Insurance Software Company Sapiens Acquires Adaptik for Up To $22 Million
In 2016 and 2017, Sapiens acquired two U.S.-based insurance technology firms to expand its business in the U.S. and Canada
Nasdaq-listed, Israel-based insurance software company Sapiens International Corporation N.V. has entered into a definitive agreement to acquire Pennsylvania-based company Adaptik Corporation for $19.5-$22 million, subject to retention and performance, according to a Wednesday announcement by the companies.Founded in 1982 and based in Holon, a town in the Tel Aviv metropolitan area, Sapiens develops software solutions for the insurance and financial industries. With several global subsidiaries, Sapiens has over 2,500 employees and over 400 clients according to company data.
For daily updates, subscribe to our newsletter by clicking here.Founded in 2000 in Bethlehem, Pennsylvania, Adaptik develops an adjustable interface and a digital product suite for property and casualties (P&C) insurance carriers in the U.S.
In 2016 and 2017, Sapiens acquired two U.S.-based insurance technology firms: Maximum Processing Inc. and Stone River Inc. The acquisitions are part of the company’s expansion plans for the North American insurance market, Sapiens president and CEO Roni-Al Dor said in a statement.
Sapiens president and CEO Roni-Al Dor. Photo: Yossi Aloni
In September, Sapiens raised $66 million in a shelf offering of Series B debentures.