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Sapiens, a subsidiary of Asseco, reiforces its position as a major provider of software solutions for insurance worldwide

Sapiens International Corporation, an Israeli company of the Asseco Group, has signed an agreement to merge with two providers of software solutions for the insurance industry: IDIT I.D.I. Technologies and FIS Software.

Sapiens International Corporation, an Israeli company of the Asseco Group, has signed an agreement to merge with two providers of software solutions for the insurance industry: IDIT I.D.I. Technologies and FIS Software. The merged company will become one of the major players in the global insurance software industry. The combined businesses are expected to reach USD 100 million in revenues in 2012, doubling the present value of sales generated by Sapiens. Following this announcement, Sapiens shares listed on TASE (Tel Aviv Stock Exchange) surged 6 percentage points.

 

As consideration for the existing shareholders of IDIT and FIS Software, Sapiens International will issue a total of 17.5 million ordinary shares and warrants to purchase 1 million ordinary shares. In addition, Sapiens is going to pay USD 6.75 million in cash. Pursuant to the conditions precedent defined in the shares purchase agreement, the parties may refrain from completing the transaction if the price of Sapiens shares falls below a certain agreed level. The transaction is anticipated to be completed within 45 days.

 

"The Sapiens' merger with IDIT and FIS companies is a milestone in creating the world's major provider of IT solutions for the insurance industry. I am confident that this transaction will bring measurable business benefits for the entire Asseco Group and will further reinforce our position in the sector", said Adam Góral, President and CEO of Asseco Poland.

 

The combined customer base will comprise more than 70 insurance customers worldwide, including Fortune 500 companies. The merged companies are recognized among the market's leading providers of comprehensive software solutions, including core systems, for the insurance sector.

 

FIS Software Ltd. offers a comprehensive enterprise level solution for Life, Pension and Annuity providers. The company has a global client base across the UK, Europe, Asia Pacific and North America.

 

IDIT I.D.I. Technologies Ltd. offers a full suite of a single end-to-end component-based integrated solution for organizations specialized in the Property and Casualty insurances. The company focuses on the markets of Europe, UK, Australia and Asia Pacific.

 

Sapiens International Corporation N.V. is a global provider of software solutions for the insurance industry. The company operates through its subsidiaries in North America, the United Kingdom, EMEA (Europe, Middle East, Africa) and Asia Pacific. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with business demands. Their flexibility helps modernize business processes and enables insurance organizations to adapt quickly to market change.

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