Sapiens laying off dozens of Israeli employees

Roni Al Dor Photo: Eyal Yizhar

The Israel insurance company software solutions firm is streamlining after losing a major customer.

Isaraeli software company Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) is firing several dozen employees in Israel as part of its streamlining plan, which it launched several months ago. Sapiens, led by CEO Roni Al-Dor, is part of the Formula Group, and develops software solutions for insurance companies. The company has a market cap of $604 million.

Sapiens's Israel operations are located in Holon. At the end of 2016, the company had 1,928 employees worldwide including 862 employees in Israel - 45% of the workforce.

In April, the company announced that it was halting work with a major customer and subsequently cut its guidance for 2017. Shortly afterwards the company published and announced a reorganization plan including layoffs.

Sapiens said yesterday, "From the second quarter of 2017, the company has been implementing a streamlining plan and reorganization including a reduction of costs and streamlining manpower in order to improve overheads."

Published by Globes [online], Israel business news - - on January 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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