Insurance solutions provider
Sapiens says the proposed transaction is intended to create various synergies among the three companies and complementary offerings in the different territories where the companies operate.
The terms, according to Sapiens reflect an aggregate value of approximately $75 million for the two companies, which will be paid in cash, Sapiens shares and options to purchase Sapiens shares.
FIS Software offers a comprehensive, enterprise-level solution for life, pension and annuity providers, with a global client base across the UK, Europe, Asia Pacific and North America. Conversely, IDIT I.D.I. Technologies offers a full suite of a single, end-to-end, component-based integrated solution for the P&C market, with a focus on Europe, the UK, Australia and Asia Pacific.
"Subject to completion of the proposed transaction, the combined entity will strive to become a market-leading provider of innovative software solutions for the insurance industry worldwide," says Roni Al-Dor, Sapiens' president and CEO. "We will offer a comprehensive product portfolio, supported by industry experts and a broad customer base, with a solid financial position."
The completion of the transaction is subject to various conditions, including completion of due diligence, execution of definitive agreements and obtaining applicable corporate and third-party approvals.
