CARY, North Carolina, June 10 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. a member of the Emblaze / Formula Group , today announced that it has completed a $20 million private placement round led by institutional investors and by the Formula Group. The common shares placement was priced at $3 representing 12% premium with no warrants. After closing (expected at the end of June), Formula will remain the controlling shareholder of Sapiens.
Mr. Al-Dor, President and CEO of Sapiens International, commented, "Sapiens is a different company today. We are back to growth and operational profitability, playing in multi-billion dollar markets and ready to take leadership. This investment is a strong vote of confidence by our investors, and by the Emblaze / Formula group, in our direction and future prospects. We appreciate their support and we will do our best to continue on the course that we have set for ourselves."
Guy Bernstein, CEO Emblaze Group commented, "We are actively involved in all of our companies. We work with Sapiens' management team on a daily basis. We focus on profitability and aggressive, global growth. Sapiens presents a strong opportunity in a large global market. There are many risks going forward, but our mutual cooperation on the future of the company is unique and powerful in its results as evidenced by this round."
FOR ADDITIONAL INFORMATION:
Elior Brin
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2721
E-mail:
Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a member of Formula Group , and the Emblaze Ltd group, is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Prudential, ING, Menora Mivtachim, and Occidental Fire & Casualty among others. For more information, please visit http://www.sapiens.com/.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.
