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Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) is a premier provider of software solutions tailored for the insurance industry and the broader financial services sector. With a heritage spanning over 40 years, Sapiens serves more than 600 customers in over 30 countries, providing a comprehensive suite of cloud-based, low-code SaaS platforms to accelerate digital transformation across core, data, and digital domains.
Sapiens’ offerings cover a broad spectrum of markets including property & casualty (P&C), life, pension & annuities (L&A), workers' compensation (WC), medical professional liability (MPL), and reinsurance. Their end-to-end solutions are designed to enhance operational efficiency, streamline service delivery, and improve customer experience. Key products include Sapiens CoreSuite, Sapiens DigitalSuite, and Sapiens Intelligence, all of which provide insurers with comprehensive tools for policy administration, claims management, and data analytics.
Recently, Sapiens has expanded its presence in the Canadian market, reinforcing its commitment to delivering advanced insurance solutions and superior customer service. This strategic expansion includes onboarding industry experts to bolster their Ontario offices and provide enhanced local support. Notable Canadian clients include the Saskatchewan Workers' Compensation Board (WCB), Beneva, and ivari.
In 2024, Sapiens launched IntegrateAI, a new capability within Sapiens Decision, allowing business users to integrate machine learning models into decision diagrams. This follows the release of ModelAI, integrating Generative AI copilot features from Microsoft Azure’s OpenAI Service. These innovations aim to simplify decision automation and improve operational control.
Financially, Sapiens reported a strong Q1 2024 with a 7.6% year-over-year revenue growth, reaching $134 million. Their annualized recurring revenue (ARR) saw a 12.7% increase to $168 million, highlighting their successful transition towards SaaS models. Sapiens continues to enhance its product offerings and market reach through strategic partnerships, such as the recent collaboration with Blender Technologies to integrate advanced credit and financing solutions.
The company is headquartered in the Cayman Islands, with operational hubs in North America, UK, EMEA, and Asia-Pacific. For more detailed information, visit www.sapiens.com.
Sapiens International Corporation (NASDAQ: SPNS) has expanded its Partner Network by forming five new partnerships in North America, aimed at enhancing offerings for insurers. The new partners include CGI, ForMotiv, Hi Marley, ODG by MCG, and Opterrix, providing advanced insurtech capabilities for better customer experiences. This initiative is positioned to improve digital transformation and operational efficiencies for insurers, addressing the need for streamlined processes and innovative solutions. Sapiens emphasizes the importance of these partnerships for future growth and customer satisfaction.
Sapiens International Corporation (NASDAQ: SPNS) has launched the Artificial Intelligence-based Sapiens Decision Automated Logic Extraction (ALE) solution. This innovative tool allows insurance carriers to extract business logic from legacy systems without disruption, significantly aiding digital transformation. With potential cost savings of up to 50% on total project costs, ALE is designed to streamline projects, reduce risks, and improve governance. By centralizing legacy business logic, organizations can achieve greater accuracy and consistency across operations.
Sapiens International Corporation (NASDAQ: SPNS) announced that AEGIS, a mutual insurance company, has chosen Sapiens ReinsurancePro to automate and improve their reinsurance processes. This solution replaces AEGIS' existing, fragmented systems to streamline operations and enhance internal controls. The implementation is expected to enhance data ownership and analysis capabilities, supporting complex reinsurance strategies. Sapiens aims to empower AEGIS in achieving improved efficiency and financial control while managing their ceded reinsurance strategies effectively.
Sapiens International Corporation (NASDAQ: SPNS) announced a strategic partnership with Intellagents, enhancing its P&C ecosystem. This collaboration allows insurers to access a digital marketplace with top insurtech solutions and data sources, streamlining integration and reducing insurance cycle times. The partnership aims to empower insurers by offering efficient tools and capabilities via a single dynamic API, enhancing user experience and accelerating digital transformation.
Sapiens International Corporation (NASDAQ: SPNS) has expanded its Partner Network with four new strategic partnerships in Europe. The partners—Akur8, Shift, Soleadify, and Imburse—will enhance Sapiens' offerings in insurance technology solutions. This move aims to improve the digital transformation of insurers, driving revenue and meeting customer demands. Sapiens leverages over 40 years of industry expertise to deliver innovative solutions that enhance operational efficiency and client satisfaction in a rapidly evolving insurance market.
Sapiens International Corporation (NASDAQ: SPNS) has announced the deployment of its Sapiens Intelligence solution for Old Mutual Insure, enhancing their business analytics and regulatory data capabilities. This builds on a 16-year partnership, with Old Mutual leveraging Sapiens' solutions for improved data integration and reporting. The implementation period was successfully reduced to 6-7 months, enabling faster realization of benefits. This strategic move aligns with Old Mutual's digital transformation goals, focusing on better performance and customer experience through data-driven insights.
Sapiens International Corporation (NASDAQ: SPNS) reported Q2 2022 financial results, highlighting a 3.7% increase in revenue, reaching $118.6 million, compared to Q2 2021. Gross profit rose 7.6% to $50.2 million, with a gross margin improvement of 150 bps. Operating income jumped 28.4% to $16.9 million. However, net income dipped 6.2% to $11.9 million. Sapiens revised its revenue guidance down to $480 - $485 million for 2022, primarily due to FX headwinds. The board approved a cash dividend of $0.23 per share.
One Inc announced that Georgia Farm Bureau Mutual Insurance Company (GFBMIC) has chosen its ClaimsPay® digital payments platform to enhance the claims payment experience for members. The platform aims to expedite the claims payment process, providing customers with improved options for receiving funds. GFBMIC, the largest property and casualty insurance provider in Georgia, is already integrated with One Inc's network, facilitating seamless payment solutions. This partnership with One Inc and Sapiens Insurance is expected to enhance scale, speed to market, and customer satisfaction.
Sapiens International Corporation (NASDAQ: SPNS) announced it will report its second-quarter 2022 financial results on August 3, 2022. The company will hold a conference call and webcast on the same day at 9:30 a.m. ET to discuss the results. Sapiens, a leading provider of software solutions for the insurance industry, boasts over 4,800 employees serving more than 600 customers across 30 countries. Investors can access the live webcast on the company's website.
Sapiens International Corporation (NASDAQ: SPNS) announced an upgrade of its Series B Debentures rating from "ilA+" to "ilAA-" by Ma'alot S&P Global, reflecting a stable outlook. This upgrade signifies confidence in Sapiens' business model and long-term growth strategy. With a compound annual growth rate of 17% over the past decade, the company has consistently improved profitability and cash flow. The debentures, traded on the Tel Aviv Stock Exchange, were initially offered in September 2017 and June 2020.
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