Sapiens International has agreed to buy Tia Technology, a vendor of digital software solutions, from the Swedish private equity firm EQT Mid Market.
Sapiens is expected to pay $78m in cash on a fully diluted basis and acquire about 95% of the Tia’s shares. The company will maintain the right to buy the remaining minority shares.
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This deal will further bolster Sapiens’ presence in the Nordic insurance market, where the firm has been accelerating its growth in the last five years.
Headquartered in Denmark, Tia provides software solutions primarily for Property & Casualty insurers as well as Life and Pension, Health, and other extension modules.
It also offers a full range of expert implementation, application management and hosting services, helping insurers to implement their digital and business strategies.
The company has around 70 customers internationally, including in Denmark, Norway, Sweden, Finland, South Africa and the Baltics.
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By GlobalDataAs part of the deal, Sapiens will continue to develop and support Tia’s products and serve its customers.
Additionally, Sapiens will utilise 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.
Sapiens president and CEO Roni Al-Dor said: “I’m pleased to welcome the Tia team and customers as we strive to create additional value for the insurance market. The Nordics are a significant growth driver for Sapiens.
“We remain committed to exploring new opportunities for growth, organic as well as through mergers and acquisitions. This acquisition is in line with our strategy to expand our European market footprint, following recent acquisitions in Iberia and the DACH regions.”
Tia Technology CEO Anders Rosenbeck added: “Together, Tia and Sapiens will create exciting new opportunities for employees, customers and prospects.
The transaction is subject to customary closing conditions and is expected to be close by end of this month.
In July this year, Sapiens agreed to acquire Delphi Technology, a US-based vendor of software solutions for property & casualty (P&C) carriers.
