SPNSF
EARNINGS AND CONFERENCE CALL TODAY
Tuesday October 27, 11:38 am Eastern Time
RESEARCH ALERT - Sapiens Intl raised
LOS ANGELES, Oct. 27 (Reuters) - Hambrecht & Quist Llc on Tuesday raised its rating on shares of Sapiens International Corp.NV to strong buy from buy, based on strength of its core business and early demand for Sapiens Euro, a new product.
-- company makes Rapid Application Development software tailored for specific uses like the Year 2000 issue or European monetary conversion to the Euro.
-- products help remediate old code and re-engineer business applications.
-- said company will likely exceed third quarter sales and earnings estimate of $16.9 million and $0.08 per share.
-- Sapiens stock was up 7/8 at 6-13/16 at midday.
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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.
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