Israeli insurance industry software provider Sapiens International Corp. (Nasdaq: SPNS; TASE: SPNS) announced today that it has agreed to acquire privately held US company StoneRiver, Inc., for $102 million in cash (subject to certain adjustments). StoneRiver delivers a wide range of solutions and services for the insurance industry in North America.
Denver-based StoneRiver has a product portfolio comprised of a policy administration suite, rating, underwriting, illustrations, reinsurance, and finance & compliance solutions for all major insurance business lines, across both property and casualty (P&C) and life and annuities (L&A). StoneRiver's solutions complement Sapiens' offerings, and will allow the Israeli company to accelerate its growth in the US market and worldwide. StoneRiver services more than 200 US insurance customers, and has a team of 500 insurance professionals.
Sapiens president & CEO Roni Al-Dor said, "Joining forces with StoneRiver significantly expands Sapiens' presence and scale in the North American insurance industry, and specifically helps us further accelerate our growing market footprint in the US P&C space. Moreover, the deal is closely aligned with our M&A growth strategy that is centered on three key factors: growing our customer base, expanding geographically and adding complementary solutions to our portfolio - all while we ensure our continued high quality of services and product delivery. StoneRiver is an acquisition that meets all of our criteria. In the past six years Sapiens completed and integrated successfully eight acquisitions."
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017