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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 its Q4 2022 financial results, revealing revenue of $119.5 million, a slight increase of 0.2% year-over-year. Despite this, non-GAAP revenue showed a slight decline of 0.3%. Gross profit rose to $50.3 million, yielding a gross margin of 42.1%. The operating income was $16.5 million, with a margin of 13.8%. For the full year 2022, revenue reached $474.8 million, a 3.0% increase, while gross profit rose by 6.6% to $200.2 million. The company announced 2023 guidance, projecting non-GAAP revenue between $502 million and $507 million. Sapiens aims to expand its North American market presence and increase cloud customer migration.
Sapiens International Corporation (NASDAQ: SPNS) announced the full launch of its CoreSuite for Life & Pensions in partnership with South Africa's Hollard Group Risk (HGR). This marks Sapiens' first Group Risk implementation in South Africa. HGR will replace its legacy systems, leveraging Sapiens' cloud-first solution to improve operational efficiency and reduce costs. The collaboration is expected to drive growth and enhance customer experience. Sapiens aims to expand this partnership with the future launch of Sapiens Intelligence, a data and analytics solution to provide actionable insights.
Sapiens International Corporation (NASDAQ: SPNS) has been selected by MS Amlin Insurance to overhaul its legacy core systems in France, Belgium, and the Netherlands using the Sapiens Core P&C Platform and Reinsurance module. The initiative aims to enhance operational efficiency and consistency, ultimately leading to cost savings by replacing outdated applications. The project will start in France and expand to additional countries. Sapiens' cloud-based IDITSuite will support various functions including policy management and claims processing, underpinned by advanced data analytics for improved underwriting and reduced claims expenses.
Sapiens International Corporation (NASDAQ: SPNS) announced it will report its financial results for the fourth quarter and year-end 2022 on February 21, 2023. A conference call will be held at 9:30 a.m. Eastern Time to discuss the results. Sapiens provides software solutions for the insurance industry, with over 600 customers across 30 countries. The company focuses on digital transformation for insurers, offering integrated low-code solutions and a cloud-first approach.
Yaffa Cohen-Ifrah rejoins Sapiens International Corporation as Chief Marketing Officer and Head of Investor Relations. With over 20 years of experience, including a previous tenure at Sapiens, she will spearhead the company’s global marketing strategy and investor relations efforts. Her role is crucial as Sapiens aims for future growth in the insurance software sector. The company serves over 600 clients in 30 countries, focusing on digital transformation and innovation in insurance solutions.
Sapiens International Corporation (NASDAQ: SPNS) has partnered with LocalTapiola, Finland's second-largest insurance company, to launch a new Policy Administration System (PAS). This innovative solution consolidates eight existing PAS systems into a single, seamless digital experience. It aims to reduce technology debt and enhance compliance with regulations while improving speed-to-market for new products. The partnership highlights Sapiens' commitment to digital transformation in the Nordic region, emphasizing customer-centric solutions and operational agility.
Sapiens International Corporation (NASDAQ: SPNS) has announced that the Ohio Bureau of Workers' Compensation (BWC) has successfully gone live with its CoreSuite for Workers' Compensation. This upgrade enhances user experience through a new interface and improved workflow, allowing business users to access financial snapshots rapidly. The implementation was completed in five months with no disruption for the 2,500 end users. The CoreSuite platform supports operational efficiency and proactive case management, catering to the needs of the Workers' Compensation sector.
Sapiens International Corporation (NASDAQ: SPNS) has announced the deployment of its cloud-native IDITSuite and Sapiens Intelligence platforms for bolttech, replacing legacy systems in Hong Kong's general insurance operations. This transition aims to enhance automation, standardization, and oversight, while reducing infrastructure costs and improving scalability. Sapiens will also support bolttech with Cloud & Operations and Sapiens API Conductor, facilitating digital API deployment.
The collaboration marks a significant step in digital transformation for bolttech in a competitive market.
Sapiens International Corporation (NASDAQ: SPNS) announced a significant collaboration with Toyota Insurance Management Spain to implement the Sapiens DianaSuite, modernizing its core insurance system. This initiative aims to enhance customer experience and operational efficiency in the Iberian property and casualty market. DianaSuite offers a comprehensive view of customer interactions, regulatory compliance, and is designed for seamless integration across multiple devices. The project reflects Sapiens' commitment to empowering insurers with advanced digital solutions for enhanced agility and competitiveness.
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