Here are 1-3 brief analogies for Sapiens International (SPNS):

• Like Veeva Systems (VEEV), but for the insurance industry.
• Like Salesforce (CRM), but providing a comprehensive suite of software for insurance companies.
• Like SAP or Oracle, but exclusively focused on enterprise software solutions for the insurance sector.

• Sapiens CoreSuite for Life & Annuities: A comprehensive software platform supporting the entire lifecycle of life insurance, annuities, and retirement products.
• Sapiens CoreSuite for Property & Casualty: An integrated software suite designed to manage all aspects of general insurance operations, including policy, billing, and claims.
• Sapiens ReinsurancePro: A dedicated software solution for managing all aspects of reinsurance administration, including treaty, facultative, and retrocession.
• Sapiens CoreSuite for Workers' Compensation: A specialized end-to-end platform for policy, billing, and claims management specifically tailored for workers' compensation insurers.
• Sapiens Digital and Data Platform: A set of solutions enabling insurers to enhance digital engagement, leverage data analytics, and drive business intelligence.
• Sapiens Financial & Compliance: Software tools that assist insurers with financial reporting, regulatory compliance, and enterprise risk management.

Sapiens International (SPNS) primarily sells its software solutions and services to other companies (Business-to-Business, B2B).

According to Sapiens' annual regulatory filings (e.g., their 20-F report), the company has a diverse customer base of over 600 clients globally. No single customer accounts for more than 3% of its revenues, and no other customer accounts for more than 2% of its revenues. Therefore, Sapiens does not have specific "major customers" that are individually significant enough to be named and listed with their symbols.

However, Sapiens serves a wide range of companies within the insurance and financial services industries. Its customer base primarily includes:

• Life & Annuity Insurers: Companies that offer life insurance products, annuities, and related financial services.
• Property & Casualty (P&C) Insurers: Companies that provide non-life insurance such as home, auto, commercial, and specialty lines.
• Reinsurers: Companies that provide insurance to other insurance companies, helping them manage risk.
• Other Financial Services Institutions: Including banks and broader financial groups that operate within the insurance sector or require similar enterprise software solutions.

• Microsoft Corporation (MSFT)
• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

Roni Al-Dor, President & Chief Executive Officer

Roni Al-Dor joined Sapiens as President and CEO in November 2005. He was a founder of TTI Team Telecom International Ltd. in 1990. Prior to joining Sapiens, he served as President of TTI Telecom (Team Telecom International Ltd.), a global supplier of operations support systems to communications service providers, for nine years (1996-2004/2005), and as Vice President for three years (1992-1995/1996). Al-Dor previously worked on projects relating to computerization in aircrafts during his service in the Israeli Air Force.

Roni Giladi, Chief Financial Officer

Roni Giladi joined Sapiens as Chief Financial Officer (CFO) in July 2007. He has over 30 years of financial and accounting experience. Before Sapiens, he served as CFO of RichFX for three years (2003-2006) and as Corporate Controller since 2002. Giladi also held the position of Director of Finance at Emblaze and worked at Ernst & Young for six years (1997-2002) as a manager in the high-tech group.

Tal Sharon, President, Life & Pension and IPELS Divisions

Tal Sharon joined Sapiens in 2011 and brings over 20 years of business and technology experience. Before Sapiens, she worked at TTI Telecom for 11 years, where she was the VP of the Israeli market. Prior to TTI Telecom, Sharon was responsible for European customer support and project management for Enigma Europe in Paris, France.

Sveta Hardak-Nissan, President, Global P&C & Reinsurance Division

Sveta Hardak-Nissan has been with Sapiens since 2016, contributing over 25 years of experience in the IT and insurance industries. At Sapiens, she has been responsible for leading large-scale initiatives.

Alex Zukerman, Chief Strategy Officer

Alex Zukerman rejoined Sapiens in April 2020. He is responsible for formulating the company's overall product, business, and growth strategies. In the past decade, Zukerman has held various management roles at Sapiens in product management, product strategy, business development, and corporate strategy. He also served as Chief Revenue Officer at Novidea, an InsurTech company.

Here are the key risks to Sapiens International (SPNS):

1. High Dependence on the Insurance Technology Market and Intense Competition: Sapiens International derives approximately 85% of its revenue from insurance technology solutions, leading to significant market concentration risk. The company operates in a dynamic and highly competitive insurance technology landscape, facing pressure on its profit margins from both established enterprise software providers like Guidewire and Duck Creek, and emerging insurtech competitors, including those offering no-code platforms. This intense competition can erode Sapiens' pricing power, market share, and growth prospects.
2. Challenges with SaaS Transition and Lengthy Sales Cycles: Sapiens is undergoing a strategic shift to accelerate cloud adoption and increase cross-selling, with a goal to transition over 60% of customers to its SaaS model within five years. However, this transition has led to "low single-digit" growth guidance for fiscal year 2025 and lower-than-expected revenues due to delays in Software as a Service (SaaS) deal closings. The company also faces extended and complex sales cycles, particularly in Europe, which can delay revenue realization and require significant upfront investment of time and resources.
3. Macroeconomic Uncertainties: Sapiens' business is exposed to the global macroeconomic environment, including potential headwinds caused by inflation, relatively high interest rates, and unfavorable currency exchange rate movements. These uncertainties can affect deal closures and overall operating performance.

The increasing adoption and maturity of truly cloud-native, microservices-based core insurance platforms from emerging competitors pose a clear emerging threat to Sapiens International. These modern platforms offer superior agility, scalability, and potentially lower total cost of ownership compared to traditional or even modernized legacy systems. While Sapiens is investing in cloud enablement and microservices for its extensive product suites, solutions built from the ground up with these architectural principles can present a more agile and cost-effective alternative for insurers seeking digital transformation, potentially eroding Sapiens' market share in new deals and future system replacements.

Sapiens International (SPNS) operates primarily in the insurance software solutions sector, offering a comprehensive suite of products across various insurance lines and financial services. The addressable markets for their main products and services are as follows:

• Property & Casualty (P&C) Insurance Software: The global P&C insurance software market was valued at approximately $18.28 billion in 2023 and is projected to reach $26.38 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 9.6%. North America held the largest share of this market in 2024. Another estimate places the global market at $13.96 billion in 2024, projected to grow to $26.69 billion by 2033 with a CAGR of 7.4%.
• Life, Pension & Annuities (L&A) Insurance Software: The global Life Insurance applications market was valued at $8.2 billion in 2024 and is expected to reach $10.8 billion by 2029, with a CAGR of 5.7%. Specifically for Life Insurance Policy Administration Systems, the global market size was $3.01 billion in 2024 and is predicted to increase to approximately $5.82 billion by 2034, expanding at a CAGR of 6.82%. North America is a significant contributor to the growth of the global life insurance software market.
• Reinsurance Software: The global reinsurance administration software market size reached $2.7 billion in 2024 and is projected to grow to $7.1 billion by 2033, demonstrating a CAGR of 10.8%. In 2024, North America was the largest regional market for this software at $1.1 billion, followed by Europe at $780 million. The Asia Pacific region is experiencing the fastest growth in this segment.
• Overall Insurance Software Solutions (Contextual Market): The broader global insurance software market was valued at $26.1 billion in 2024 and is projected to reach $35.1 billion by 2029, with a CAGR of 6.1%. Another estimate values the global insurance software market at $43.24 billion in 2024, expected to reach $59.57 billion by 2033. North America is estimated to contribute 43% to the growth of the global market. Sapiens itself estimates its total addressable market in the insurance software solutions sector at $6.8 billion.
• Financial Services Software (Broader Contextual Market): The global financial services software market was valued at $151.48 billion in 2024 and is projected to grow to $248.94 billion in 2029, at a CAGR of 11.2%. North America was the largest region in this market in 2024, and Asia-Pacific is anticipated to be the fastest-growing region.

Sapiens International (SPNS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Transition to a Cloud-Based SaaS Model: Sapiens is strategically shifting towards a cloud-based Software-as-a-Service (SaaS) model, which is anticipated to yield long-term benefits despite causing some near-term revenue recognition impacts. The company aims to achieve 60% customer cloud adoption within five years, a significant increase from its current 28%. This transition is expected to increase recurring revenue, which already represented over 70% of total revenue in Q3 2024.
2. Product Innovation with AI and Digital Transformation: Sapiens is heavily focused on innovation, particularly integrating AI-driven automation and analytics into its platforms to maintain a competitive edge. The company continues to invest in a modular, open insurance platform that incorporates advanced data analytics and artificial intelligence. For instance, the North America CoreSuite P&C platform launch is set for the first half of 2025, with plans to integrate AI-driven automation and analytics into this platform.
3. Expansion in Key Geographic Markets: The company is experiencing growth in key regions, with North America demonstrating robust performance and a strong pipeline for its Life business. Europe also showed a 7.1% increase in revenue, and Sapiens is seeing rapid growth in its Life solutions and Property & Casualty (P&C) sectors across EMEA and APAC.
4. Cross-Selling and New Customer Acquisition: Sapiens is focused on leveraging its comprehensive platform offerings to drive cross-selling opportunities with existing clients. Additionally, the company continues to secure new business wins and upgrades with both new and existing customers across its Life and P&C segments.

Share Issuance

• In October 2020, Sapiens conducted a public offering of 3,389,830 common shares at a price of $29.50 per share, with an option for underwriters to purchase an additional 508,474 shares. The offering generated approximately $100 million, potentially increasing to about $115 million if the underwriters' option was fully exercised.
• The net proceeds from this offering were intended for general corporate purposes, including potential acquisitions or investments in companies, products, or technologies, and additions to working capital.

Inbound Investments

• In August 2025, Advent International, a global private equity investor, entered into a definitive agreement to acquire Sapiens International.
• The all-cash transaction values Sapiens at approximately $2.5 billion, with shareholders receiving $43.50 per common share.
• Existing shareholder Formula Systems (1985) Ltd. is expected to retain a minority stake in Sapiens following the acquisition.

Outbound Investments

• Sapiens acquired AdvantageGo, an insurance software suite, for $57.2 million in April 2025.
• In April 2025, Sapiens acquired Candela, an intelligent automation company, for $22 million, aiming to enhance its life product portfolio and expand its presence in the APAC region.
• In July 2020, Sapiens acquired Delphi Technology Inc., a software vendor focused on the medical professional liability insurance market, for up to $19.5 million in cash.

Capital Expenditures

• Capital expenditures for the trailing twelve months leading up to July 2025 were $2.8 million.
• In the first quarter of 2025, capital expenditures were $1.0 million, an increase from $0.6 million in the first quarter of 2024.
• Sapiens continues to invest in its North America Property & Casualty platform, with data suite integration planned for 2025 to enable AI automation and advanced analytics.