Sapiens acquires Tia Technology, terms not disclosed

Sapiens International Corporation announced that it has entered into a definitive agreement to acquire Tia Technology, a vendor of digital software solutions, from the global investment organization EQT Mid Market. The transaction is subject to customary closing conditions and is expected to be completed by end of this month. Headquartered in Denmark, Tia Technology has over 20 years of experience and nearly 70 customers globally, primarily in Denmark, Norway, Sweden, Finland, South Africa and the Baltics. The company offers comprehensive software solutions primarily for Property & Casualty insurers as well as Life and Pension, Health, and sfeveral innovative extension modules. Additionally, Tia offers a full scope of expert implementation, application management and hosting services, enabling insurers to execute their digital and business strategies. Sapiens will continue to develop and support Tia's products and serve its customers, who can now benefit from Sapiens' variety of offerings. In addition, Sapiens will leverage the insurance domain knowledge of Tia's 200 employees to further expand Sapiens P&C and L&P offerings in their respective regions in which it operates. Tia's 2019 full-year revenue was $30M with 14% non-GAAP normalized operational profit margin. The total consideration is $78M in cash on a fully diluted basis. At closing, Sapiens will hold no less than 95% of the company's shares and will have the right to acquire the remaining minority shares. The transaction is expected to be accretive to Sapiens from closing.