Latest news with #DouglasHallstrom
Yahoo
2 days ago
- Business
- Yahoo
Advent to buy Sapiens for $2.5bn
Advent International has finalised a definitive agreement to acquire Israeli software company Sapiens International, a provider of intelligent SaaS-based software solutions for the insurance sector, in an all-cash transaction valued at around $2.5bn. The shareholders are set to receive $43.50 per common share. Formula Systems (1985), a current shareholder of Sapiens, will maintain a minority interest in the company following the acquisition. Sapiens provides tools that enable insurers to enhance operational efficiency and adapt to market changes. Its offerings include solutions for property and casualty, workers' compensation, and life insurance, as well as reinsurance, financial compliance, data analytics, digital services, and decision management. Sapiens serves more than 600 clients across more than 30 countries and is recognised in the industry, including being part of the Microsoft Top 100 Partner programme. Sapiens CEO Roni Al-Dor said: 'This transaction marks a significant milestone in Sapiens' journey, reinforces the success of our strategy, our commitment to delivering exceptional value to our customers, and the strength of our global team.' Advent has secured committed debt and equity financing to support the acquisition, with funds advised by Advent pledging a total equity contribution of $1.3bn. The deal is anticipated to close in the fourth quarter of 2025 or the first quarter of 2026, pending the fulfilment of standard closing conditions, including shareholder approval and necessary regulatory clearances. Advent director Douglas Hallstrom said: 'We are delighted to partner with Sapiens to support its next phase of innovation. 'Insurers are increasingly turning to technology to help unlock growth and profitability, drive innovation and improve business resilience – with Sapiens a critical partner in enabling this for market leading insurers globally.' William Blair & Company is serving as the financial advisor for Sapiens, while Latham & Watkins LLP and Meitar Law Offices are providing legal counsel. Citi is advising Advent, with Kirkland & Ellis and Herzog Fox Neeman acting as legal advisors to the private equity firm. "Advent to buy Sapiens for $2.5bn" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
4 days ago
- Business
- CNA
Insurance software firm Sapiens to be bought by Advent for $2.5 billion
Israeli software provider Sapiens International said on Wednesday that it will be acquired by Advent International for $2.5 billion in cash, as the U.S. private equity firm zeros in on the insurance industry amid an AI boom. The deal comes months after Advent entered exclusive negotiations to acquire Paris-based Kereis, the largest broker for housing protection insurance in France, from Bridgepoint. AI-powered software applications are being used by insurers to reduce costs. "Insurers are increasingly turning to technology to help unlock growth and profitability... We will work with the company (Sapiens) to accelerate investment into technology innovation, AI, and customer centricity," Douglas Hallstrom, a director at Advent, said in a statement. Sapiens' shareholders will receive $43.50 per share in cash, a premium of about 47.5 per cent over its last close of $29.50 on the Nasdaq on Tuesday. It will become a privately held company after the deal closes, the company said. Sapiens' existing shareholder Formula Systems will retain a minority stake in the company, it added. "Formula will continue to retain ownership in Sapiens and is excited to partner with Advent to accelerate the transition to AI and SaaS (Software as a Service)," Guy Bernstein, CEO at Formula, said. Earlier this month, Advent failed to acquire British scientific instruments maker Spectris after the latter decided against proceeding with the private equity firm's 4.8 billion pound ($6.48 billion) buyout proposal, days after backing rival suitor KKR's offer. ($1 = 0.7402 pounds)
