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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 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.
Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with AssureSign on August 3, 2020, aimed at enhancing customer acquisition and renewal processes in the insurance industry. The integration of AssureSign’s electronic signature technology into Sapiens’ Workers' Compensation platform will streamline workflows, enabling insureds to sign documents securely from various devices. This move addresses the increasing demand for high-quality remote experiences post-pandemic, allowing insurers to reduce operational costs while providing immediate customer service.
Sapiens International Corporation (NASDAQ: SPNS) has announced the acquisition of Delphi Technology Inc. for up to $19.5 million in cash. This acquisition aims to enhance Sapiens' position in the medical professional liability (MPL) market, leveraging Delphi's domain expertise and customer base. In 2019, Delphi generated $15 million in revenue but reported an operational loss. The acquisition is expected to be accretive to profit by early 2021, enabling Sapiens to expand its offerings and market presence in North America.
Sapiens International Corporation (NASDAQ: SPNS) announced the tailored launch of its Sapiens IDITSuite for Property & Casualty and Sapiens ReinsuranceMaster in the DACH region following the acquisition of sum.cumo in January 2020. The company's efforts are targeted at a market with over 400 potential customers, many of whom still use legacy IT systems. Sapiens aims to establish a significant presence in Germany, Austria, and Switzerland, with a growing demand for digital capabilities post-COVID-19. The firm believes this region will be a key growth driver over the next two to three years.
Sapiens International Corporation (NASDAQ: SPNS) will announce its financial results for Q2 2020 on August 4, 2020, following the quarter ending on June 30, 2020. The management will host a conference call to discuss the results at 9:30 AM ET. Participants can join via a toll-free number or through a live webcast. The company provides software solutions for the insurance sector and boasts over 35 years of experience, serving more than 500 organizations globally. The results will be available for replay until August 13, 2020.
Sapiens Americas, a subsidiary of Sapiens International Corporation (NASDAQ: SPNS), announced that Home Point Financial has chosen its Sapiens Decision for Mortgage Banking to enhance its mortgage platform. Home Point, a leading wholesale lender, aims to improve efficiency for its 2,000 associates amidst rapid growth. The solution provides flexibility and scalability to adapt to the dynamic mortgage environment. With patented technology, it empowers business users to manage and deploy business logic quickly, improving operational responsiveness.
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