Sapiens plans raising $100m in Nasdaq offering

Nasdaq Photo: Reuters

The Israeli insurance industry software solutions provider will also offer the underwriters an option to buy an additional $15 million in shares.

Israeli insurance industry software solutions provider Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) has announced today the start of a proposed underwritten public offering of $100 million of its common shares. Sapiens intends to grant the underwriters a 30-day option to purchase up to an additional $15 million of its shares. All of the shares in the proposed offering are to be sold by Sapiens.

Sapiens intends to use the net proceeds for general corporate purposes, which may include acquisitions or investments in companies, products or technologies and additions to working capital. However, Sapiens has not entered into any agreements for, or otherwise committed to, any specific acquisitions at this time.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Jefferies LLC are acting as the representatives of the underwriters and as joint book-running managers for the proposed offering. Needham & Company, LLC and William Blair & Company, L.L.C. are acting as co-managers for the proposed offering.

Sapiens share price fell 6.36% on the news to $30.41, giving a market cap of $1.53 billion.

Published by Globes, Israel business news - - on October 14, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Nasdaq Photo: Reuters
Nasdaq Photo: Reuters
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