Sapiens International Corp., an insurance software provider, has signed a definitive agreement to acquire IBEXI Solutions Private Limited, a provider of insurance business and technology solutions based in India. The deal is expected to close in the second quarter of 2015.
IBEXI services 18 insurers in the P&C, and life, pension and annuities markets. IBEXI has been selling the Sapiens IDIT Software Suite for seven years and offering support for its customer base. IBEXI also offers IT business consulting services and offers its own business intelligence portal products to insurers, the companies said.
IBEXI will manage the Sapiens Asia Pacific domain following the acquisition and intends to establish a Sapiens regional center. IBEXI previously has managed several successful go-live projects, the companies said, and will expand the Sapiens team highly experienced and more geographically dispersed professional services delivery professionals, enabling Sapiens to offer more cost efficient services and support to its global customers.
"I am proud of IBEXI's accomplishment as a provider of solutions and IT services to the Asia Pacific insurance industry," said Ashok Bhavnani, IBEXI's CEO. "I am confident that IBEXI's domain expertise, our business intelligence and insurance portal offerings, and proven delivery capabilities will bring great value to Sapiens and its clients."
IBEXI's annual revenues were $4.3 million, and $3.6 million without factoring revenues generated from sales to Sapiens for the period ended December 31, 2014.
"I believe that this acquisition will allow us to better serve the Asia Pacific insurance market," said Roni Al-Dor, president and CEO of Sapiens. "It will expand our product portfolio with complementary solutions and will enable us to better achieve our targets of operational margin expansion."
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