Financial Industry Tech: Sapiens buys Harcase Software

Roni Al-dor, Sapiens' President and Chief Executive Officer, said: "This is an important acquisition for Sapiens. This transaction is aligned with our long-term strategy in the Insurance market to make Sapiens a household name and the vendor of choice among insurance carriers. We expect Harcase to provide us with the platform to strengthen our position in North America and in the Property and Casualty segment globally, and contribute to our revenue growth.

"The combination of Sapiens' and Harcase's resources, products and experience enables us to deliver a powerful value proposition to insurance carriers in North America," said Dan Sobotincic, Founder, President and CEO of Harcase, who will now head Sapiens' P&C Insurance Division. "I strongly believe that the synergies between the two organisations will significantly strengthen the market footprint for the RapidSure suite as well as the Sapiens brand. We will continue our development efforts to remain at the technological forefront of the insurance software industry."

The acquisition brings together Harcase's RapidSure Policy Administration Solution for property and casualty carriers and Sapiens' experience, expertise and proven track record in the insurance industry. Harcase recently merged with Octello, an enterprise software and professional services provider to this market.

The purchase price, consisting of cash and stock, is expected to be in the amount of USD6 million to USD8 million, subject to achieving certain milestones.