Sapiens International Corporation Explained

Sapiens International Corporation N.V.
Type:Public
Traded As:NASDAQ:,
Founder:Tsvi Misinai, Tuvi Orbach, Shai Sole
Location City:Holon
Location Country:Israel
Industry:Computer software
Services:Insurance
Revenue: US$ 382 million (2020 GAAP)
Operating Income: US$ 45.03 million (2020 GAAP)
Net Income: US$ 33.8 million (2020 GAAP)
Assets: US$ 257.85 million (Q4 2016)
Num Employees:5,000
Parent:Formula Systems
Footnotes:[1]

Sapiens International Corporation N.V. is a publicly traded company,[2] headquartered in Israel, that develops computer software for the insurance industry.[3]

Sapiens' shares are traded on the NASDAQ Capital Market and on the Tel Aviv Stock Exchange. As of July 2022, the company has a market cap of $1.39 billion.[4] [5]

History

Sapiens grew out of an initiative, dubbed DB1, undertaken by a group of scientists from the Weizmann Institute of Science during the 1970s to develop a novel object-oriented application generator for use with mainframe computers. In 1972, Tsvi Misinai, a graduate of the Technion, started the project. He teamed up with Shai Sole, Shmuel Timor, and Eli Raban. By the late 1970s and early 1980s, the Weizmann team, partnered with a local Israeli company, Advanced Automated Applications (AAA, which was founded by Tuvi Orbach).

In 1984, the Weizmann team established its own company, which was later merged with AAA and joined by entrepreneurs Ron Zuckerman and Shaul Shani. The company severed itself from the Weizmann Institute and was incorporated under its new name: Sapiens.[6] [7] [8]

In 1992, shares of Sapiens began trading on the NASDAQ exchange.[9] By 1993, Sapiens had 900 workers employed at 33 branches around the world and a market cap of $340 million.

During the latter half of the 1990s, Sapiens focused on developing a business rules technology (eMerge[10]) and legacy modernization products and services. The company was involved in updating information systems to deal with the Year 2000 problem[11] and to adapt systems to the changeover to the new single European currency (the Euro).[12] In 1999, Sapiens' annual revenues reached $91 million.

Refocusing on Insurance Software

In 2001, Dan Goldstein, then Chairman of The Formula Group, assumed the role of Chairman of Sapiens. The company decided to focus solely on developing software for the insurance industry.

In November 2005, Roni Al-Dor joined Sapiens as president and CEO after serving as president of TTI Telecom for nine years and as the vice president for three years.

In 2010, Sapiens acquired Harcase, a Canada-based software company that developed the policy administration suite for Property and Casualty Insurance[13]

In 2011, Goldstein executed a three-way corporate merger between Sapiens and two subsidiaries of Formula Vision – Formula Insurance Solutions (FIS) and IDIT.[14]

Additional Acquisitions

Product Portfolio

Sapiens offers software supporting:

See also

Notes and References

  1. Web site: SPNS Income Statement. Yahoo! Finance. 17 February 2015. 2015.
  2. Web site: Sapiens International Corporation N.V. (SPNS).
  3. Web site: Sapiens International Corp NV (SPNS.O) Company Profile. Reuters. 24 September 2011. 2011. Sapiens International Corporation N.V., incorporated on April 6, 1990, is a global provider of software for the insurance industry..
  4. Web site: SPNS Profile. Yahoo! Finance.
  5. Web site: Sapiens International Corporation Market Cap. (SPNS). YCharts. Sapiens International Corporation Market Cap.
  6. TheMarker Article [in Hebrew]]. TheMarker.
  7. News: Haaretz Article [in Hebrew]]. הארץ. 27 March 2006. לורי. אביבה.
  8. Web site: Tsvi Misinai; President Sapiens International Corp. (Personal Profile) (Column). https://web.archive.org/web/20121106155909/http://www.highbeam.com/doc/1G1-13790150.html. 2012-11-06. dead.
  9. Web site: Sapiens International Corporation N.V.: Form 20-F.
  10. Web site: eMerge Rule-based software development platform .
  11. Web site: Sapiens Builds Brandname. 14 January 1999.
  12. Web site: La Redoute Awards Sapiens Strategic Euro Transition Project Valued at Several Million Dollars.
  13. Web site: Sapiens Acquires Canada-based P&C Software Vendor Harcase.
  14. Sapiens, IDIT and FIS Sign Definitive Agreement to Merge; Merged Company to Become a Major Global Insurance Solutions Provider.
  15. Web site: Wheelings & Dealings: Sapiens to Acquire IBEXI Solutions.
  16. Web site: Sapiens Enters Polish Market With Acquisition of Insurance Software Provider Insseco.
  17. Web site: Sapiens Acquires Maximum Processing, a North American P&C Solution Provider.
  18. Web site: Sapiens to Acquire U.S.-based StoneRiver, Inc. for Approximately $102 million.
  19. Web site: Sapiens Acquires Spain-Based Cálculo to Support its Penetration of the Iberian Market | Insurance Software Solutions.
  20. Web site: Acquisition of one of intelligent insurer's "Insurtech: Hot 100" companies will enable sapiens to enhance its digital offerings globally. 7 February 2020. Sapiens.
  21. Web site: Sapiens Acquires Tia Technology to Expand its Nordic Market Presence | Insurance Software Solutions.

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