, Vintage Investment Partners, Viola Fintech and Arbor Ventures.

This is Applied Systems first investment in the Israeli market. The company is the largest cloud-based software provider in the insurance market, and its products include agency management systems and brokerage for organizations that are part of the insurance industry. The company has thousands of customers, and according to estimates controls most of the cloud-based software for insurance market.

Applied Systems CEO Taylor Rhodes said, "We believe the time is now to take bold steps to lead the insurance industry in discovering and implementing the benefits AI has to offer. By acquiring Planck, we will be investing behind a world-class team of AI and Data Science experts to accelerate the application of leading AI capabilities to insurance workflows. With our unique set of insurance technology assets that span both the agency and carrier sides of the market, our investment in Planck will deliver a significant opportunity to create AI-driven value throughout the next generation of the digital roundtrip of insurance in ways that will help our clients know more, do more of what differentiates them the most, and win more often."

When the acquisition is completed, all Planck’s employees will be absorbed by Applied Systems as part of a local development center being set up to focus on further developing Planck’s AI product and build other AI-based products for Applied’s other products. Planck’s founders will join Applied System’s management team with Tsur becoming Chief AI Officer and leading the company’s development of products in this field.

Tsur said, "We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance. We are excited to build on the success of delivering our industry-leading AI capabilities to carriers by partnering with Applied to extend the power of AI to the agency and broker distribution side of the market."

Published by Globes, Israel business news - en.globes.co.il - on July 23, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Planck founders credit: PR
Planck founders credit: PR
groundcover founders credit: Yossi Yarom Israeli observability co groundcover raises $35m

groundcover has developed a “Bring Your Own Cloud” (BYOC) observability solution, redefining the architecture of a modern observability platform.

Tel Aviv Stock Exchange credit: Shutterstock MagioreStock Foreign investment in TASE hits five-year high

Foreign investors have been flocking to the Tel Aviv Stock Exchange in recent weeks, the TASE research department tells "Globes."

Elbit Systems tank turret systems credit: Elbit Systems Elbit Systems wins $100m tank turret systems deal

The Israel defense electronics company will supply its advanced UT30 MK2 unmanned turret systems to General Dynamics European Land Systems (GDELS) to be supplied to a NATO European country.

Tomer Weingarten Photo: PR Trump targets SentinelOne exec in act of revenge

The US administration has suspended the security clearance of the company's chef intelligence and public policy officer Chris Krebs and everyone associated with him.

Tel Aviv Stock Exchange share prices rising credit: Tali Bogdanovsky TASE opens sharply higher after Trump U-turn on tariffs

The pause is being interpreted as a climb down after US President Donald Trump admitted he had made the move to calm the markets.

Ashot Ashkelon credit: Ministry of Defense Up 250%, Ashot Ashkelon wins another Defense Ministry order

The Israeli defense company's share price has risen 250% in the past three years since FIMI Opportunity Funds acquired control.

Liad Agmon credit: Eyal Izhar Insight Partners Liad Agmon steps down as managing partner

Serial entrepreneur Agmon has served as a partner at Insight Partners Israel alongside Daniel Aronovitz who set up the Israel office.

Shekels credit: Shutterstock Vladerina32 Shekel slide resumes amid escalating tariff war

The Bank of Israel is not expected to intervene in the forex market despite the sharp depreciation of the shekel.

Nir Zuk credit: Inbal Marmari Palo Alto Networks mulls buying AI security co for $700m

Sources inform "Globes" that on Palo Alto's radar is Protect AI.

President Donald Trump hosts Prime Minister Benjamin Netanyahu credit: Reuters Kevin Mohatt Israeli officials confident on US tariff concessions

Senior Israeli figures believe that concessions could be tied to progress on strategic regional political issues that are important to President Trump.

Phoenix Investment House CEO Avner Hadad  credit: Tommy Harpaz "The market has priced in all the bad things"

Phoenix Investment House CEO Avner Hadad says US markets could continue to fall, but that we are close to interesting territory for patient investors.

Tel Aviv credit: Shutterstock Tel Aviv slips in World's Wealthiest Cities ranking

Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.

Leviathan platform  credit: Albatross C'ttee seen recommending no cut in gas exports

The Dayan committee on the future of the gas sector estimates that Israel's natural gas reserves will run out in 2045.

Accountant General Yali Rothenberg credit: Rafi Kutz Israel's fiscal deficit continues to narrow

The deficit narrowed in the twelve months to the end of March 2025, for the sixth consecutive month, Ministry of Finance accountant general Yali Rothenberg reported today.

Arkia credit: Arkia Arkia cuts Tel Aviv - New York April fares

Arkia has cut fares at the last minute, a time when prices usually soar even higher, according to the pricing method used in the industry.

Bank of Israel Governor Prof. Amir Yaron credit: Dani Shem Tov Knesset Spokesperson BoI Governor: US tariffs could push up inflation in Israel

Prof. Amir Yaron tells "Globes" that there is a risk that the new tariffs will cause inflation to rise in the US, with a knock-on effect for Israel.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018