REHOVOT, Israel, August 22, 2011 /PRNewswire/ --
Sapiens International (NASDAQ and TASE: SPNS), a global provider of solutions for the insurance industry, today announced the completion of the merger transaction with FIS Software Ltd. and IDIT I.D.I. Technologies Ltd, both well-established solution providers for the insurance industry.
"The initial indications coming from the market acknowledge the visible synergies and business opportunities this combination creates," said Roni Al-Dor, President and Chief Executive Officer, Sapiens International.
"The merger constitutes a major milestone in the execution of our growth strategy. Bringing together the employees, products and customers of Sapiens, IDIT and FIS establishes us as a leading enterprise-wide solution provider for the insurance industry. We will now focus on achieving the many potential synergies among the three businesses, in order to increase benefits to our customers and value for our investors," Mr. Al-Dor concluded.
Sapiens International Corporation (NASDAQ and TASE: SPNS) is a leading global provider of innovative business solutions for the insurance industry, helping to modernise business processes, to proactively define and provide innovative new services and to respond quickly to changes in the industry. Following the merger with FIS and IDIT, we offer end to end solutions for the L&P, P&C and Reinsurance markets, with customers across the globe. We jointly serve over 70 insurance customers, backed by a team of over 700 insurance experts. Coupled with our financial stability, we aim to become the vendor of choice in the insurance software marketplace.
This release includes certain forward-looking statements, which are dependent on certain risks and uncertainties, including such factors as realization of integration plan between Sapiens, IDIT and FIS, market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of accounting policies, specific system configurations and software needs of individual customers and other risk factors. There is no assurance that such forward looking statements will be materialized following consummation of the transaction with FIS and IDIT Technologies.
For More Information:
Roni Giladi, CFO
SOURCE Sapiens International Corporation N.V.