NU Online News Service, April 28, 3:25 p.m. EDT
Insurance software provider Sapiens International Corporation N.V. announced it has acquired the technology firm Harcase Software.
Sapiens, based in the Netherlands Antilles, did not disclose the purchase price for Harcase, which is based in Mississauga, Ontario, Canada
Harcase, said Sapiens, is a provider of software solutions to the North American insurance industry. "The acquisition brings together Harcase's RapidSure Policy Administration Solution for property and casualty carriers and Sapiens' experience, expertise and proven track record in the insurance industry," Sapiens added.
Harcase recently merged with Octello, an enterprise software and professional services provider.
Sapiens explained that the Harcase acquisition "is one of the cornerstones in Sapiens' known strategy to expand its market share in the insurance software industry."
The company said that by focusing on establishing a stronger footprint in the North American market, "Sapiens' goal is to become a global market leader, delivering high value, high quality insurance software solutions."
"This acquisition is a good marriage of Sapiens' longtime presence in the U.S. market and the thoroughly modern RapidSure solution," said a statement from Chad Hersh, a principal at analyst firm Novarica.
"As a fully modern solution with robust functionality, support for open standards, and a service-oriented approach, RapidSure should help provide numerous benefits to carriers, including improved speed-to-market and lower total cost of ownership," according to Mr. Hersh.
The RapidSure suite supports commercial, personal and specialty line products. Leveraging component-based service-oriented architectures, RapidSure allows carriers to progressively remodel their IT enterprise architecture.
"We are very pleased to welcome the Harcase team that joins Sapiens today," said Roni Al-dor, Sapiens CEO. "This is an important acquisition for Sapiens. 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 to contribute to our revenue growth."
Dan Sobotincic, founder, president and CEO of Harcase, said, "The combination of Sapiens' and Harcase's resources, products and experience enables us to deliver a powerful value proposition to insurance carriers."
Mr. Sobotincic, who will now head Sapiens' p&c insurance division, added, "I strongly believe that the synergies between the two organizations will significantly expand the market footprint for the RapidSure suite as well as the Sapiens name. We will continue our development efforts to remain at the technological forefront of the insurance software industry," he said.
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