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Monday October 26, 11:40 am Eastern Time
Company Press Release
SOURCE: Sapiens International Corporation N.V.
La Redoute Awards Sapiens Strategic
Euro Transition Project Valued at Several Million
Dollars
RESEARCH TRIANGLE PARK, N.C., Oct. 26 /PRNewswire/ -- Sapiens International
Corporation N.V. (Nasdaq: SPNSF - news) today announced that La Redoute, France's
leading direct-sales merchant, has selected Sapiens to adapt its information systems to the
changeover to a single European currency (the ''Euro''). Following successful completion
of a pilot project, which involved one of La Redoute's core business applications, Sapiens
was awarded a global project to adapt La Redoute's systems to the Euro during the
dual-currency phase of the changeover to the Euro, which will continue through 2002. The
project is valued at several million dollars.
Sapiens will employ its integrated Sapiens Euro solution, including its
Euro-Virtual-Machine (patent pending) wrapping technology, and its on-line and batch
mapping, code analysis, data conversion and bridging methodologies. Sapiens' solution
enables MVS-based application screens and reports to behave as if they were dual currency
without altering any source code.
Commenting on the transaction, Mr. Jean-Luc Pinto, IT Manager at La Redoute, said: ''We
chose Sapiens because of its responsiveness to our needs, and because of its unique ability
to simulate the entire life-cycle of our Euro transition project within the span of just a few
months. Another significant advantage of Sapiens' solution is the ease and speed with which
it is implemented. We do not have to worry about extensive modifications to source code
and the attendant expenses and time commitment associated with such a project. With
Sapiens' screen-based solution, we expect to reduce the duration and complexity of the
project to a minimum.''
Mr. Moti Weiss, Chief Operating Officer of Sapiens, added: ''We are delighted that La
Redoute has chosen us to implement this critical, time sensitive project. This project
demonstrates our readiness to implement integrated Euro solutions, and lays the
groundwork for Sapiens to capture a leadership position in the Euro marketplace. We are
experiencing significant demand for our Euro solution and expect to announce additional
Euro transition projects in the near future.''
About Sapiens
Sapiens is a leading provider of enterprise-wide solutions for the rapid development of
scalable, mission-critical software applications. The Company provides comprehensive
software solutions that substantially improve software developer productivity, reduce the
cost of building and maintaining software applications, and preserve investment in legacy
systems. These solutions integrate the Company's core rules-based, object-oriented
technology, efficient rapid application development (RAD) methodology, and
comprehensive consulting expertise. The Company's solutions also are targeted at
specialized software redevelopment problems, such as those related to the year 2000 and
the adoption of a single European currency.
The Company provides solutions to organizations in a broad range of industries worldwide.
The Company markets through its direct sales force, distributors, value-added resellers and
system integrators. Representative customers of Sapiens include AGF/SI, General Accident
Insurance Group, Guardian Royal Exchange, IBM, International Paper, Principal Financial,
and Siemens Energy & Automation. Information about Sapiens and its products is available
on the World Wide Web at sapiens.com.
Except for historical information contained herein, the matters set forth in this release are
forward-looking statements that are dependent on certain risks and uncertainties, including
such factors, among others, as market acceptance, market demand, pricing, changing
regulatory environment, changing economic conditions, risks in new product and service
development, the effect of the company's accounting policies and other risk factors detailed
in the Company's SEC filings.
SOURCE: Sapiens International Corporation N.V. |
