Sapiens International, a provider of business solutions to insurance and financial industry, has agreed to acquire FIS Software and IDIT Technologies, both providers of software solutions to insurance industry.
Sapiens said the merged company is expected to reach $100m in revenues in 2012 and is also expected to expand its market reach and global presence with the addition of dozens of insurance customers, and the enhancement of the portfolio of insurance software solutions.
FIS Software offers a comprehensive enterprise level solution for life, pension and annuity providers, with a global client base across North America, Europe, and Asia Pacific.
IDIT IDI Technologies offers a full suite of a single end-to-end component-based integrated solution for the property and casualty (general insurance) market, with a focus on Europe, Australia and Asia Pacific.
As consideration in the transaction, Sapiens will issue a total of 17.5m common shares and warrants to purchase 1 million common shares, in addition to a payment of $6.75m in cash.
The transaction is anticipated to be completed within 45 days.