Sapiens International Corporation, (nasdaq and tase:SPNS), a leading global provider of software solutions for the insurance industry, with an emerging focus on the broader financial services sector, today announced it has signed a definitive agreement, subject to closing conditions, to acquire IBEXI Solutions Private Limited (IBEXI), an India-based provider of insurance business and technology solutions. Closing of the acquisition is expected to occur in the second quarter of 2015.
IBEXI, which was founded in 2001, has a team of 180 insurance and technology professionals. The company is working in Asia Pacific, servicing 18 insurers in both the property and casualty (P&C) and life, pension and annuites(L&P) markets, including leading insurance companies in India. With its strong local management and sales presence in Asia Pacific, IBEXI has been selling the Sapiens IDIT Software Suite for seven years and providing support for its existing customer base in that region.
IBEXI offers IT business consulting services to insurance companies on both core insurance and supporting systems. In addition to its own insurance products - business intelligence (BI) and insurance portal offerings - IBEXI also provides implementation services for insurance business solutions, including for external products. IBEXI's insurance products will extend Sapiens' portfolio of solution offerings, providing Sapiens' clients with immediate benefits.
Following the acquisition, IBEXI will manage the Sapiens Asia Pacific domain, and will establish a solid footprint for Sapiens as a regional center. IBEXI, which has previously managed several successful go-live projects, will enhance the Sapiens team with an expanded and highly experienced delivery team across all Sapiens solutions globally. With a larger and more geographically dispersed professional services team, Sapiens will be well positioned to provide services and support to its global customers with better cost efficiency.
IBEXI's annual revenues for the period ended December 31, 2014, are approximately $4.3 million dollar. Without factoring in IBEXI's revenues generated from sales to Sapiens, IBEXI's 2014 full year revenues totaled $3.6 million dollars.
IBEXI specializes in providing business and technology solutions across the insurance value chain, for the entire community - insurers, reinsurers, banks, agents, brokers, distributors and service providers - in all areas of insurance. Founded and led by a management team with over 100 person-years of experience delivering solutions to the insurance industry, IBEXI has in-depth domain knowledge of insurance business processes and products in many markets. IBEXI provides a full range of solutions to the insurance industry. It creates an IT vision and a road-map for organizations, and then leads the realization of this blueprint. IBEXI provides and implements solutions covering all major business areas. For more information: http://www.ibexi.com/
Sapiens International Corporation (nasdaq and tase:SPNS) is a leading global provider of software solutions for the insurance industry, with an emerging focus on the broader 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 130 financial services organizations. The Sapiens team of over 1,000 professionals operates through our fully-owned subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific. For more information:http://www.sapiens.com.