Sapiens International Corporation

Sapiens International Corporation is a publicly traded company,[2] headquartered in Israel, that develops computer software for the insurance industry,[3] with a growing presence in the financial services sector. It offers integrated core software and business services, and a full digital suite for the property and casualty/general insurance; life, pension and annuities; and reinsurance markets. Sapiens also services the workers’ compensation and financial and compliance markets. The company's portfolio includes policy administration, billing and claims; underwriting, illustration and electronic application; reinsurance and decision management software. Sapiens’ digital platform features customer and agent portals, and a business intelligence platform.

Sapiens International Corporation N.V.
Public
Traded asNASDAQ: SPNS, TASE: SPNS
IndustryComputer software
Founded1982 (1982)
FounderTsvi Misinai, Tuvi Orbach, Shai Sole
Headquarters
Holon
,
Israel
ServicesInsurance
Revenue US$ 216.2 million (Q4 2016)
US$ 24.8 million (Q4 2016)
US$ 19.3 million (Q4 2016)
Total assets US$ 257.85 million (Q4 2016)
Number of employees
2,500
ParentFormula Systems (1985) Ltd.
SubsidiariesSapiens DECISION
Sapiens Tech
Websitewww.sapiens.com/ 
Footnotes / references
[1]

Sapiens' shares are traded on the NASDAQ Capital Market and on the Tel Aviv Stock Exchange. As of late December 2017, the company possesses 2,500 employees and a market cap of $565.4 million.[4][5]

History

Sapiens grew out of an initiative, dubbed DB1, undertaken by a group of scientists from the Weizmann Institute of Science during the 1970s to develop a novel object-oriented application generator for use with mainframe computers. One of the driving forces behind the initiative was Tsvi Misinai, a graduate of the Technion, who in 1972 spearheaded the project. He teamed up with Shai Sole, Shmuel Timor and Eli Raban. By the late 1970s and early 1980s, the Weizmann team, partnered with a local Israeli company, Advanced Automated Applications (AAA, which was founded by Tuvi Orbach), began marketing DB1 to large domestic organizations. Subsequently, the company started marketing its product overseas.

In 1984, the Weizmann team established its own company, which was later merged with AAA and joined by entrepreneurs Ron Zuckerman and Shaul Shani. The company severed itself from the Weizmann Institute and was incorporated under its new name: Sapiens. One of Sapiens’ first overseas clients was a UK-based international infrastructure firm in 1986.[6][7][8]

In 1992, shares of Sapiens began trading on the NASDAQ exchange.[9] By 1993, Sapiens had 900 workers employed at 33 branches around the world and a market cap of $340 million.[6]

During the latter half of the 1990s, Sapiens focused on developing a business rules technology (eMerge) and legacy modernization products and services. The company was highly successful in winning contracts for updating information systems to deal with the Year 2000 problem [10] and to adapt systems to the changeover to the new single European currency (the Euro).[11] In 1999, Sapiens' annual revenues reached $91 million.[9]

Refocusing on Insurance Software

In 2001, Dan Goldstein, then Chairman of The Formula Group, assumed the role of Chairman of Sapiens and supervised its recovery. The company decided to focus solely on developing software for the insurance industry.

Roni Al-Dor joined Sapiens as president and CEO in November 2005. Previously, he served for nine years as president of TTI Telecom, a global supplier of operations support systems to communications service providers, after serving as vice president for three years.

Sapiens acquired Harcase, a Canada-based software company, developer of policy administration suite for Property and Casualty Insurance, in 2010.[12]

In 2011, Goldstein executed a three-way corporate merger between Sapiens and two subsidiaries of Formula Vision – Formula Insurance Solutions (FIS) and IDIT.[13]

Additional Acquisitions

Sapiens has aggressively executed upon its merger and acquisition (M&A) strategy to expand its product portfolio, enter new markets and acquire technical expertise and skilled human resources.

  • Sapiens acquired IBEXI Solutions, an India-based provider of insurance business and technology in Asia Pacific, in March 2015.[14]
  • In July 2015, Sapiens Acquired Insseco, an Insurance Software Provider in Poland for $9.1 Million.[15]
  • In June 2016, Sapiens acquired Maximum Processing, a North American P&C solution provider that services tier-4 and tier-5 P&C carriers, MGAs, TPAs and brokers.[16]
  • Sapiens acquired U.S.-based StoneRiver, Inc. for approximately $102 million in February 2017. The acquisition significantly expanded Sapiens’ presence in the North American insurance industry, accelerating the company's footprint in the U.S. Property & Casualty space.[17]
  • In December 2019, Sapiens acquired sum.cumo GmbH, a German InsurTech company for up to €28.4 million. [18]

Product Portfolio

Sapiens offers software supporting all insurance products for individual, group and worksite clients.

See also

References
  1. "SPNS Income Statement". Yahoo! Finance. 2015. Retrieved 17 February 2015.
  2. "Sapiens International Corporation N.V. (SPNS)".
  3. "Sapiens International Corp NV (SPNS.O) Company Profile". Reuters. 2011. Retrieved 24 September 2011. Sapiens International Corporation N.V., incorporated on April 6, 1990, is a global provider of software for the insurance industry.
  4. "SPNS Profile". Yahoo! Finance.
  5. "Sapiens International Corporation Market Cap. (SPNS)". YCharts. Sapiens International Corporation Market Cap
  6. "TheMarker Article [in Hebrew]".
  7. "Haaretz Article [in Hebrew]".
  8. "Tsvi Misinai; President Sapiens International Corp. (Personal Profile) (Column)". Archived from the original on 2012-11-06.
  9. "Sapiens International Corporation N.V.: Form 20-F".
  10. "Sapiens Builds Brandname".
  11. "La Redoute Awards Sapiens Strategic Euro Transition Project Valued at Several Million Dollars".
  12. "Sapiens Acquires Canada-based P&C Software Vendor Harcase".
  13. "Sapiens, IDIT and FIS Sign Definitive Agreement to Merge; Merged Company to Become a Major Global Insurance Solutions Provider".
  14. "Wheelings & Dealings: Sapiens to Acquire IBEXI Solutions".
  15. "Sapiens Enters Polish Market With Acquisition of Insurance Software Provider Insseco".
  16. "Sapiens Acquires Maximum Processing, a North American P&C Solution Provider".
  17. "Sapiens to Acquire U.S.-based StoneRiver, Inc. for Approximately $102 million".
  18. "Acquisition of one of intelligent insurer's "Insurtech: Hot 100" companies will enable sapiens to enhance its digital offerings globally". Sapiens. 7 February 2020.
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