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.
In 1972, Tsvi Misinai, a graduate of the Technion, started 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 (AAA, which was founded by Tuvi Orbach).
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. [7] [8] [9]
In 1992, shares of Sapiens began trading on the NASDAQ exchange. [10] By 1993, Sapiens had 900 workers employed at 33 branches around the world and a market cap of $340 million. [7]
During the latter half of the 1990s, Sapiens focused on developing a business rules technology (eMerge [11] ) and legacy modernization products and services. The company was involved in updating information systems to deal with the Year 2000 problem [12] and to adapt systems to the changeover to the new single European currency (the Euro). [13] In 1999, Sapiens' annual revenues reached $91 million. [10]
Refocusing on Insurance Software
In 2001, Dan Goldstein, then Chairman of The Formula Group, assumed the role of Chairman of Sapiens. The company decided to focus solely on developing software for the insurance industry.
In November 2005, Roni Al-Dor joined Sapiens as president and CEO after serving as president of TTI Telecom for nine years and as the vice president for three years.
In 2010, Sapiens acquired Harcase, a Canada-based software company that developed the policy administration suite for Property and Casualty Insurance [14]
In 2011, Goldstein executed a three-way corporate merger between Sapiens and two subsidiaries of Formula Vision – Formula Insurance Solutions (FIS) and IDIT. [15]
Additional Acquisitions
- In March 2015, Sapiens acquired IBEXI Solutions, an India-based provider of insurance business and technology in Asia Pacific. [16]
- In July 2015, Sapiens Acquired Insseco, an Insurance Software Provider in Poland for $9.1 Million. [17]
- In June 2016, Sapiens acquired Maximum Processing, a North American P&C solution provider that services tier-4 and tier-5 P&C carriers, MGAs, TPAs and brokers. [18]
- In February 2017, Sapiens acquired U.S.-based StoneRiver, Inc. for approximately $102 million. The acquisition significantly expanded Sapiens’ presence in the North American insurance industry, accelerating the company's footprint in the U.S. Property & Casualty space. [19]
- In October 2019, Sapiens acquired Calculo, a Spanish company selling core systems for Property & Casualty, managed services and consulting. [20]
- In December 2019, Sapiens acquired sum.cumo GmbH, a German InsurTech company for up to €28.4 million. [21]
- In November 2020, Sapiens acquired Tia Technologies who also sells insurance software from EQT Mid Market. [22]
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US$ 382 million (2020 GAAP)
