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The Sapiens team of over 1,900 professionals operates through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific.
Photo courtesy of Asseco / Sapiens |
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Holon, Israel – February 15, 2017
• Acquisition significantly expands Sapiens’ presence in the North American insurance industry, accelerating the company’s footprint in the U.S. Property & Casualty space
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 (subject to customary closing conditions) to acquire privately held StoneRiver, Inc., for approximately $102 million in cash (subject to certain adjustments).
http://www.sapiens.com/
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Photo courtesy of Sapiens |
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StoneRiver delivers a wide range of solutions and services for the insurance industry in North America.
Headquartered in Denver, Colorado, StoneRiver’s versatile product portfolio is 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).
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Photo courtesy of Sapiens |
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StoneRiver’s rich set of solutions complements Sapiens’ existing offerings, and will allow Sapiens to accelerate its growth in the U.S. market and globally.
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Internet of Things in 2025
Things will be looking very different for insurers in the near future – the Internet of Things (IoT) will revolutionize the industry.
By 2025, there will be over three billion wearable technology devices/sensors, telematics will significantly impact the auto market and half of all U.S. homes will be connected to IoT devices.
Check out Sapiens’ NEW infographic, IoTwenty Five: Internet of Things in 2025, to learn about the potential for insurers and to discover insurers’ five keys for IoT success.
The time to start preparing for the future is now!
Photo courtesy of Sapiens |
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StoneRiver currently services more than 200 U.S. insurance customers, and has a team of approximately 500 insurance professionals.
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Our global team is highly motivated and creative.
Photo courtesy of Sapiens |
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“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 U.S. P&C space,”
said Roni Al-Dor, Sapiens president and CEO.
“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”.
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Photo courtesy of Sapiens |
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Al-Dor continued,
“Sapiens is confident that with StoneRiver, we strengthen our position as a leading innovative global software solutions provider, offering end-to-end solutions to the global insurance industry. We look forward to welcoming the StoneRiver team and combining best practices and capabilities, which will create greater value for our mutual customers and shareholders.”
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Photo courtesy of Sapiens |
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Donald Light, Director in Celent’s North America Property/Casualty Practice, commented,
“The continuing wave of insurance technology M&A activity demonstrates how insurance companies value working with providers who offer a full suite of solutions. Sapiens’ acquisition of StoneRiver is a major step forward in its global growth. This acquisition broadens and deepens Sapiens’ ability to enable US insurers as they continue their digital and modernization journeys.”
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50% of consumers use social media to research an insurance product, but 67% said the content didn’t help them make a decision.
Photo courtesy of Sapiens |
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The acquisition of StoneRiver expands Sapiens’ North American P&C portfolio with StreamSuite™, a state-of-the-art insurance suite targeting the higher tier carriers, complementing Sapiens’ Stingray solution that is targeting the lower tier in the sector.
The company will also gain entry into the workers’ compensation sector, a new area for Sapiens.
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Photo courtesy of Sapiens |
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Combining Sapiens’ and StoneRiver’s reinsurance solutions is expected to create a comprehensive market offering and will allow Sapiens to better serve its customers.
Sapiens L&A offering will be enhanced by StoneRiver’s stand-alone products in illustration (LifePortraits), eApp (Life Apply) and underwriting (Life Suite).
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Photo courtesy of Sapiens |
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The addition of these products to the Sapiens ALIS software suite, together with the company’s digital suite that includes Sapiens Intelligence and Sapiens Portal, will enable Sapiens to offer a comprehensive and even stronger portfolio of solutions to the life and annuities sector.
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Photo courtesy of Sapiens |
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StoneRiver president and CEO Gary Anderson commented,
“We are excited to join Sapiens, a leading software solution provider with a rich 30-plus years of history and proven experience delivering enterprise-scale technology globally. Like StoneRiver, Sapiens is focused on the insurance industry and delivering high value end-to-end solutions of core products and services. Sapiens’ scale, financial strength, industry relations and innovative technologies will be a great benefit to current StoneRiver customers and will open up new opportunities for our employees and partners. We look forward to working with Sapiens to achieve a seamless transition and to significantly expand Sapiens’ North American presence.”
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Photo courtesy of Sapiens |
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StoneRiver estimated Non-GAAP full year 2016 revenues are $80 million and the company is profitable.
Sapiens’ management expects this transaction to be accretive to earnings starting with the third quarter of 2017.
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Photo courtesy of StoneRiver |
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The transaction is expected to be completed by the end of the first quarter of 2017.
Upon completion, StoneRiver will become wholly owned by Sapiens.
Sapiens will provide full-year 2017 guidance for the combined organizations when reporting 2016 annual results at the end of February 2017.
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StoneRiver Collaborates with Microsoft to Deliver Superior Value and Agility for Customers.
Photo courtesy of StoneRiver |
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Management will host a conference call and webcast today, February 15 at 12:00 p.m. Eastern Time (7:00 p.m. in Israel) to review and discuss the transaction.
Please call the following numbers (at least 10 minutes before the scheduled time) to participate:
North America (toll-free): + 1-888-407-2553;
International: +972-3-918-0610;
UK: 0-800-917-5108
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Photo courtesy of Sapiens |
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The conference call will be accompanied by a slide presentation, that can be download from our website at:
http://www.sapiens.com/investors/presentations-and-webcast/
The live webcast of the call can be viewed on Sapiens’ website at:
http://www.sapiens.com/investors/presentations-and-webcast/
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Photo courtesy of Sapiens |
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If you are unable to join live, a replay of the call will be accessible until February 24, 2017, as follows:
North America: 1-877-456-0009;
International: +972-3-925-5929
A recorded version of the webcast will also be available via the Sapiens website, for three months at the same location.
About StoneRiver, Inc.
StoneRiver delivers the industry’s widest range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers.
This versatile product group encompasses front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines.
Hundreds of companies of all sizes rely on StoneRiver software and processing solutions to achieve a competitive edge.
Customer satisfaction and client success are the continuing goal, and are in large part achieved by maintaining and valuing strong, long-term customer relationships.
For more information, visit:
www.stoneriver.com .
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector.
Sapiens offers core, end-to-end solutions to the global general insurance, property and casualty, life, pension and annuities, reinsurance and retirement markets, as well as business decision management software.
The company has a track record of over 30 years in delivering superior software solutions to more than 200 financial services organizations.
The Sapiens team of over 1,900 professionals operates through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific.
We are a member of the
Formula Systems (1985) Ltd., or
Formula, Group (NASDAQ: FORTY and TASE: FORT).
Formula is a holding and managing company of (currently) three publicly traded companies that provide IT solutions worldwide, developing and implementing innovative, proprietary software, services and solutions, turnkey projects and outsourcing services as well as software distribution and support.
Based on information provided to the Company by
Formula, Formula held 23,954,094 of our Common Shares, or approximately 49.1% of our outstanding Common Shares as of March 1, 2016.
As of March 1, 2016,
Asseco beneficially owned 46.3% of the outstanding share capital of Formula.
Based on the foregoing beneficial ownership by each of
Formula and
Asseco, each of
Formula and
Asseco may be deemed to directly or indirectly (as appropriate) control us.
For more information:
www.sapiens.com .
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email:
Yaffa.cohen-ifrah@sapiens.com
Asseco Group
Asseco Group is a federation of companies engaged in information technology.
Asseco Group operates in most of the European countries as well as in Israel, USA, Japan, and Canada.
Asseco Group companies are listed on the Warsaw Stock Exchange, Tel-Aviv Stock Exchange as well as on the American NASDAQ Global Markets.
Asseco Group offers comprehensive, proprietary IT solutions for all sectors of the economy.
Own solutions account for over a half of Asseco Group total sales revenues.
This puts Asseco Group on the 6th place among the top software vendors in Europe ["Top 100 European Software Vendors" by Truffle Capital 2015/2016]
Asseco Group specializes in the production and development of software.
We develop and implement centralized and comprehensive IT systems for the banking sector.
Our portfolio also includes advanced solutions for insurance institutions that have been implemented in the sector's major companies as well as IT systems dedicated to public administration.
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Asseco Poland, Office in Warsaw, Poland.
Photo courtesy of Asseco Poland |
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Asseco Group is also successful in providing its products and services to the utilities sector, telecommunication, healthcare, local administration, agriculture, uniformed services as well as for international organizations and institutions such as NATO or the EU.
To explore synergies gained from mergers and acquisitions
Asseco Group has established Business Units.
One of the main goals is the integration and coordination of
Asseco Group operations within particular sectors/areas and the coordination of regional product strategy.
The other one is to maximize benefits from existing products, knowledge and competences.
Business Units also give the opportunity to share experiences coming from Asseco companies.
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Asseco Poland, Office in Warsaw, Poland.
Photo courtesy of Asseco Poland |
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Asseco Group Companies
Poland:
• Asseco Poland S.A.
• Asseco Business Solutions S.A.
• Asseco Data Systems S.A.
• Novum Sp. z o.o.
• Postdata S.A.
• Gladstone Consulting
• SKG S.A.
• DahliaMatic Sp. z o.o.
Israel:
• Matrix
• Sapiens
• Magic Software
Central Europe:
• Asseco Central Europe a.s.
• Asseco Solutions a.s.
• Asseco Central Europe Magyarorszag Zrt.
• Asseco Hungary Zrt.
• DanubePay, a. s.
• Asseco Solutions AG
• InterWay, a. s.
• exe, a. s.
• eDocu, a. s.
• Asseco BERIT
South Eastern Europe:
• Asseco South Eastern Europe S.A. (Asseco SEE Grupa)
• Asseco SEE d.o.o., Bosnia and Herzegovina
• Asseco SEE o.o.d., Bulgaria
• Asseco SEE d.o.o., Croatia
• Asseco SEE Sh.p.k., Kosovo
• Asseco SEE d.o.o.e.l., Macedonia
• Asseco SEE d.o.o., Montenegro
• Asseco SEE s.r.l., Romania
• Asseco SEE d.o.o., Serbia
• Asseco SEE d.o.o., Slovenia
• Asseco SEE Teknoloji A.Ş., Turkey
Western Europe:
• Asseco Spain SA
• Necomplus, S.L.
• Exictos
Northern Europe:
• Asseco Denmark A/S
• Peak Consulting Group
• Sintagma, UAB
• Asseco Lietuva, UAB
• CodeConnexion
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Asseco Poland, Office in Warsaw, Poland.
Photo courtesy of Asseco Poland |
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Contact
Asseco Poland
Olchowa 14
35-322 Rzeszów, Poland
Tel.: +48 17 888 55 55
Fax: +48 17 888 55 50
Email:
info@asseco.pl
https://asseco.com/en/
Sources:
Sapiens International Corporation
http://www.sapiens.com/
StoneRiver
http://www.stoneriver.com/
Asseco Group
https://asseco.com/en/press-room/
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