Israel-based Sapiens International has signed an agreement to acquire Asseco Poland's wholly-owned subsidiary Insseco, which provides software solutions to the insurance industry.

Under the deal, Sapiens will pay PLN34.3m ($9.2m) to the seller, as well as additional consideration depending on the achievement of revenue goals over the next five years.

Insseco provides software solutions to major insurance customers in Poland, comprising top tier insurance carriers.

With a team of around 140 insurance professionals, Insseco is specialized in providing solutions for both life and pension and property and casualty insurance.

The acquired business will allow Sapiens to enter into Poland, in addition to expanding the firm’s operations in Europe.

Sapiens International president and CEO Roni Al-Dor said: "With Sapiens’ solution offerings and Insseco’s strong local presence, we expect to strengthen our presence in the Polish and European market.

"Sapiens has expanded its team with Insseco’s professionals, in order to improve delivery and service of our solutions, which we believe will allow us to better serve our customers globally."

The deal is expected to be completed by early August this year.

In March this year, Sapiens purchased India-based IBEXI Solutions, which provides insurance business and technology solutions in Asia Pacific.

Sapiens offers software solutions for the insurance industry, including property and casualty, life, pension and annuities, reinsurance and retirement markets.