Sapiens targets North American expansion with Adaptik acquisition
Israeli core systems vendor Sapiens has announced the acquisition of Adaptik, a move aimed at expanding the firm’s footprint in the North American P&C insurance market.
Pennsylvania-based Adaptik offers policy administration and billing platforms for commercial, personal, specialty and workers’ compensation carriers. Sapiens plans to merge the company's offerings with its internal data analytics, customer engagement and distribution cloud-based operation, according to company CEO Roni Al-Dor.
The new technology suite will be offered to North American insurers as a single software package or as standalone components. Carriers will also choose between full cloud-based deployments and more traditional on-premise servers.
Sapiens’ newest acquisition follows the company’s purchases of Maximum Processing and Stone River in 2016 and 2017, respectively. Financial details of its agreement with Adaptik were not immediately disclosed.
“We continue to expand in the North American insurance space, a key market for Sapiens’ planned growth. To service lower-tier insurance carriers, we acquired Maximum Processing and its Stingray system, followed by the acquisition of StoneRiver, Inc. in early 2017, for the mid-to upper-tiers,” said Al-Dor, in a statement. “Now, enhanced by the Adaptik acquisition, those transactions enable Sapiens to establish a stronger presence in the U.S., while extending our reach with capabilities that are specifically fit to market across the life and annuities and P&C [industries].”