Based in Boston, Massachusetts, Delphi Technology focuses on catering to the medical professional liability (MPL)/healthcare professional liability (HCPL) markets
Israeli insurtech company Sapiens International has acquired Delphi Technology, a provider of software solutions for property and casualty (P&C) insurance carriers, for $19.5m in cash.
Based in Boston, Massachusetts, Delphi Technology focuses on catering to the medical professional liability (MPL)/healthcare professional liability (HCPL) markets.
Delphi Technology’s core products for medical professional liability are policy administration, financial and risk management, and claims management.
Sapiens said that it will continue to support the US insurtech company’s products and customers, who are expected to benefit from a range of complementary products and services following the acquisition.
The Israeli firm also plans to leverage Delphi Technology’s expertise and know-how to further improve its CoreSuite for Property & Casualty for offering a holistic, multi-line, comprehensive solution to the medical professional liability market.
Sapiens CEO comments on acquiring Delphi Technology
Sapiens president and CEO Roni Al-Dor said: “The U.S., where our suite of digital and cloud offerings has increased our market share, is a significant growth driver for Sapiens. The Delphi acquisition expands Sapiens’ presence in the MPL market and improves our prospects in this key region.
“The combination of Delphi’s deep knowledge base and customer portfolio – combined with Sapiens’ solutions, relationships, and resources – will enhance our position as a leading solution provider in the U.S.”
Established in 1989, the US insurtech company has a workforce of more than 100 employees and nearly 40 insurance clients.
Delphi Technology reported revenue of $15m in 2019. Its acquisition is expected to be accretive to profit early next year said, Sapiens, which provides digital software platforms, solutions and services for a range of insurance and financial services providers.
Delphi Technology founder and CEO Sam Fang said: “Sapiens’ advanced technologies and scalable services models, backed by Delphi’s market presence, extensive client relationships, and domain expertise, will enable a much deeper penetration of the MPL market. Together, Delphi and Sapiens will create exciting new opportunities for employees, customers, and prospects.
“Energized for the future, we eagerly look forward to seamlessly integrating with Sapiens to serve the MPL market.”