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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 the selection of its IDITSuite by HDI Global Specialty SE (HGS) for core transformation. This strategic partnership aims to enhance HGS's operational efficiency, enabling quick product development and market responsiveness with modern cloud architecture and low-code configurability. The IDITSuite will streamline HGS's systems, supporting its diverse insurance needs while adhering to regulatory standards and offering enhanced automation for underwriting and claims processes. This collaboration is expected to provide HGS with a competitive advantage in the insurance market.
Sapiens International Corporation (NASDAQ: SPNS) announced participation in two virtual investor conferences in September 2021. The Citi's 2021 Global Technology Virtual Conference is scheduled for September 13 at 7:10 AM ET, featuring a fireside chat and one-on-one investor meetings. The Jefferies Virtual Software Conference will take place on September 14 at 10:00 AM ET. Sapiens specializes in software solutions for the insurance sector, serving over 600 organizations worldwide, and aims to showcase its innovative capabilities at these events.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with one of South Africa's top five financial institutions to implement their cloud-hosted IDITSuite for short-term insurance and Sapiens Intelligence. The financial institution aims to modernize its legacy core system while ensuring data migration and implementation efficiency. With Sapiens' industry expertise, the institution anticipates enhanced operational capabilities and alignment with market trends, solidifying its position in the bancassurance sector.
Sapiens International Corporation (NASDAQ: SPNS) announced the successful go-live of its digital core upgrade of the Sapiens IDITSuite at DirectAsia, a digital insurer in Singapore and Thailand. This upgrade significantly enhances underwriting, claims processing, and API integration, aligning DirectAsia with modern digital trends and supporting its cloud strategy. DirectAsia has been using Sapiens IDITSuite since 2009 and expressed satisfaction with the collaboration, emphasizing improved business outcomes.
Sapiens International Corporation (NASDAQ: SPNS) announced that Dentists' Provident, a UK and Ireland-based income protection insurance provider, has chosen to implement Sapiens DigitalSuite. This upgrade aims to enhance their digital customer and agent experiences, streamlining integration with Sapiens' CoreSuite for Life & Pension. Since becoming a Sapiens client in 2016, Dentists' Provident has worked to improve its digital transformation and user experience. Sapiens' CEO expressed optimism about the partnership and its potential for competitive advantage in the market.
Sapiens International Corporation (NASDAQ: SPNS) announced its participation in two virtual investor conferences. The first will take place at William Blair's 4th Annual Insurance Technology Virtual Conference on August 11, 2021. The second is Needham's 3rd Annual Virtual FinTech & Digital Transformation 1x1 Conference on August 18 and 19, 2021. Sapiens empowers insurers with digital software solutions across various sectors, backed by over 35 years of global experience.
Sapiens International Corporation (NASDAQ: SPNS) announced strong financial results for Q2 ended June 30, 2021, with revenue of $114.4 million, a 22.9% increase from the previous year. Non-GAAP revenue reached a record $115 million, up 24%. Gross profit rose to $46.6 million, while net income grew by 11.9% to $10.4 million. The company has increased its 2021 revenue guidance to $461-$466 million and operating margin guidance to 17.2%-17.5%. This growth reflects solid performance across various markets, particularly in North America and Europe.
Sapiens International Corporation (SPNS) announced a significant partnership with a leading non-life insurer in Thailand for a major digital core transformation. This project aims to replace the insurer's outdated 30-year-old system using Sapiens' comprehensive software solutions, including IDITSuite, ReinsuranceMaster, and DigitalSuite's API layer. The initiative is expected to enhance operational efficiency, reduce costs, and improve product development speed, ultimately increasing revenues through new digital channels.
Sapiens International Corporation (NASDAQ: SPNS) is set to announce its financial results for the second quarter of 2021 on August 4, 2021, following the period ending on June 30, 2021. The company, which provides software solutions for the insurance industry, will also hold a conference call and webcast at 9:30 a.m. Eastern Time on the same day to discuss the results. Investors and analysts can participate through designated phone numbers or access the webcast on Sapiens' website. The company continues to leverage its experience and global presence in the insurance sector to enhance its service offerings.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with Munich Re to enhance technology-led consultancy services for primary insurers in the UK, focusing on the commercial insurance market for SMEs. This partnership aims to address underserved segments by providing scalable technology solutions to empower insurers. With over 200,000 new businesses established in the UK this year, the collaboration is positioned to support the post-COVID economic recovery. Sapiens and Munich Re plan to offer consultative strategies and innovative digital solutions to enhance market offerings.
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