The acquisition of Tia Technology is in line with Sapiens’ plan to expand its footprint in the European market
Sapiens, a software provider for the insurance industry, has agreed to acquire Tia Technology, a Danish developer of software solutions for the property and casualty (P&C) insurers, from EQT Mid Market for an undisclosed amount.
Established in 1997, Tia Technology is headquartered in Virum. With a workforce of nearly 200, the firm has around 70 customers across the globe.
It offers software solutions primarily for P&C insurers as well as Life and Pension, Health, and several innovative extension modules.
Furthermore, Tia offers a full scope of expert implementation, application management and hosting services that enable insurers to execute their digital and business strategies.
Sapiens president and CEO Roni Al-Dor said: “I’m pleased to welcome the Tia team and customers as we strive to create additional value for the insurance market. The Nordics are a significant growth driver for Sapiens.
“We remain committed to exploring new opportunities for growth, organic as well as through mergers and acquisitions. This acquisition is in line with our strategy to expand our European market footprint, following recent acquisitions in Iberia and the DACH regions.”
Sapiens stated that it will continue to develop and support Tia’s products and services to its customers, who can also benefit from Sapiens wide range of offerings.
The deal, which is subject to regulatory approvals, is expected to close by the end of this month.
Sapiens to leverage Tia’s expertise to improve P&C and L&P offerings
The software developer will further leverage the knowledge and expertise of Tia’s employees to expand its P&C and life and pensions (L&P) offerings in the respective regions where it operates.
Tia Technology CEO Anders Rosenbeck said: “EQT has been a great partner and they have played a critical role in our success with their strong commitment and vision for Tia.
“Together with EQT, we have grown the business and the customer base, and we now offer a full set of software and services supporting our customers digital transformation journeys. The management team and I are excited to continue on this path together with Sapiens.”
In July this year, the insurance software developer acquired Delphi Technology, a provider of software solutions for P&C insurance carriers, for $19.5m.