HOLON, Israel, February 7, 2018 /PRNewswire/ —
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that it has entered into a definitive agreement to acquire Adaptik. This acquisition will enable Sapiens to provide North American property and casualty (P&C) carriers with an enhanced platform, which will improve Sapiens’ competitive position and enable it to increase its market share in the North American insurance market.
Pennsylvania-based firm Adaptik offers P&C insurers policy administration and billing capabilities, for commercial, personal, specialty and workers’ compensation lines of business.
“We see this acquisition as a major step in Sapiens’ North American strategy and market positioning,” said Karlyn Carnahan, head of the Americas, Property and Casualty, Celent. “By bringing together the strengths of the Adaptik and StoneRiver products, Sapiens is able to offer a strong portfolio of solutions that is well-tuned for the North American market. The additional resources provided by Sapiens will strengthen their competitive marketplace position and allow them to continue to add key capabilities as their clients focus on expanding their digital strategies.”
Roni Al-Dor, Sapiens president and CEO said, “The acquisition of Adaptik creates synergy with Sapiens’ strong current capabilities. It will enable us to offer a truly modern, comprehensive property and casualty digital insurance platform. This platform will be formed by combining three powerful core components: Adaptik Policy, Adaptik Billing and Stream® Claims, accompanied by Sapiens’ existing solutions for data and analytics, digital engagement and distribution, and cloud operation.”
“We continue to expand in the North American insurance space, a key market for Sapiens’ planned growth. To service lower-tier insurance carriers, we acquired Maximum Processing and its Stingray system, followed by the acquisition of StoneRiver, Inc. in early 2017, for the mid- to upper-tiers,” added Al-Dor. “Now, enhanced by the Adaptik acquisition, those transactions enabled Sapiens to establish a stronger presence in the U.S., while extending our reach with capabilities that are specifically fit to market across the life and annuities (L&A) and P&C markets.”
“As part of the Sapiens organization, the Adaptik team and clients will have access to extensive resources and a global network of relationships,” said John Pettit, Adaptik’s co-founder and CEO. “By incorporating our solutions as part of a leading software platform, our