Sapiens International Corporation has announced its acquisition of Maximum Processing, Inc., a privately held P&C insurance administration suite and subsidiary of the Stingray System.
With the acquisition, Sapiens adds new offerings for fourth- and fifth-tier insurers from Maximum Processing and all 30 of Stingray System’s existing insurance customers. Maximum Processing’s software helps manage agents, third-party administrators and brokers, according to the company.
“Small carriers remain very active in core system replacement projects and Maximum Processing has had good momentum in this space,” said Karlyn Carnahan, research director at Celent. “This investment by Sapiens will bring additional expertise, resources and relationships to Maximum Processing, driving their product, service and sales momentum, and making an immediate impact in the North American property and casualty market.”
Roni Al-Dor, Sapiens' president and CEO added, “The Stingray System has earned an outstanding reputation and gained an impressive market share. Between the Stingray System and our existing IDIT solution, we have market-leading offerings for virtually any size P&C insurance provider.”
Maximum Processing’s took in $6 million in revenue in 2015. The transaction is expected to close by the end of June.
