Latest news with #Israel-headquartered
Hindustan Times
18-05-2025
- Business
- Hindustan Times
Adani Defence ties up with Elbit subsidiary for anti-submarine warfare ecosystem
Ahmedabad: Adani Defence & Aerospace on Sunday announced it has collaborated with Sparton DeLeon Springs LLC, a U.S.-based company specialising in anti-submarine warfare (ASW) systems. Sparton operates as a subsidiary of Elbit Systems of America, which is the U.S. arm of Israel-headquartered Elbit Systems, a global leader in defence and homeland security technologies. 'This partnership marks a significant step toward localizing the assembly of complex electronic systems and advanced Anti-Submarine Warfare (ASW) solutions for the Indian and global markets,' the company said in a statement. With this collaboration, Adani Defence & Aerospace becomes the first private sector company in India to offer indigenised sonobuoy solutions, underscoring its commitment to bolstering the nation's self-reliance, said an official. The partnership will combine Sparton's pioneering ASW technology with Adani Defence's established expertise in development, manufacturing, and sustenance for the Indian Navy. Sonobuoys are mission-critical platforms for enhancing Undersea Domain Awareness (UDA), providing an effective means to detect, locate, and track submarines and other underwater threats. Playing a key role in anti-submarine warfare (ASW) and other naval operations, they support in maintaining naval security and in protecting naval carrier strike groups. For decades, India has been importing this critical naval capability from global markets, increasing our dependency on foreign OEMs. Aligned with the 'Aatmanirbhar Bharat' and 'Make in India' initiative, Sparton's ongoing relationship with the Indian Navy, will now facilitate Adani Defence to indigenise the delivery of these solutions that are made in India, for India, the company said in a statement. 'In an increasingly volatile maritime environment, strengthening India's undersea warfare capabilities is not merely a strategic priority but an imperative for safeguarding sovereignty and national interests. The Indian Navy requires integrated, mission-ready ISR and anti-submarine warfare capabilities, including critical systems like sonobuoys, that are indigenously developed, swiftly deployable, and globally competitive,' said Jeet Adani, vice president of Adani Enterprises. Through this partnership with Sparton, Adani Defence & Aerospace becomes the first private company in India to offer indigenised sonobuoy solutions, enabling access to advanced technologies while fostering a future-ready, self-reliant defence ecosystem, he added. Donnelly Bohan, president and CEO, Sparton DeLeon Springs LLC said in a media statement that Sparton has a long legacy for problem solving, advanced engineering and manufacturing of America's best maritime defense solutions. 'This partnership will enable us to localize assemblage, create high-technology skill sets, and deliver reliable ASW solutions tailored to the India Navy's needs,' he said. The partnership builds on past Adani-Elbit collaborations, including a 2016 collaboration to develop Unmanned Aircraft Systems, including drones and control systems, under 'Make in India'. In 2018, their joint venture launched India's first private UAV manufacturing facility in Hyderabad, producing aerostructures for Hermes 900 and 450.
Yahoo
29-04-2025
- Business
- Yahoo
Sapiens enters deal to acquire insurtech company AdvantageGo
Sapiens International Corporation, an Israel-headquartered insurtech company, has agreed to acquire AdvantageGo, a commercial insurance software provider. The acquisition, valued at $61.73m (NIS223.24m), is set to strengthen Sapiens' proposition in the global property and casualty (P&C) insurance market, particularly in underwriting workbench solutions. Upon completion, which is anticipated in the coming weeks, Sapiens will fully own AdvantageGo. This move is in line with Sapiens' goal to expand its reach into the London Specialty Market and bolster its reinsurance market support. AdvantageGo's underwriting workbench will integrate with Sapiens P&C Platform, enhancing underwriting capabilities across Europe, the Middle East and Africa, Asia-Pacific (APAC) and North America for specialty and commercial lines. Sapiens President and CEO Roni Al-Dor said: 'Sapiens' growth strategy includes targeted acquisitions that accelerate our business. The acquisition of AdvantageGo aligns with our mission, and expands our portfolio with complementary solutions, extends our global footprint and deepens our talent pool. 'We are excited to welcome AdvantageGo's team and loyal customers to Sapiens. We remain committed to investing in AdvantageGo's products, ensuring continuity, innovation and long-term value for their customer base.' AdvantageGo registered a £9m ($12.07m) loss and revenues of £15m in 2024. Sapiens expects AdvantageGo to report 'double-digit' growth in 2026 and be 'accretive' to its profit from 2027. AdvantageGo global business leader Ian Summers said: 'Joining Sapiens means becoming part of a leading global product organisation that will amplify our capabilities and enhance our solutions, creating greater opportunities for our clients and team. We look forward to integrating our products into Sapiens Insurance Platform to deliver a seamless and powerful offering for the European and North American markets.' Recently, Sapiens also signed an agreement to acquire Candela, an intelligent automation service provider to insurance operators in APAC. "Sapiens enters deal to acquire insurtech company AdvantageGo " was originally created and published by Life Insurance International, 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. Sign in to access your portfolio
Yahoo
23-04-2025
- Business
- Yahoo
Sapiens to buy automation service provider Candela
Israel-headquartered insurtech company Sapiens International has agreed to acquire Candela, an intelligent automation service provider to insurance companies in the Asia-Pacific (APAC) region, for $22m (NIS80.83m) in cash. This move is intended to augment Sapiens' life insurance product suite and extend its market reach in APAC. The deal is due to be finalised in the second quarter of 2025 (Q2 2025), contingent on the fulfilment of standard closing conditions. Upon deal completion, Candela will be fully owned by Sapiens. The acquisition is projected to be profit accretive for Sapiens from Q4 2025. Candela generated non-GAAP revenues of $8m (Rs884.03m) in 2024. The company's product offering, which encompasses an end-to-end insurance automation platform, digital services and solutions, serves 23 clients, mainly across Singapore, Malaysia, Thailand, Hong Kong and South Africa. The company's workforce, which exceeds 100 employees, is predominantly located in Bangalore, India. Currently, Candela operates as a part of Azentio, a company headquartered in Singapore. The acquisition will see Candela's business process modelling and case management tools incorporated into the Sapiens insurance platform, with a focus on life insurance. This integration is expected to enable Sapiens to replace external legacy systems with standardised processes. Sapiens CEO and president Roni Al-Dor said: 'I am pleased to welcome the Candela team and customers as part of our strategy to continue to expand our presence in the APAC region and enhance our sophisticated life insurance platform. We will continue to support Candela's customers and products, increasing value across the entire insurance life cycle and supporting insurers' digital transformations with a comprehensive product proposition and a diverse range of service capabilities.' Candela business head Amitabh Poddar stated: 'Joining the Sapiens organisation opens up a wealth of resources and a global network of relationships for the Candela team and our clients. Integrating our intelligent automation solutions into Sapiens' leading insurance software platform will enhance our capabilities and provide even greater value to our customers. We are committed to ensuring a smooth transition and maintaining uninterrupted service for all our clients.' In February, Sapiens released an updated version of its automated underwriting and new business case management system targeted at life and annuities insurers. "Sapiens to buy automation service provider Candela " was originally created and published by Life Insurance International, 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. Sign in to access your portfolio
