Sapiens International Corporation is a publicly traded company, headquartered in Israel, that develops computer software solutions for the insurance industry, with a growing presence in the financial services sector. It offers integrated core software solutions and business services, and a full digital suite for the property and casualty/general insurance; life, pension and annuities; and reinsurance markets. Sapiens also services the workers' compensation and financial and compliance markets. The company's portfolio includes policy administration, billing and claims; underwriting, illustration and electronic application; reinsurance and decision management software. Sapiens' digital platform features customer and agent portals, and a business intelligence platform.
Sapiens' shares are traded on the NASDAQ Capital Market and on the Tel Aviv Stock Exchange. As of late December 2017, the company possesses 2,500 employees and a market cap of $565.4 million.
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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. One of the driving forces behind the initiative was Tsvi Misinai, a graduate of the Technion, who in 1972 spearheaded 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), began marketing DB1 to large domestic organizations. Subsequently, the company started marketing its product overseas.
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. One of Sapiens' first overseas clients was a UK-based international infrastructure firm in 1986.
In 1992, shares of Sapiens began trading on the NASDAQ exchange. 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) and legacy modernization products and services. The company was highly successful in winning contracts for updating information systems to deal with the Year 2000 problem and to adapt systems to the changeover to the new single European currency (the Euro). 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 and supervised its recovery. The company decided to focus solely on developing software solution for the insurance industry.
Roni Al-Dor joined Sapiens as president and CEO in November 2005. Previously, he served for nine years as president of TTI Telecom, a global supplier of operations support systems to communications service providers, after serving as vice president for three years.
Sapiens acquired Harcase, a Canada-based software company, developer of policy administration suite for Property and Casualty Insurance, in 2010.
In 2011, Goldstein executed a three-way corporate merger between Sapiens and two subsidiaries of Formula Vision - Formula Insurance Solutions (FIS) and IDIT. These companies merged into Sapiens to form a world leader in software for the Insurance and financial services sectors.
Additional Acquisitions
Sapiens has aggressively executed upon its merger and acquisition (M&A) strategy to expand its product portfolio, enter new markets and acquire technical expertise and skilled human resources.
- Sapiens acquired IBEXI Solutions, an India-based provider of insurance business and technology solutions in Asia Pacific, in March 2015.
- In July 2015, Sapiens Acquired Insseco, an Insurance Software Provider in Poland for $9.1 Million.
- In June 2016, Sapiens acquired Maximum Processing, a North American P&C solution provider that services tier-4 and tier-5 P&C carriers, MGAs, TPAs and brokers.
- Sapiens acquired U.S.-based StoneRiver, Inc. for approximately $102 million in February 2017. The acquisition significantly expanded Sapiens' presence in the North American insurance industry, accelerating the company's footprint in the U.S. Property & Casualty space.
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Product Portfolio
Sapiens offers software solutions supporting all insurance products for individual, group and worksite clients.
Life, Pension and Annuities
Sapiens ALIS
LifeSuite®
Life Portraits®
LifeApply®
Sapiens Closed Books
Property and Casualty/General Insurance
Sapiens IDIT
Stream Suite(TM)
Sapiens Stingray
PowerSuite® and CompSuite®
Reinsurance
Sapiens Reinsurance
Freedom Reinsurance System (FRS)
Universal Reinsurance System (URS®)
Sapiens Full Digital Suite
The Sapiens Digital Suite can be fully integrated with Sapiens' policy administration systems. Sapiens' digital transformation solution is composed of five integral offerings: advanced analytics, portal for consumers and agents, personalized video capabilities, customer engagement platform and cloud offerings and services.
Financial and Compliance Markets
StoneRiver's compliance and financial software includes both annual statement and insurance accounting software: annual statement, financial (GL/AP), reporting tools and services.
DECISION Management
A decision management solution that enables business users to model, verify, manage and execute automated decisions.
See also
- Tsvi Misinai
- Silicon Wadi
- List of Israeli companies quoted on the Nasdaq
- TA BlueTech Index
References
External links
- Sapiens corporate website
- Sapiens Technology website
- Sapiens DECISION
- Sapiens Google Plus Profile
Source of the article : Wikipedia
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