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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 partnered with Gjensidige Pensjonsforsikring (GPF) to implement its CoreSuite for Life & Pension platform, aiming to enhance GPF's digital capabilities and market share in the life and pension sector. The solution will enable greater automation and operational efficiency, allowing GPF to streamline workflows and improve customer engagement. Following a thorough vendor evaluation, GPF selected Sapiens for its strong presence in the Nordic market. This implementation marks Sapiens' introduction of its flagship platform in Norway, aiming to drive innovation and enhance customer service.
Sapiens International Corporation (SPNS) has announced its acquisition of Tia Technology, a vendor of digital software solutions for the insurance sector, for $78 million. The deal aims to enhance Sapiens' offerings in the Nordic markets, where Tia holds a strong customer base of nearly 70 clients. Tia’s revenue in 2019 was $30 million, with a 14% operational profit margin. The transaction is expected to be accretive from closing and provides Sapiens with deeper local expertise to drive growth in the region.
Sapiens International Corporation (NASDAQ: SPNS) reported strong financial results for Q3 2020, with revenues up 18.5% to $98.0 million, driven by strategic growth in Europe and North America. Gross profit rose by 20.4% to $44.2 million, reflecting a 45.1% gross margin. Operating income increased by 32.0% to $17.9 million, achieving an operating margin of 18.2%. Net income attributable to shareholders grew 32.0% to $13.7 million, resulting in an EPS of $0.27. The company raised its 2020 revenue guidance to $381-$383 million, showcasing resilience despite COVID-19.
Sapiens International Corporation (NASDAQ: SPNS) has launched IDIT Go, a pre-configured, cloud-native solution aimed at enabling general insurers to quickly implement new offerings. This platform enhances operational efficiencies, offers 24/7 accessibility, and supports rapid deployment within months. Key advantages include low-code architecture, customizable portals, and compatibility with Sapiens' insurtech ecosystem via open APIs. IDIT Go caters to various market needs and promotes digital transformation in the insurance sector, reflecting Sapiens' commitment to innovation and client support.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), has successfully implemented its PolicyPro solution at Harford Mutual Insurance Group in Maryland. This transition from a 25-year-old policy system enhances Harford Mutual's ability to quickly launch new insurance products and respond to consumer demands for digital experiences. The new platform facilitates policy management and integrates smoothly with third-party solutions, contributing to Harford Mutual's operational efficiency and competitiveness in the evolving insurance sector.
Sapiens International Corporation (NASDAQ: SPNS) will report its third-quarter financial results for the period ending September 30, 2020, on November 5, 2020. The management will host a conference call and webcast at 9:30 a.m. Eastern Time to review the results. Investors can participate by calling specific numbers or joining via the company's website. A replay will be available until November 14, 2020. Sapiens specializes in software solutions for the insurance industry, catering to various sectors with over 500 clients globally.
Sapiens International Corporation N.V. (Nasdaq: SPNS) has priced an underwritten public offering of 3,389,830 common shares at $29.50 each, closing expected on October 20, 2020. The underwriters also have a 30-day option to purchase an additional 508,474 shares. Proceeds from the offering will be used for general corporate purposes, including potential acquisitions or investments. The offering is registered under an effective shelf registration statement filed with the SEC on July 11, 2019.
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