Israeli insurance software maker Sapiens explores sale, sources say

Everbridge

05/04/2024 19:57

By Milana Vinn
       April 5 (Reuters) - Sapiens International  SPNS.O , an
Israel-headquartered insurance software firm with a market value
of nearly $2 billion, is exploring options that include a
potential sale, according to people familiar with the matter. 
    Sapiens is working with investment bank William Blair to
gauge interest from potential buyers that could include private
equity firms, the sources said.
    Sapiens started exploring a sale after attracting takeover
interest last summer and put its plans on hold after the
conflict between Israel and Hamas rocked the region, one of the
sources said. Sapiens revived its efforts to sell itself a few
weeks ago, according to the sources. 
    The sources cautioned that no deal is certain and requested
anonymity because the matter is confidential. 
    Sapiens and William Blair did not respond to requests for
comment.
    Sapiens, which is in Tel Aviv and New York, provides
software to insurers that specialize in areas such as property &
casualty insurance, workers' compensation, and life insurance.
It has more than 5000 employees, with operations in over 30
countries and a customer base of more than 600, according to its
website. 
    Israeli information technology group Formula Systems, which
is controlled by Polish software firm Asseco, holds a 43% stake
in Sapiens, according to a regulatory filing. 
    Take-private deals in the technology industry slowed down
last year, due to high interest rates that made financing
leveraged buyouts tougher for private equity firms. Yet the
market more recently has thawed. 
    In March, Thoma Bravo agreed to a $1.8 billion deal to take
event management software firm Everbridge  EVBG.O  private.
Earlier this week, Clayton Dubilier & Rice agreed to buy a
majority stake in information technology provider Presidio from
BC Partners for $4 billion, while EQT agreed to buy compliance
software maker Avetta for about $3 billion from Welsh Carson
Anderson & Stowe. 

 (Reporting by Milana Vinn in New York; Editing by Chizu
Nomiyama)
 ((Anirban.Sen@thomsonreuters.com; Twitter: @asenjourno; Reuters
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