Insurance software company Sapiens has announced that it has entered into an agreement to acquire Adaptik, a Pennsylvania-based policy-administration firm.
Adaptik offers P&C insurers policy-administration and billing capabilities for commercial, personal, specialty and workers’ compensation lines of business, according to Sapiens. The acquisition will enable Sapiens to provide North American property and casualty carriers with an enhanced platform, which will in turn help the company increase its market share.
“We see this acquisition as a major step in Sapiens’ North American strategy and market positioning,” said Karlyn Carnahan, head of the Americas, property and casualty, for research and advisory firm Celent.
“(The acquisition) will enable us to offer a truly modern, comprehensive property and casualty digital insurance platform,” said Roni Al-Dor, president and CEO of Sapiens.
Adaptik’s expected non-GAAP full-year revenues for 2017 were $12 million. Sapiens will pay an aggregate cash consideration of between $19.5 million and $22 million for the company. The transaction is expected to be completed in March.
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