HOLON, Israel, October 18, 2017 /PRNewswire/ --
Sapiens International Corporation N.V. (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 its Board of Directors has approved the
payment of a cash dividend of $0.20
per share. The dividend, which amounts to approximately
$9.8 million in the aggregate, will
be paid on Thursday, December 14,
2017 to Sapiens' shareholders of record as of December 4, 2017.
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Sapiens also announced that its Board of Directors has approved
the migration of the legal domicile of the Company to the
Cayman Islands from Curacao, the current legal domicile of
Sapiens.
Each of the dividend payment and the migration of legal domicile
is subject to Sapiens' shareholders' approval, which Sapiens
intends to seek at the Company's 2017 annual general shareholders
meeting. That meeting is scheduled to be held on Wednesday, November 29, 2017. Sapiens' Board of
Directors will recommend that the Company's shareholders approve
both the payment of the dividend and the migration of legal
domicile, as well as all other proposals for the meeting. The
record date for shareholders entitled to vote at that meeting is
October 24, 2017.
In recommending to the shareholders to approve the migration of
the legal domicile of the Company to the Cayman Islands, Sapiens' board of directors
considered, among other things, the fact that there are
significantly more public companies incorporated in the
Cayman Islands than in
Curacao. In addition, the Board of
Directors believes that Cayman
Islands corporate law provides boards of directors with
broad discretion to exercise their judgment and that the
Cayman Islands provides a business
friendly regulatory environment and a predictable legal framework
that provides more certainty with respect to various corporate
matters. Consummation of the planned migration is subject to the
Company's receipt of an Israeli tax ruling and a certain
Curacao tax approval.
The change of the Company's corporate domicile will not affect
the business, location, management, assets or liabilities of the
Company, nor alter any shareholder's ownership interest in the
Company.
Roni Al Dor, President & CEO
of Sapiens, noted: "Over the past few years, Sapiens has
demonstrated significant growth in all areas of our business across
expanded geographies, from both existing and new customers. We have
consistently grown our revenues while investing in R&D to
ensure that our software solutions continue to lead the market.
We continued to grow both organically through existing and
new customers as well as through Mergers & Acquisitions, such
as the acquisition in the first quarter of 2017 of StoneRiver,
through which we have significantly expanded our presence in the
North American insurance industry. We are continuing to focus on
our growth while improving our profitability level."
"Our cash position and positive cash flow generation, together
with continued improved profitability, enable us to pay a dividend
to our shareholders."
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.
We offer 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.
Our 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. With a 30-year track record of delivering to
more than 400 organizations, Sapiens' team of over 2,500 operates
through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information:
http://www.sapiens.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, you
should refer to the Risk Factors detailed in Item 3 of our Annual
Report on Form 20-F for the year ended December 31, 2016 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