(Chhatrapati Shivaji International Airport, Mumbai. Image credit: Div2005.)
Sapiens International Corporation (Holon, Israel) has signed a definitive agreement to acquire IBEXI Solutions Private Limited (IBEXI), a Mumbai, India-based insurance technology consultant, solutions vendor and systems integrator. The acquisition is expected to be completed in the second quarter of 2015, subject to closing conditions.
“I believe that this acquisition will allow us to better serve the Asia Pacific insurance market,” comments Roni Al-Dor, president and CEO of Sapiens. “It will expand our product portfolio with complementary solutions and will enable us to better achieve our targets of operational margin expansion.”
Founded in 2001, IBEXI has a team of 180 insurance and technology professionals, according to a Sapiens statement. The company operates in the Asia Pacific region and has 18 clients in both the P&C and the life, pensions and annuities segments, including leading insurance carriers in India. IBEXI has been selling the Sapiens IDIT Software Suite for seven years and providing support for its existing customer base in the Asia-Pacific region, Sapiens reports. IBEXI’s annual revenues for the period ended December 31, 2014, are approximately $4.3 million. Without factoring in IBEXI’s revenues generated from sales to Sapiens, IBEXI’s 2014 full year revenues totaled $3.6 million.
IBEXI offers IT business consulting services to insurance companies on both core insurance and supporting systems. In addition to its own insurance products—business intelligence (BI) and insurance portal offerings—IBEXI also provides implementation services for insurance business solutions, including for external products. IBEXI’s insurance products will extend Sapiens’ portfolio of solution offerings, providing Sapiens’ clients with immediate benefits, according to a Sapiens statement.
Upon completion of the acquisition, IBEXI will manage Sapiens’ Asia-Pacific business and serve as a regional center, according to Sapiens. The acquisition will expand Sapiens global delivery team and enable more cost-efficient support of its customer base.
“I am proud of IBEXI’s accomplishment as a provider of solutions and IT services to the Asia Pacific insurance industry,” said Ashok Bhavnani, IBEXI’s CEO. “I am confident that IBEXI’s domain expertise, our business intelligence and insurance portal offerings, and proven delivery capabilities will bring great value to Sapiens and its clients.”