Reported 1 day ago
Israeli insurance software provider Sapiens International announced its acquisition by Advent International for $2.5 billion in cash. This move is part of Advent's strategy to focus on the insurance sector amidst an AI boom, with Sapiens set to enhance its technological investment in AI and customer services. Shareholders will receive $43.50 per share, reflecting a 47.5% premium over the previous closing price. After the acquisition, Sapiens will become a privately held company, while existing shareholder Formula Systems will retain a minority stake.
Source: YAHOO