Sapiens International Corporation


Sapiens International Corporation is a publicly traded company, headquartered in Israel, that develops computer software for the insurance industry, with a growing presence in the financial services sector. It offers integrated core software and business services, and a full digital suite for the property and casualty/general insurance; life, pension and annuities; and reinsurance markets. Sapiens also services the workers’ compensation and financial and compliance markets. The company's portfolio includes policy administration, billing and claims; underwriting, illustration and electronic application; reinsurance and decision management software. Sapiens’ digital platform features customer and agent portals, and a business intelligence platform.
Sapiens' shares are traded on the NASDAQ Capital Market and on the Tel Aviv Stock Exchange. As of late December 2017, the company possesses 2,500 employees and a market cap of $565.4 million.

History

Sapiens grew out of an initiative, dubbed DB1, undertaken by a group of scientists from the Weizmann Institute of Science during the 1970s to develop a novel object-oriented application generator for use with mainframe computers. One of the driving forces behind the initiative was Tsvi Misinai, a graduate of the Technion, who in 1972 spearheaded the project. He teamed up with Shai Sole, Shmuel Timor and Eli Raban. By the late 1970s and early 1980s, the Weizmann team, partnered with a local Israeli company, Advanced Automated Applications, began marketing DB1 to large domestic organizations. Subsequently, the company started marketing its product overseas.
In 1984, the Weizmann team established its own company, which was later merged with AAA and joined by entrepreneurs Ron Zuckerman and Shaul Shani. The company severed itself from the Weizmann Institute and was incorporated under its new name: Sapiens. One of Sapiens’ first overseas clients was a UK-based international infrastructure firm in 1986.
In 1992, shares of Sapiens began trading on the NASDAQ exchange. By 1993, Sapiens had 900 workers employed at 33 branches around the world and a market cap of $340 million.
During the latter half of the 1990s, Sapiens focused on developing a business rules technology and legacy modernization products and services. The company was highly successful in winning contracts for updating information systems to deal with the Year 2000 problem and to adapt systems to the changeover to the new single European currency. In 1999, Sapiens' annual revenues reached $91 million.

Refocusing on Insurance Software

In 2001, Dan Goldstein, then Chairman of The Formula Group, assumed the role of Chairman of Sapiens and supervised its recovery. The company decided to focus solely on developing software for the insurance industry.
Roni Al-Dor joined Sapiens as president and CEO in November 2005. Previously, he served for nine years as president of TTI Telecom, a global supplier of operations support systems to communications service providers, after serving as vice president for three years.
Sapiens acquired Harcase, a Canada-based software company, developer of policy administration suite for Property and Casualty Insurance, in 2010.
In 2011, Goldstein executed a three-way corporate merger between Sapiens and two subsidiaries of Formula Vision – Formula Insurance Solutions and IDIT.

Additional Acquisitions

Sapiens has aggressively executed upon its merger and acquisition strategy to expand its product portfolio, enter new markets and acquire technical expertise and skilled human resources.
Sapiens offers software supporting all insurance products for individual, group and worksite clients.