Sapiens International, an insurance software provider, is considering options for its business, which includes a potential sale, reported Reuters, citing sources.
The insurtech company has hired investment bank William Blair to assess interest from potential buyers, the sources said.
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Sapiens, which has a market value of nearly $2bn, may attract private equity companies, among other prospective purchasers, it added.
This development comes after Sapiens temporarily paused its sale plans due to regional conflicts last year.
The sources indicated that the sale process was revived a few weeks ago.
However, they also stressed that the outcome is uncertain and no deal has been finalised.
Both Sapiens and William Blair refrained from commenting on the matter.
With a presence in Tel Aviv and New York, Sapiens offers software solutions to insurers in various sectors including P&C, workers’ compensation and life insurance.
The company has a workforce of more than 5,000, operating in more than 30 countries and serving a client base exceeding 600.
Formula Systems, an Israeli IT group controlled by Asseco, has a 43% stake in Sapiens.
The technology sector has seen a slowdown in take-private deals due to increased interest rates, which have made financing more challenging for private equity firms.
Last month, Sapiens announced plans to expand its operations in Canada.
The company said it is committed to enhancing its solutions and customer service to support existing clients and reach new prospects in the software-as-a-service domain.
In February 2024, Sapiens formed a strategic alliance with DataCrest, aiming to boost operational efficiencies for P&C insurers.
The collaboration leverages DataCrest’s AppEase platform to drive growth within the P&C insurance sector.
