Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a global provider of software solutions for the insurance industry, announced on Tuesday it has acquired Germany-based insurtech sum.cumo for €28.4 million. Founded in 2010, sum.cumo claims it stands for the “successful, integrated digitalization” of traditional business models. The platform offers companies in the lottery and insurance sectors “disruptive innovations” and customer-centric solutions.
sum.cumo notably services insurers in the DACH region, which is Germany, Switzerland, and Austria, helping them to set up their business model and obtain a marketing edge. The acquisition will enable Sapiens to expand its footprint by offering Sapiens’ complete product and services portfolio in the DACH region, alongside sum.cumo’s offerings. Roni Al-Dor, Sapiens President and CEO, spoke about the acquisition:
“Sapiens has implemented a growth strategy that incorporates acquisitions to accelerate our business. We are a strategic buyer that acquires companies that fit our mission, vision and culture. sum.cumo met our parameters as one of the most innovative insurtech companies in the region. Penetration into the DACH region has been part of Sapiens’ long-term growth strategy and we have started to gain traction in this region with Sapiens products. With sum.cumo’s local and talented team and customers, we should significantly enhance our presence there.”
Björn Freter, Founder and Co-CEO, sum.cumo, added:
“Joining with Sapiens is a wonderful opportunity for sum.cumo’s team and clients. As a scale-up insurtech company, we believe that Sapiens will be the right home for us. We will continue to robustly support our customers, while also helping them evolve and thrive.”