Monday November 30, 9:33 am Eastern Time
Company Press Release
SOURCE: Sapiens International Corporation N.V.
Mutuelle Industrie du Petrole Awards Sapiens Strategic Euro Transition
Project
RESEARCH TRIANGLE PARK, N.C., Nov. 30 /PRNewswire/ -- Sapiens International Corporation N.V. (Nasdaq: SPNSF - news) today announced that
Mutuelle Industrie du Petrole (''Mutuelle''), the premier mutual healthcare insurer in the French oil and gas industry, has selected Sapiens to adapt its core insurance
claims systems to the changeover to a single European currency (the ''Euro''). Following successful completion of a pilot project, Sapiens will adapt Mutuelle's
systems to the Euro during the dual-currency phase of the changeover to the Euro, which will continue through 2002. The terms of the agreement were not disclosed
at the customer's request.
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.
Commenting on the project, Mr. Lagrange, IT and Financial Manager at Mutuelle, said: ''We chose Sapiens because we are confident in its ability to implement the
entire life-cycle of our Euro transition project within the span of just a few months. The Sapiens team has been very responsive to our needs and have presented a
highly efficient, cost-effective solution.''
Mr. Saadia Essoudry, Sapiens' Vice President, France added: ''This critical, time sensitive project marks a new stage in our readiness to implement integrated Euro
solutions. The Euro market in France is very active and we are experiencing heavy demand for our Euro solution.''
About Mutuelle Industrie du Petrole
Mutuelle Industrie du Petrole was formed as France's first mutual healthcare insurer in the private industry sector. Mutuelle, in association with other mutual
healthcare insurers, covers over 230,000 individuals and offers highly competitive products in the French marketplace. Mutuelle's customers include Shell
International Petroleum Co. Ltd., Mobil, The British Petroleum Company p.l.c., Elf Aquitaine, Esso A.G., Total SA, Grand Marnier and Comptoirs des
Entrepeneurs.
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.
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