Sapiens International Corporation (NASDAQ and TASE: SPNS) announced Monday Nov. 9 that it has entered into a definitive agreement to acquire Tia Technology. The transaction is subject to customary closing conditions and is expected to be completed by the end of November, 2020.
The total consideration is $78 million 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.
Plans Moving Forward
Following the merger, insurance software company Sapiens will continue developing and supporting insurance software company Tia’s products. The newly combined companies will also serve Tia’s customers, who will b...