Sapiens acquires StoneRiver for $102m in cash
Sapiens International, a global provider of software solutions for the insurance industry, has acquired StoneRiver for an all-cash deal of $102 million to expand its footprint in the US property/casualty (P&C) market.
Headquartered in Denver, Colorado, StoneRiver is a technology solutions and services provider to insurance carriers, agents and broker-dealers.
The transaction is expected to be completed by the end of the first quarter of 2017.
"Joining forces with StoneRiver significantly expands Sapiens' presence and scale in the North American insurance industry, and specifically helps us further accelerate our growing market footprint in the US P&C space," said Roni Al-Dor, Sapiens president and CEO.
"Moreover, the deal is closely aligned with our M&A growth strategy that is centred on three key factors: growing our customer base, expanding geographically and adding complementary solutions to our portfolio - all while we ensure our continued high quality of services and product delivery. StoneRiver is an acquisition that meets all of our criteria. In the past six years Sapiens completed and integrated successfully eight acquisitions."
Al-Dor added: "Sapiens is confident that with StoneRiver, we strengthen our position as a leading innovative global software solutions provider, offering end-to-end solutions to the global insurance industry. We look forward to welcoming the StoneRiver team and combining best practices and capabilities, which will create greater value for our mutual customers and shareholders."
StoneRiver president and CEO Gary Anderson said: "We are excited to join Sapiens, a leading software solution provider with a rich 30-plus years of history and proven experience delivering enterprise-scale technology globally. Like StoneRiver, Sapiens is focused on the insurance industry and delivering high value end-to-end solutions of core products and services. Sapiens' scale, financial strength, industry relations and innovative technologies will be a great benefit to current StoneRiver customers and will open up new opportunities for our employees and partners. We look forward to working with Sapiens to achieve a seamless transition and to significantly expand Sapiens' North American presence."
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