CARY, North Carolina, June 17 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. a member of the Emblaze / Formula Group , today announced the appointment of Mr. Roni Giladi to serve as Chief Financial Officer of the Company. The appointment will take effect on June 30, 2007.
Until recently, Mr. Giladi served as Director of Finance at the Emblaze/Formula Group. Prior to joining Emblaze, Mr. Giladi served as Chief Financial Officer of RichFX for 4 years, after serving as Corporate Controller for 1 year. Mr. Giladi began his financial career working for 5 years at Ernst & Young Israel, as a manager in the high-tech practice group. Mr. Giladi is Certified Licensed Public Accountant and holds a Bachelor's degree in Business Management and Accounting from the College of Management in Israel.
Mr. Giladi will replace Mr. Ori Brin. Mr. Brin will continue to advise the Company and assist Mr. Giladi in his transition.
The company recently announced the completion of a $20 million private placement from institutional investors, and the repayment of a portion of its debt through the repurchase of approximately $3.5 million of its convertible debentures (Series A).
Mr. Roni Al-Dor, President and CEO of Sapiens International, commented, "I thank Ori for all his hard work over the past few years as we implemented our turn-around program, bringing the company back to operational profitability and ultimately, completing the private placement investment. Ori played an important role and made valuable contributions to the success that we are experiencing at Sapiens. I wish Ori the best of luck in his future endeavors."
Mr. Al-Dor further commented, "With our recently closed private placement investment and repayment of debt, we are facing a new future at Sapiens. I wish Roni much success in his new position and am confident that he will contribute a lot to Sapiens."
For additional information:
Roni Al-Dor
Chief Executive Officer
Sapiens International
+972-8-938-2721
E-mail:
Sapiens International Corporation N.V. , 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.
