[August 22, 2011] Sapiens acquires IDIT I.D.I. Technologies Tweet Aug 22, 2011 (Datamonitor Financial Deals Tracker via COMTEX) -- Sapiens International Corporation N.V., a provider of software solutions for the insurance industry, has acquired IDIT I.D.I. Technologies, Ltd., a provider of a full suite of a single end-to-end component-based integrated solution for the property and casualty market. Both the companies are based in Israel. Update on July 21, 2011: Sapiens has signed a non-binding term sheet to acquire IDIT I.D.I. Technologies. Separately, Sapiens has signed a definitive agreement to acquire FIS Software, Ltd., a UK-based developer of enterprise level software solutions for life, pension and annuity providers. As consideration in the transaction, Sapiens will issue a total of 17.5 million common shares and warrants to purchase one million common shares, in addition to a payment of $6.75 million in cash. The transaction is anticipated to be completed within 45 days. Announcement (March 21, 2011): Sapiens has signed a non-binding term sheet to acquire IDIT I.D.I. Technologies. Simultaneously, Sapiens has also signed a non-binding term sheet to acquire FIS Software. The terms of the non-binding term sheet reflect an aggregate value of approximately $75 million for FIS and IDIT, which shall be paid in cash, Sapiens shares and options to purchase Sapiens shares. The shareholders of IDIT include Formula Vision Technologies, Ltd., Formula Vision Portfolio Holdings and Goldrock Israel Growth Fund. Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Completed: 2011-08-22 Deal Participants Target (Company) IDIT I.D.I. Technologies, Ltd. Acquirer (Company) Sapiens International Corporation N.V. Vendor 1 (Company) Formula Vision Technologies Ltd. Vendor 2 (Company) Formula Vision Portfolio Holdings Deal Rationale The transaction will enable Sapiens to develop and market software solutions aimed at the insurance industry with all its subsectors. [ Back To TMCnet.com's Homepage ]