Insurance solutions software developer Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) has hired more than 20 new employees in the three weeks since CEO Roni Al-Dor announced would move all its development activity to Israel.
Most of the new employees are software and computer science engineers at Sapiens' R&D facility in Rehovot. The company plans to hire another 10-20 employees. The company plans to increase its workforce by 9-12% to about 360 persons in Israel, the US, UK, and Japan.
Al-Dor said, "Following the restructuring at the company, and greatly improving our net profit, we intend in 2010 to focus on boosting revenue and winning new contracts with leading financial customers."
Sapiens is controlled by Emblaze Ltd. (LSE: BLZ) unit Formula Systems Ltd. (Nasdaq: FORTY; TASE: FORT). Sapiens' share fell 5.4% at the opening on Nasdaq today to $1.40, giving a market cap of $30 million. The share rose 7.3% on the TASE today to NIS 5.35.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2010
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