Sapiens Acquires an Insurance Software Provider in Poland
Staff Writer | July 28, 2015
Sapiens International announces it has entered into a definitive agreement for the acquisition of Insseco, a software provider for the insurance market wholly-owned by Asseco Poland S.A. the indirect controlling shareholder of Sapiens. The transaction is expected to close by early August 2015.
Insseco has an established presence in the Polish insurance market and services major insurance customers in Poland. With a team of 140 insurance professionals, Insseco possesses domain expertise in both life and pension and property and casualty insurance.
This acquisition grants Sapiens entry into a new market and expands the company’s footprint in Europe and its customer base. Sapiens expects to enrich its workforce with Insseco’s insurance professional team and will establish a regional delivery and development center in Poland to support its global operations.
With a larger and more geographically dispersed professional services team, Sapiens continues to invest in getting closer to its customer and is well positioned to provide services and support for all of its solutions around the globe. Sapiens will continue to support Insseco’s customers, while also introducing its leading software solutions into the Polish insurance market.
On a trailing twelve month basis, Insseco's revenue was $11.5 million. Management expects this transaction to be accretive to earnings in the third quarter of 2015 and beyond. Sapiens will pay 34.3 million Polish Zloty ($9.1 million) as consideration in the transaction. Depending on the achievement of revenue goals over the next five years, Sapiens will pay additional consideration to the seller.
“Sapiens continues its global expansion and implementation of its growth strategy via organic growth and M&A,” said Roni Al-Dor, Sapiens’ President and CEO. “With Sapiens’ solution offerings and Insseco’s strong local presence, we expect to strengthen our presence in the Polish and European market. Sapiens has expanded its team with Insseco's professionals, in order to improve delivery and service of our solutions, which we believe will allow us to better serve our customers globally.”
The acquisition of Insseco is the latest in Sapiens’ continued expansion of its global presence, customer base, and delivery capabilities. In March 2015, Sapiens acquired IBEXI Solutions, an India-based provider of insurance business and technology solutions in Asia Pacific.
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