Monday February 9, 8:14 am Eastern Time
Company Press Release
SOURCE: Sapiens International
Sapiens International to Acquire Majority Interest in InsureTech Alternatives, Inc.; Purchase Enhances Insurance Solutions
RESEARCH TRIANGLE PARK, N.C., Feb. 9 /PRNewswire/ -- Sapiens International Corporation (Nasdaq: SPNSF - news) announced today that it has entered into a definitive agreement to purchase the principal assets and operations of InsureTech Alternatives, Inc. a privately owned property & casualty insurance consulting firm. InsureTech has over 20 employees and fifteen current insurance industry clients. The acquisition enhances Sapiens' extensive insurance vertical solutions, which already include frameworks, package integration and professional services.
InsureTech Alternatives, Inc. (ITA), located in Columbia, South Carolina develops and implements automated property and casualty insurance solutions. InsureTech is in the business of providing integration to major insurance software packages. With this transaction, Sapiens will expand its insurance expertise base primarily in the property and casualty industry.
''Sapiens and InsureTech have worked together on several insurance projects in the past,'' stated Monica Wooden, Sapiens Americas Sr. vice president. ''This merged operation solidifies our relationship and will expand the Sapiens insurance solutions skill set.'' ''This strengthening of Sapiens' Property and Casualty experience and competency adds momentum to the delivery of insurance solutions committed for 1998 and beyond,'' added Dick Johnston, Sapiens Americas vice president, solutions.
Mr. Gary Lucas, president and founder of InsureTech Alternatives, Inc., said: ''Sapiens' experience with insurance and rapid applications development, in combination with their robust technologies such as ObjectPool(TM), made our decision to join their team much easier. With Sapiens, we can expand our consulting depth and service to our clients.''
InsureTech's services include business and management consultancy, systems conversion, and migration and integration services. During the past year, Sapiens has taken a number of strategic actions to further secure its leadership in insurance solutions, including recently developing a property & casualty framework and adding package integration services.
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 located in 20 countries, 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.
SAPIENS is a registered trademark and ObjectPool, ObjectModeler, ObjectPool X-Platform, SAPIENS Y2K, FALCON and Falcon2000 are trademarks of Sapiens International Corporation N.V. Other brand and product names are trademarks and/or registered trademarks of their respective holders. Brand and product names are mentioned herein for reference purposes only.
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 |
