HOLON, Israel, June 7, 2016 /PRNewswire/ --
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, with a growing presence in the financial services sector,
announced today that it has entered into a definitive agreement for
the acquisition of Maximum Processing, Inc., the software provider
of the Stingray System, a property and casualty (P&C) insurance
administration suite targeted towards the tier 4-5 U.S. market, as
well as managing general agents (MGAs), third-party administrators
(TPAs) and insurance brokers. The transaction is expected to close
by the end of June 2016.
(Logo:
http://photos.prnewswire.com/prnh/20120508/531104 )
Maximum Processing is a privately-held company headquartered in
Bradenton, Florida, with offices
in Garner, North Carolina. The
Stingray System is recognized throughout North America, with approximately 30 insurer
customers, and has a growing install base of web-based, P&C
processing systems in the U.S. market.
"Small carriers remain very active in core system replacement
projects and Maximum Processing has had good momentum in this
space," said Karlyn Carnahan,
research director, Celent. "This investment by Sapiens will bring
additional expertise, resources and relationships to Maximum
Processing, driving their product, service and sales momentum, and
making an immediate impact in the North American property and
casualty market."
With this acquisition and the addition of the Stingray System to
its portfolio of products, Sapiens gains a foothold in the North
American P&C insurance market and an attractive offering for
tier-4 and tier-5 insurance carriers, MGAs, TPAs and brokers.
Stingray System was designed as a cost-effective, fully functional
and highly configurable P&C insurance administration solution
for the local U.S. market. Sapiens will continue to invest in and
offer its Sapiens IDIT software suite to mid- and large-sized
carriers.
"Our growth strategy continues to include a combination of
organic growth and M&A activity," said Roni Al-Dor, Sapiens' president and CEO. "The
acquisition of Maximum Processing supports Sapiens' commitment to
strengthen our position and offerings in the North American P&C
market and increase our overall market share in the region, while
we continue expansion of our global presence, customer base and
local delivery capabilities."
Al-Dor added, "The Stingray System has earned an outstanding
reputation and gained an impressive market share. Between the
Stingray System and our existing IDIT solution, we have
market-leading offerings for virtually any size P&C insurance
provider."
"As part of the Sapiens team, we will have a much broader and
deeper reach into the property and casualty market in North America," said Sean Pitcher, president of Maximum Processing.
"Our immediate objective is to make the transition into the Sapiens
organization both seamless and beneficial to our customers,
employees and partners."
Maximum Processing's 2015 full-year annual revenue was
approximately $6 million. Management
expects this transaction to be accretive to earnings in 2017 and
beyond.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a
leading global provider of software solutions for the insurance
industry, with a growing presence in the financial services sector.
Sapiens offers core, end-to-end solutions to the global general
insurance, property and casualty, life, pension and annuities,
reinsurance and retirement markets, as well as business decision
management software. The company has a track record of over 30
years in delivering superior software solutions to more than 190
financial services organizations. The Sapiens team of over 1,700
professionals operates through our fully-owned subsidiaries in
North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.com.
About Maximum Processing
Maximum Processing offers the Stingray System, a modular,
web-based, property and casualty insurance solution for policy
(quoting, rating, issuance), billing, claims and reinsurance
administration, along with statistical bureau, DMV, imaging, credit
card, general ledger, comparative raters, CLUE, 4SightBI, reporting
and many other third-party interfaces. Maximum Processing is a
privately-held company headquartered in Bradenton, Florida, with offices in
Garner, North Carolina. For more
information: http://www.stingraysystem.com.
Forward-Looking Statements
Some of the statements in this press release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. Words such as "will," "expects,"
"believes" and similar expressions are used to identify these
forward-looking statements (although not all forward-looking
statements include such words). These forward-looking statements,
which may include, without limitation, projections regarding our
future performance and financial condition, are made on the basis
of management's current views and assumptions with respect to
future events. Any forward-looking statement is not a guarantee of
future performance and actual results could differ materially from
those contained in the forward-looking statement.
These statements speak only as of the date they were made, and
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. We operate in a changing environment. New risks
emerge from time to time and it is not possible for us to predict
all risks that may affect us. For more information regarding these
risks and uncertainties, as well as certain additional risks that
we face, please refer to the Risk Factors detailed in Item 3 of
Part III of our Annual Report on Form 20-F for the year ended
December 31, 2015, and subsequent
reports and registration statements filed periodically with the
Securities and Exchange Commission.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com
SOURCE Sapiens International Corporation