Deals
Bain Capital Sued by Ex-Software Executive Over Buyout
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Bain Capital Partners LLC and an insurance business technology company it controls were accused in a lawsuit of acting in bad faith when engineering the acquisition of an insurance software developer.
Artizan Internet Services LLC principal Richard Roy accused Bain and University Park, Illinois-based Applied Systems Inc. of persuading him and his equity holders to sell the business last year for less than they could have gotten from other possible buyers. Bain and Applied systems caused Roy and the other partners to be ousted after promising them they could stay and earn at least $5 million more in performance bonuses over five years, according to the complaint.