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Sapiens International Corporation

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Sapiens International Corporation N.V.
Company typePublic
Nasdaq: SPNS, TASE: SPNS
IndustryComputer software
Founded1982; 42 years ago (1982)
FounderTsvi Misinai, Tuvi Orbach, Shai Sole
Headquarters
Holon
,
Israel
ServicesInsurance
RevenueIncrease US$ 382 million (2020 GAAP)
Increase US$ 45.03 million (2020 GAAP)
Increase US$ 33.8 million (2020 GAAP)
Total assetsIncrease US$ 257.85 million (Q4 2016)
Number of employees
5,000
ParentFormula Systems
Subsidiaries
  • Sapiens America
  • Sapiens North America
  • Sapiens Technologies
  • Sapiens (UK) Limited
  • Sapiens Japan Co
  • Sapiens Israel Software
Websitesapiens.com
Footnotes / references
[1]

Sapiens International Corporation N.V. is a publicly traded company,[2] headquartered in Israel, that develops computer software for the insurance industry.[3]

Sapiens' shares are traded on the NASDAQ Capital Market and on the Tel Aviv Stock Exchange. As of July 2022, the company has a market cap of $1.39 billion.[4][5]

History

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Sapiens grew out of an initiative, dubbed DB1, undertaken by a group of scientists from the Weizmann Institute of Science during the 1970s to develop a novel object-oriented application generator for use with mainframe computers. In 1972, Tsvi Misinai, a graduate of the Technion, started the project. He teamed up with Shai Sole, Shmuel Timor, and Eli Raban. By the late 1970s and early 1980s, the Weizmann team, partnered with a local Israeli company, Advanced Automated Applications (AAA, which was founded by Tuvi Orbach).

In 1984, the Weizmann team established its own company, which was later merged with AAA and joined by entrepreneurs Ron Zuckerman and Shaul Shani. The company severed itself from the Weizmann Institute and was incorporated under its new name: Sapiens.[6][7][8]

In 1992, shares of Sapiens began trading on the NASDAQ exchange.[9] By 1993, Sapiens had 900 workers employed at 33 branches around the world and a market cap of $340 million.[6]

During the latter half of the 1990s, Sapiens focused on developing a business rules technology (eMerge[10]) and legacy modernization products and services. The company was involved in updating information systems to deal with the Year 2000 problem[11] and to adapt systems to the changeover to the new single European currency (the Euro).[12] In 1999, Sapiens' annual revenues reached $91 million.[9]

Refocusing on Insurance Software

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In 2001, Dan Goldstein, then Chairman of The Formula Group, assumed the role of Chairman of Sapiens. The company decided to focus solely on developing software for the insurance industry.

In November 2005, Roni Al-Dor joined Sapiens as president and CEO after serving as president of TTI Telecom for nine years and as the vice president for three years.

In 2010, Sapiens acquired Harcase, a Canada-based software company that developed the policy administration suite for Property and Casualty Insurance[13]

In 2011, Goldstein executed a three-way corporate merger between Sapiens and two subsidiaries of Formula Vision – Formula Insurance Solutions (FIS) and IDIT.[14]

Additional Acquisitions

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  • In March 2015, Sapiens acquired IBEXI Solutions, an India-based provider of insurance business and technology in Asia Pacific.[15]
  • In July 2015, Sapiens Acquired Insseco, an Insurance Software Provider in Poland for $9.1 Million.[16]
  • In June 2016, Sapiens acquired Maximum Processing, a North American P&C solution provider that services tier-4 and tier-5 P&C carriers, MGAs, TPAs and brokers.[17]
  • In February 2017, Sapiens acquired U.S.-based StoneRiver, Inc. for approximately $102 million. The acquisition significantly expanded Sapiens’ presence in the North American insurance industry, accelerating the company's footprint in the U.S. Property & Casualty space.[18]
  • In October 2019, Sapiens acquired Calculo, a Spanish company selling core systems for Property & Casualty, managed services and consulting.[19]
  • In December 2019, Sapiens acquired sum.cumo GmbH, a German InsurTech company for up to €28.4 million.[20]
  • In November 2020, Sapiens acquired Tia Technologies who also sells insurance software from EQT Mid Market.[21]

Product Portfolio

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Sapiens offers software supporting:

  • Life Insurance
  • P&C
  • Decision Management
  • Workers' Compensation
  • Financial & Compliance
  • Reinsurance
  • Medical Professional Liability
  • Digital Insurance Modules

See also

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References

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  1. ^ "SPNS Income Statement". Yahoo! Finance. 2015. Retrieved 17 February 2015.
  2. ^ "Sapiens International Corporation N.V. (SPNS)".
  3. ^ "Sapiens International Corp NV (SPNS.O) Company Profile". Reuters. 2011. Retrieved 24 September 2011. Sapiens International Corporation N.V., incorporated on April 6, 1990, is a global provider of software for the insurance industry.
  4. ^ "SPNS Profile". Yahoo! Finance.
  5. ^ "Sapiens International Corporation Market Cap. (SPNS)". YCharts. Sapiens International Corporation Market Cap
  6. ^ a b "TheMarker Article [in Hebrew]". TheMarker.
  7. ^ לורי, אביבה (27 March 2006). "Haaretz Article [in Hebrew]". הארץ.
  8. ^ "Tsvi Misinai; President Sapiens International Corp. (Personal Profile) (Column)". Archived from the original on 2012-11-06.
  9. ^ a b "Sapiens International Corporation N.V.: Form 20-F".
  10. ^ "eMerge Rule-based software development platform".
  11. ^ "Sapiens Builds Brandname". 14 January 1999.
  12. ^ "La Redoute Awards Sapiens Strategic Euro Transition Project Valued at Several Million Dollars".
  13. ^ "Sapiens Acquires Canada-based P&C Software Vendor Harcase".
  14. ^ "Sapiens, IDIT and FIS Sign Definitive Agreement to Merge; Merged Company to Become a Major Global Insurance Solutions Provider" (Press release).
  15. ^ "Wheelings & Dealings: Sapiens to Acquire IBEXI Solutions".
  16. ^ "Sapiens Enters Polish Market With Acquisition of Insurance Software Provider Insseco".
  17. ^ "Sapiens Acquires Maximum Processing, a North American P&C Solution Provider".
  18. ^ "Sapiens to Acquire U.S.-based StoneRiver, Inc. for Approximately $102 million".
  19. ^ "Sapiens Acquires Spain-Based Cálculo to Support its Penetration of the Iberian Market | Insurance Software Solutions".
  20. ^ "Acquisition of one of intelligent insurer's "Insurtech: Hot 100" companies will enable sapiens to enhance its digital offerings globally". Sapiens. 7 February 2020.
  21. ^ "Sapiens Acquires Tia Technology to Expand its Nordic Market Presence | Insurance Software Solutions".
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