Sapiens Announces Merger Agreement

The potential union of three insurance software vendors includes one P&C-specific firm and one life-specific firm.

Cary, N.C.-based Sapiens International Corporation has signed a non-binding term sheet for a merger with FIS Software Ltd. and IDIT I.D.I. Technologies Ltd. All three companies are insurance-specific software vendors.

The terms of the non-binding term sheet reflect an aggregate value of approximately $75 million for FIS Software and IDIT I.D.I. Technologies, which would be paid in cash, Sapiens shares and options to purchase Sapiens shares, the company says.

FIS focuses on the life and annuities market; IDIT I.D.I. on P&C.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio