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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) announced that the Wyoming Department of Workforce Services has upgraded its Sapiens CoreSuite for Workers' Compensation platform. The modernization aims to enhance operational efficiency with a new user interface and faster upgrade capabilities. DWS, serving a workforce of 200,000, seeks to improve client services and responsiveness. The upgraded platform allows for rapid deployment of updates, enhancing customer satisfaction and operational efficiency for workers' compensation providers.
Sapiens International Corporation (NASDAQ: SPNS) announced the successful implementation of Sapiens ReinsurancePro at NYCM Insurance, significantly enhancing their internal controls and reporting processes. Key benefits include a 50% reduction in monthly processing time and real-time activity processing. Rich Inman, NYCM's Accounting Supervisor, praised the partnership and customer service provided by Sapiens. Roni Al-Dor, Sapiens' CEO, emphasized how this solution empowers NYCM to take control of their data and improve customer service.
On May 10, 2022, Sapiens International Corporation (NASDAQ: SPNS) announced that Altshuler Shaham Investment House in Israel has upgraded its Life and Pensions solution to enhance its pension fund operations. With over NIS 200 billion in managed assets for 2.4 million customers, this upgrade aims to streamline processes and reduce operational costs while adhering to local regulations. The partnership is set to bolster Altshuler Shaham's position in the competitive pension market, reflecting a commitment to growth and efficiency.
Sapiens International Corporation (NASDAQ: SPNS) has announced Encova Insurance's upgrade of the Sapiens CoreSuite for Workers' Compensation platform. This enhancement aims to leverage cutting-edge technologies while ensuring compliance with industry standards. Encova, a super-regional carrier, operates through over 2,000 independent agencies across 28 states and D.C., with premiums exceeding $1 billion and a surplus above $1.96 billion. The upgrade is expected to improve automation, speed up digital technology adoption, and enable quick adaptation to regulatory changes.
Sapiens International Corporation (NASDAQ: SPNS) reported strong Q1 2022 results, with non-GAAP revenue of $117.7 million, a 6.8% increase from Q1 2021. Gross profit rose 7.5% to $52.9 million, and net income surged 41.6% to $13.9 million, delivering a diluted EPS of $0.25. The company reaffirmed its 2022 revenue guidance of $495 million to $500 million and will implement semi-annual dividends beginning with $0.47 per share, reflecting confidence in cash flow. CEO Roni Al-Dor emphasized ongoing growth in Europe and the APAC regions.
Sapiens International Corporation (NASDAQ: SPNS) will participate in the 17th Annual Needham Technology & Media Conference on May 16, 2022. The company's management will conduct virtual one-on-one meetings and host a fireside chat at 9:30 AM Eastern Time. Sapiens, a global provider of software solutions for the insurance industry, has over 35 years of experience and serves more than 600 organizations. For more details on the conference or to schedule meetings, attendees can contact their Needham representatives.
Sapiens International Corporation (NASDAQ: SPNS) and Mindtree have formed a partnership aimed at enhancing digital transformation within the insurance industry. The collaboration will leverage Sapiens' cloud-native insurance applications alongside Mindtree's expertise to improve market speed and customer satisfaction. Initially focused on North America, the partnership seeks to expand into Europe and Asia. Leaders from both companies highlighted the partnership's potential to foster innovation and streamline processes for insurers, thereby facilitating growth and efficiency.
Sapiens International Corporation (NASDAQ: SPNS) will report its first quarter 2022 financial results on May 3, 2022. The company will host a conference call and webcast at 9:30 a.m. Eastern Time to discuss the results. With over 35 years of experience, Sapiens provides software solutions for the insurance industry, serving over 600 clients in 30 countries. Their offerings support digital transformation in the financial sector, ensuring comprehensive services across various insurance markets.
Sapiens International Corporation (NASDAQ: SPNS) has strengthened its partnership with Hollard Insurance to enhance Hollard's digital strategy using Sapiens' cloud-native, low-code DigitalSuite. This modernization aims to digitize products and improve customer journeys while maintaining legacy systems. The project utilizes Microsoft Azure and includes Sapiens Journey & Form Composer and API Conductor. Hollard's pilot for an Accident & Health Product marks a significant growth opportunity. Sapiens emphasizes the potential for cost savings and improved broker engagement as key benefits of this collaboration.
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