"Sapiens has implemented a growth strategy that incorporates acquisitions to accelerate our business," Roni Al-Dor, president and CEO at Sapiens, said in a statement. (Photo: Sapiens International Corporation)
Sapiens International Corporation, a provider of software solutions for the insurance industry, acquired sum.cumo, a Germany-based technology provider that offers consumer-centric solutions mainly to the insurance to the insurance sector, for up to €28.4 million (approximately $31.6 million USD).
The acquisition will enable Sapiens to expand its footprint by offering Sapiens's complete product and services portfolio in the DACH region (Germany, Switzerland and Austria), alongside sum.cumo's offerings. Sapiens will continue to invest in and support sum.cumo's offerings and enhance Sapiens's digital offerings worldwide via sum.cumo's solutions and expertise.
Sapiens also announced that it has won Celent's XCelent award in the "advanced technology" category in the EMEA (Europe, the Middle East and Africa) region with its Sapiens CoreSuite for Life & Pension offering.
Established in 2010, sum.cumo has more than 150 technology and insurance experts and serves customers in Germany and Switzerland from offices in Hamburg, Düsseldorf and Zurich. The company services insurers in the DACH region, helping them to set up their business model and obtain a marketing edge. The company's experts in consulting, user experience, marketing and technology enable the region's insurers to launch successful e-commerce environments.
The acquisition's primary goal is expanding Sapiens's presence in the DACH region. The acquisition will be accretive to profit starting from the second half of 2020. Consummation of the transaction is subject to certain regulatory approvals. The closing is expected to finalize in the middle of the first quarter in 2020.
"Sapiens has implemented a growth strategy that incorporates acquisitions to accelerate our business," Roni Al-Dor, president and CEO at Sapiens, said in a statement. "We are a strategic buyer that acquires companies that fit our mission, vision and culture. sum.cumo met our parameters as one of the most innovative InsurTech companies in the region. Penetration into the DACH region has been part of Sapiens's long-term growth strategy and we have started to gain traction in this region with Sapiens products. With sumo.cumo's local and talented team and customers, we should significantly enhance our presence there."
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
