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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 N.V. (Nasdaq: SPNS) has announced a public offering of 3,389,830 common shares priced at $29.50 per share, with a 30-day underwriter option for an additional 508,474 shares. The offering is expected to close on October 20, 2020. Proceeds will be used for general corporate purposes, including potential acquisitions, though no specific agreements are in place. The offering is conducted under an effective shelf registration statement filed with the SEC.
Sapiens International Corporation N.V. (Nasdaq: SPNS) announced a proposed public offering of $100 million of its common shares, with a potential $15 million additional option for underwriters. The offering is aimed at general corporate purposes, including acquisitions or investments, but no specific agreements are in place. The offering depends on market conditions and is conducted under an effective shelf registration statement. Key underwriters include Goldman Sachs, J.P. Morgan, Citigroup, and Jefferies.
Sapiens International Corporation (NASDAQ: SPNS) has announced a partnership with GreenRoad Technologies to enhance risk assessment in automotive insurance. This collaboration allows insurers to access dynamic driving data, enabling personalized premiums and customer-centric services. GreenRoad's solution offers detailed analysis of driver behavior, which could help reduce preventable accidents by up to 50% and related costs by 80%. This strategic move comes as competition in the insurance sector intensifies, with companies like Tesla and Amazon entering the market.
Sapiens International Corporation (NASDAQ: SPNS) announced the release of an upgraded version of its Sapiens IDITSuite for Property & Casualty insurance providers. Key enhancements include improved claim collaboration tools, shopping cart functionality for quicker approvals, and robust claims automation features. The update also focuses on ecosystem integration, agility with cloud-based capabilities, and enhanced security measures. Sapiens aims to improve customer experience and streamline operations in the insurance market with this release.
Sapiens International Corporation (NASDAQ: SPNS) announced its approval for uplisting to the Nasdaq Global Select Market®, effective September 8, 2020. This milestone highlights Sapiens' robust growth and financial performance. CEO Roni Al-Dor emphasized the company's commitment to customer-centric digital solutions that drive operational improvements and profitability. Over its 35 years in the market, Sapiens has developed platforms and services tailored for various segments within the insurance industry, enabling clients to meet modern consumer demands.
Sapiens International Corporation (NASDAQ: SPNS) announced the appointment of Mathias Harrassowitz as Regional Director DACH, enhancing its sales and marketing efforts in German-speaking Europe. Harrassowitz boasts over 20 years of experience in insurance IT, notably increasing Keylane's market presence. His expertise will play a vital role as Sapiens expands in the DACH region, following its acquisition of German insurtech company sum.cumo. Sapiens aims to provide innovative digital solutions to transform traditional insurance models for improved competitiveness.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), announced that Western Financial Group has selected Sapiens PolicyPro for Property & Casualty. This solution aims to enhance Western's quote-to-issuance process and facilitate integration with their broker management system. PolicyPro is recognized for its scalability and the ability to deliver precise data for improved decision-making. Western anticipates this partnership will help streamline underwriting processes and foster growth by offering white-labeled products.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with Gradient AI to enhance its workers' compensation offerings. This collaboration will integrate Gradient AI's predictive analytics solutions into Sapiens' CoreSuite and GO platforms, improving underwriting and claims processes. The aim is to offer insurers better forecasting capabilities and reduce costs associated with claims. Gradient AI CEO Stan Smith noted that the AI model will leverage over 25 million pieces of historical data, driving profitability for Sapiens' customers. Sapiens plans to expand AI integration into additional insurance sectors.
Sapiens International Corporation (NASDAQ: SPNS) announced the launch of Sapiens CoreSuite for Life Insurance on Microsoft AppSource. This platform integrates core insurance functionality with data analytics and is hosted on the Microsoft Azure cloud, allowing insurers to focus on their core business while minimizing costs. The solution is designed for multicompany, multibranding, multicurrency, and multilingual capabilities, catering to clients in EMEA, APAC, and North America. The collaboration aims to leverage Microsoft's reach and reputation in the insurance industry.
Sapiens International Corporation (NASDAQ: SPNS) reported a strong financial performance for Q2 2020, with revenue increasing by 17.0% to $93.1 million compared to Q2 2019. Gross profit rose 21.6% to $38.3 million, and net income attributable to shareholders jumped 35.9% to $9.3 million, resulting in a diluted EPS of $0.18. The company cites growth in North America and Europe as key drivers, alongside improved cost management during COVID-19. Sapiens has raised its 2020 revenue guidance to between $376 million and $381 million.
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