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Stock Market & Financial Investment News

News Breaks
June 25, 2014
11:22 EDTSPNSAlpha breaks off talks to buy Sapiens from Formula, Globes says
The Alpha Group held talks until "several days ago" to potentially buy Formula Systems' portfolio company Sapiens in a transaction reflecting a market cap of $420M, but the talks between the parties were recently broken off due to an inability to agree on a price, according to Globes. Reference Link
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July 28, 2015
05:48 EDTSPNSSapiens agrees to acquire Insseco
Sapiens announced that it has entered into a definitive agreement for the acquisition of Insseco Sp. Z o.o., 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. This acquisition grants Sapiens entry into a new market, Poland, and expands the company's solid footprint in Europe and its customer base. Sapiens expects to enrich its workforce with Insseco's highly qualified and experienced insurance professional team and will establish a regional delivery and development center in Poland to support its global operations. On a trailing twelve month basis, Insseco's revenue was $11.5M. Management expects this transaction to be accretive to earnings in the third quarter of 2015 and beyond. Sapiens will pay $9.1M 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. 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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