Sapiens International has acquired Harcase Software, a provider of software solutions to North American insurance industry. The acquisition brings together Harcase's RapidSure policy administration solution for property and casualty carriers and Sapiens' efficiency in the insurance industry.
According to Sapiens, Harcase had recently merged with Octello, an enterprise software and professional services provider to this market. The purchase price, consisting of cash and stock, is expected to be in the amount of $6m to $8m, subject to achieving certain milestones.
In addition, Dan Sobotincic, founder, president and CEO of Harcase will now head the company’s Property and Casualty Insurance division.
Roni Al-dor, president and CEO of Sapiens, said: “This transaction is aligned with our long-term strategy in the Insurance market to make Sapiens a household name and the vendor of choice among insurance carriers. We expect Harcase to provide us with the platform to strengthen our position in North America and in the Property and Casualty segment globally, and contribute to our revenue growth.”
Sapiens is a provider of business solutions for insurance industry, helping business processes and enabling insurance organizations to adapt to change. The company’s insurance software solutions enable cost-effectively alignment of IT with business demands for speed, flexibility and efficiency.