Sapiens acquires US insurance software co Delphi

Roni Al Dor Photo: Eyal Yizhar
Roni Al Dor Photo: Eyal Yizhar

This is Sapiens second acquisition in 2020 after buying German insurtech company Sum.como for €28.4 million.

Israeli insurance software company Sapiens International NV (Nasdaq: SPNS; TASE: SPNS)has acquired US insurance software company Delphi Technology for $19.5 million. This is Sapiens second acquisition in 2020 after buying German insurtech company Sum.como for €28.4 million, and 14th in recent years.

At the end of the first quarter Sapiens had $80 million cash and $30 million in short term debt and during the second quarter the company raised a $60 million bond.

Sapiens, which is part of Formula Systems Ltd. (Nasdaq: FORTY; TASE: FORT) has a market cap of $1.43 billion, after its share price has risen 24% since the start of 2020.

Sapiens president and CEO Roni Al-Dor said, "The US, where our suite of digital and cloud offerings has increased our market share, is a significant growth driver for Sapiens. The Delphi acquisition expands Sapiens' presence in the MPL market and improves our prospects in this key region. The combination of Delphi's deep knowledge base and customer portfolio - combined with Sapiens' solutions, relationships, and resources - will enhance our position as a leading solution provider in the US."

Delphi Technology founder and CEO Sam Fang said, "Sapiens' advanced technologies and scalable services models, backed by Delphi's market presence, extensive client relationships, and domain expertise, will enable a much deeper penetration of the MPL market. Together, Delphi and Sapiens will create exciting new opportunities for employees, customers, and prospects. Energized for the future, we eagerly look forward to seamlessly integrating with Sapiens to serve the MPL market."

Published by Globes, Israel business news - en.globes.co.il - on July 28, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020 .

Roni Al Dor Photo: Eyal Yizhar
Roni Al Dor Photo: Eyal Yizhar
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