HOLON, Israel, March 31, 2015 /PRNewswire/ --
The acquisition strengthens Sapiens
insurance presence in Asia
Pacific, enriches its product portfolio with IBEXI's
business intelligence and portal offerings, and provides enhanced
delivery capabilities
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, with an emerging focus on the broader financial services
sector, today announced it has signed a definitive agreement,
subject to closing conditions, to acquire IBEXI Solutions Private
Limited (IBEXI), an India-based
provider of insurance business and technology solutions. Closing of
the acquisition is expected to occur in the second quarter of
2015.
IBEXI, which was founded in 2001, has a team of 180 insurance
and technology professionals. The company is working in
Asia Pacific, servicing 18
insurers in both the property and casualty (P&C) and life,
pension and annuites(L&P) markets, including leading insurance
companies in India. With its
strong local management and sales presence in Asia Pacific, IBEXI has been selling the
Sapiens IDIT Software Suite for seven years and providing support
for its existing customer base in that region.
(Logo:
http://photos.prnewswire.com/prnh/20120508/531104 )
IBEXI offers IT business consulting services to insurance
companies on both core insurance and supporting systems. In
addition to its own insurance products - business intelligence (BI)
and insurance portal offerings - IBEXI also provides implementation
services for insurance business solutions, including for external
products. IBEXI's insurance products will extend Sapiens' portfolio
of solution offerings, providing Sapiens' clients with immediate
benefits.
Following the acquisition, IBEXI will manage the Sapiens Asia
Pacific domain, and will establish a solid footprint for Sapiens as
a regional center. IBEXI, which has previously managed several
successful go-live projects, will enhance the Sapiens team with an
expanded and highly experienced delivery team across all Sapiens
solutions globally. With a larger and more geographically dispersed
professional services team, Sapiens will be well positioned to
provide services and support to its global customers with better
cost efficiency.
IBEXI's annual revenues for the period ended December 31, 2014, are approximately $4.3 million dollar. Without factoring in IBEXI's
revenues generated from sales to Sapiens, IBEXI's 2014 full year
revenues totaled $3.6 million
dollars.
"I am proud of IBEXI's accomplishment as a provider of solutions
and IT services to the Asia
Pacific insurance industry," said Ashok Bhavnani, IBEXI's CEO. "I am confident
that IBEXI's domain expertise, our business intelligence and
insurance portal offerings, and proven delivery capabilities will
bring great value to Sapiens and its clients."
"I look forward to being part of the Sapiens team and sharing my
nearly 25 years of experience. With the backing of Sapiens'
resources - its comprehensive product portfolio, insurance and
financial services experts, and its strong financial position - we
will continue to expand Sapiens business in Asia Pacific with existing and new customers."
"I believe that this acquisition will allow us to better serve
the Asia Pacific insurance
market," said Roni Al-Dor, president
and CEO of Sapiens. "It will expand our product portfolio with
complementary solutions and will enable us to better achieve our
targets of operational margin expansion."
About IBEXI
IBEXI specializes in providing business and technology solutions
across the insurance value chain, for the entire community -
insurers, reinsurers, banks, agents, brokers, distributors and
service providers - in all areas of insurance. Founded and led by
a management team with over 100 person-years of
experience delivering solutions to the insurance industry, IBEXI
has in-depth domain knowledge of insurance business processes and
products in many markets.
IBEXI provides a full range of solutions to the insurance industry.
It creates an IT vision and a road-map for organizations, and then
leads the realization of this blueprint. IBEXI provides and
implements solutions covering all major business areas. For more
information: http://www.ibexi.com/
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with an emerging focus on the broader financial services
sector. Sapiens offers core, end-to-end solutions to the global
general insurance, property and casualty, life, pension and
annuities, reinsurance and retirement markets, as well as business
decision management software. The company has a track record of
over 30 years in delivering superior software solutions to more
than 130 financial services organizations. The Sapiens team of over
1,000 professionals operates through our fully-owned subsidiaries
in North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.com .
Forward-Looking Statements
Some of the statements in this press release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934, and the United States Private Securities
Litigation Reform Act of 1995. Words such as "will," "expects,"
"believes" and similar expressions are used to identify these
forward-looking statements (although not all forward-looking
statements include such words). For example, forward-looking
statements are used in this press release when we discuss that
closing of the acquisition is expected to occur in the second
quarter of 2015.
These forward-looking statements, which may include, without
limitation, projections regarding our future performance and
financial condition, are made on the basis of management's current
views and assumptions with respect to future events. Any
forward-looking statement is not a guarantee of future performance
and actual results could differ materially from those contained in
the forward-looking statement. These statements speak only as of
the date they were made, and we undertake no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. We operate in a
changing environment. New risks emerge from time to time and it is
not possible for us to predict all risks that may affect us. For
more information regarding these risks and uncertainties as well as
certain additional risks that we face, you should refer to
discussion under the heading "Risk Factors" in our most recent
annual report on Form 20-F, and subsequent reports and registration
statements filed from time to time with the U.S. Securities and
Exchange Commission.
Investors and Media Contact:
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com