Sapiens buys Insecco

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, has entered into a definitive agreement for the acquisition of Insseco, a software provider for the insurance market wholly-owned by Asseco Poland. The transaction is expected to close by early August 2015, a press release informed. Sapiens will pay PLN 34.3 million as consideration in the transaction. Depending on the achievement of revenue goals over the next five years, Sapiens will pay additional consideration to the seller. "Sapiens continues its global expansion and implementation of its growth strategy via organic growth and M&A," said Roni Al-Dor, Sapiens' President and CEO. "With Sapiens' solution offerings and Insseco's strong local presence, we expect to strengthen our presence in the Polish and European markets." Al-Dor added, "Sapiens has expanded its team with Insseco's professionals, in order to improve delivery and service of our solutions, which we believe will allow us to better serve our customers globally," added Al-Dor. Asseco Poland is the largest IT company listed on Warsaw Stock Exchange. It is also a major player in the European software producers market. Asseco Group employs over 4,500 people in Poland.