Bain, Applied Rigged Artizan Buy To Trim $22M Price: Suit

Law360, New York (November 20, 2012, 3:15 PM EST) -- A Florida man sued private equity giant Bain Capital Partners LLC and portfolio company Applied Systems Inc. in Illinois state court Monday, claiming the companies manipulated the purchase agreement for his insurance software firm to avoid paying their full $22 million bid.

Richard Roy Jr., founder of Artizan Internet Services LLC, which makes management and customer service systems for insurance companies, says Applied — under Bain’s guidance — built unattainable post-acquisition performance targets into the purchase price in order to essentially give itself a $5 million...
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