Israel-headquartered insurtech company Sapiens International has agreed to acquire Candela, an intelligent automation service provider to insurance companies in the Asia-Pacific (APAC) region, for $22m (NIS80.83m) in cash.  

This move is intended to augment Sapiens’ life insurance product suite and extend its market reach in APAC. 

The deal is due to be finalised in the second quarter of 2025 (Q2 2025), contingent on the fulfilment of standard closing conditions.  

Upon deal completion, Candela will be fully owned by Sapiens. 

The acquisition is projected to be profit accretive for Sapiens from Q4 2025. 

Candela generated non-GAAP revenues of $8m (Rs884.03m) in 2024.  

The company’s product offering, which encompasses an end-to-end insurance automation platform, digital services and solutions, serves 23 clients, mainly across Singapore, Malaysia, Thailand, Hong Kong and South Africa.  

The company’s workforce, which exceeds 100 employees, is predominantly located in Bangalore, India. Currently, Candela operates as a part of Azentio, a company headquartered in Singapore. 

The acquisition will see Candela’s business process modelling and case management tools incorporated into the Sapiens insurance platform, with a focus on life insurance.  

This integration is expected to enable Sapiens to replace external legacy systems with standardised processes. 

Sapiens CEO and president Roni Al-Dor said: “I am pleased to welcome the Candela team and customers as part of our strategy to continue to expand our presence in the APAC region and enhance our sophisticated life insurance platform. We will continue to support Candela’s customers and products, increasing value across the entire insurance life cycle and supporting insurers’ digital transformations with a comprehensive product proposition and a diverse range of service capabilities.” 

Candela business head Amitabh Poddar stated: “Joining the Sapiens organisation opens up a wealth of resources and a global network of relationships for the Candela team and our clients. Integrating our intelligent automation solutions into Sapiens’ leading insurance software platform will enhance our capabilities and provide even greater value to our customers. We are committed to ensuring a smooth transition and maintaining uninterrupted service for all our clients.” 

In February, Sapiens released an updated version of its automated underwriting and new business case management system targeted at life and annuities insurers.