SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 2002
SAPIENS INTERNATIONAL CORPORATION N.V.
(translation of registrant's name into English)
C/O LANDHUIS JOONCHI
KAYA RICHARD J. BEAUJON Z/N
P.O. BOX 837
WILLEMSTAD
CURACAO, NETHERLANDS ANTILLES
(599) (9) 7366277 (address of
principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F]
Form 20-F _X_ Form 40-F ___
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of
1934]
Yes ___ No _X_
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SAPIENS INTERNATIONAL CORPORATION N.V.
(Registrant)
Date: December 3, 2002 By: /s/ Steve Kronengold
------------------------
Steve Kronengold
General Counsel
[SAPIENS LOGO]
SAPIENS' KEY APPOINTMENT STRENGTHENS ITS COMMITMENT TO THE INSURANCE SECTOR
BRIAN MEIGH TO SPEARHEAD EXPANSION OF SAPIENS' INSURANCE INDUSTRY BUSINESS
Research Triangle Park, N.C.--November 11, 2002 --Sapiens International
Corporation N.V. (NASDAQ: SPNS) todaY announced that Insurance industry expert
and commentator, Brian Meigh has been appointed by Sapiens (UK) Ltd to direct
its new, dedicated UK Insurance Solution Practice.
Meigh joins Sapiens after nine years leading the General Insurance Practice of
top management consultants, Winchester White. He has broad experience across the
General, Life, Pensions and Investment business, including 23 years with Norwich
Union, where the launch of Norwich Union Healthcare was among his notable
achievements. Meigh replaces John Butler who, having successfully launched the
Financial Services Practice last year, will now concentrate on the hands-on
management of the major, blue-chip clients of the UK Insurance Solution Practice
which now succeeds it.
Sapiens International Corporation is particularly successful in the Insurance
sector, currently working with seven of the UK's top ten insurers. The global
practice is expanding fast and last month saw the appointment Judy Johnson,
formerly Vice President of Insurance Information Strategies at the META Group to
head up Sapiens' new US Insurance Solutions Practice.
"Sapiens has a real and immediate capability to get to grips with many of the
current and serious challenges facing the industry," says Brian Meigh. "My
objective is to build on this superb foundation and to ensure that the name of
Sapiens is synonymous with `solution' at board level across the Insurance
industry."
"The appointment of a well-respected expert of Brian Meigh's calibre will add
huge impetus to the future success and development of Sapiens' UK Insurance
Solution Practice," says UK managing director, Yair Spitzer. "Sapiens'
particular strength is in resolving complex integration problems using the
INSIGHT family of solutions to adapt rather than abandon legacy systems. Brian
will now lead the rapid, further expansion of this business across the Insurance
sector."
PAGE 2
ABOUT SAPIENS
Sapiens International Corporation (NASDAQ: SPNS) is a leading global provider of
proven IT solutions that modernize business processes and enable insurance
organizations and other leading companies to adapt quickly to change. Sapiens'
modular solutions are widely recognized for their ability to cost-effectively
align IT with the business demands for speed, flexibility and efficiency.
Sapiens operates through wholly owned subsidiaries in North America, EMEA and
Asia Pacific. The Company has partnerships with market leaders such as IBM and
EDS and its clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon,
Principal Financial, Prudential, New Jersey Manufacturers, Abbey National,
Honda, International Paper, Panasonic UK among others. For more information,
please visit www.sapiens.com.
# # #
-------------------------------------------------------
FOR ADDITIONAL INFORMATION
-------------------------------------------------------
Sue Stride
PRemier Marketing
Tel: +44-20-8878 8871
e-Mail:
sstride@cix.compulink.co.uk
-------------------------------------------------------
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the
company's accounting policies and other risk factors detailed in the Company's
SEC filings.
# # #
[SAPIENS LOGO]
SAPIENS IMPLEMENTS MULTI-MILLION DOLLAR CLOSED BOOKS SOLUTION
FOR LIVERPOOL VICTORIA
RESEARCH TRIANGLE PARK, N.C., NOVEMBER 11, 2002 - Sapiens International
Corporation N.V. (NASDAQ: SPNS), a global IT solutions provider, today announced
the implementation of a multi-million dollar Closed Books Solution for Liverpool
Victoria Friendly Society Limited, one of the UK's foremost suppliers of
insurance and financial services. The solution enables the company to streamline
policy services for its Closed Books of business.
This solution involved the development of a new Life and Pensions administration
system and the migration of data for 3.5 million policies. It has a
browser-based user interface that allows Liverpool Victoria employees to
instantly access policy information on screen. It is fully integrated with the
company's other essential systems, and now provides Liverpool Victoria with a
low-cost efficient platform for all its existing and future Closed Books.
"With the new system from Sapiens, we have achieved a very significant immediate
reduction in our IT costs", reported Michael Allen, Business Project Sponsor at
Liverpool Victoria. "Also, using their extensive Life and Pensions operational
experience, Sapiens were able to review our administrative practices and build a
far greater degree of process automation into the new system, which now enables
us to provide a much improved customer service."
Liverpool Victoria's new system and the migration suite were developed using
eMerge, Sapiens' rules-based technology that modifies and evolves core processes
by translating them into business rules, offering increased speed, flexibility
and scalability. Importantly, the system is also built to support potential
transition to the Euro.
"Insurance organizations are seeking solutions to automate their business
processes and integrate their diverse systems so they can better track and
control expenses, especially for Closed Books where they are no longer
generating new revenue, and the main issue is cost of ownership!" said Itzick
Sharir, President and CEO of Sapiens International. "There is a real need for a
system that reduces Life and Pensions administration costs and we believe the
solution we built for Liverpool Victoria at the speed it was done, can also
serve as an industry model."
ABOUT LIVERPOOL VICTORIA
Liverpool Victoria is the UK's largest Friendly Society. It manages over
(pound)6.5 Billion for its 2 million members and customers. It provides a wide
range of products and services in Life, General Insurance and Banking. Liverpool
Victoria is one of the foremost direct insurers in the UK as well as one of the
financially strongest life offices in the country. Liverpool Victoria has
consistently topped performance tables with a variety of investment products,
both medium & long term.
ABOUT SAPIENS
Sapiens International Corporation (NASDAQ: SPNS) is a leading global provider of
proven IT solutions that modernize business processes and enable insurance
organizations and other leading companies to adapt quickly to change. Sapiens'
modular solutions are widely recognized for their ability to cost-effectively
align IT with the business demands for speed, flexibility and efficiency.
Sapiens operates through wholly owned subsidiaries in North America, EMEA and
Asia Pacific. The Company has partnerships with market leaders such as IBM and
EDS and its clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon,
Principal Financial, Prudential, Abbey National, Honda, International Paper and
Panasonic UK, among others. With corporate headquarters in London, England,
Sapiens has offices in the United States, Canada, Germany and France as well as
R&D facilities in Israel. For more information, please visit www.sapiens.com.
# # #
--------------------------------------------------------------------------------
FOR ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
Europe: USA:
Sue Stride Rebecca Green
PRemier Marketing Padilla Speer Beardsley
Tel: +44-20-8878 8871 Tel: +1-212-752-8338
e-Mail: sstride@cix.compulink.co.uk e-Mail: rgreen@psbpr.com
sstride@cix.compulink.co.uk
--------------------------------------------------------------------------------
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the
company's accounting policies and other risk factors detailed in the Company's
SEC filings.
# # #
[SAPIENS LOGO]
FOR IMMEDIATE RELEASE
---------------------
SAPIENS UNVEILS "POLICY INSIGHT"
INSURANCE SOLUTION AIMED AT IMPROVING INDUSTRY COST EFFICIENCIES
RESEARCH TRIANGLE PARK, N.C., NOVEMBER 12, 2002 - Sapiens International
Corporation N.V. (NASDAQ: SPNS), a leading insurance business solutions
provider, today unveiled Policy INSIGHT, the first offering in its INSIGHT suite
of Insurance solutions. Policy INSIGHT is a web-enabled, fully functional policy
administration platform capable of supporting both commercial and personal lines
of business, for multiple states. The solution enables insurance companies to
automate new business and policy lifecycle processing by linking directly to
their producer community through the Internet.
Policy INSIGHT was developed by Sapiens to help insurance companies respond
quickly to rate and legislation changes, enhance their combined ratios through
more effective underwriting and simplify the process of working with their
producers.
Policy INSIGHT's modular functionality supports product development and
configuration, rate-quote-issue, underwriting, and policy lifecycle
transactions. The solution leverages Sapiens business rules technology and IBM's
WebSphere platform, this enables insurance organizations to leverage existing IT
assets while providing secure, interactive business channels to internal and
external users, agents and the insured. Its architecture is structured to
provide IT departments an evolutionary path to drive down the total cost of
ownership by replacing redundant systems and minimizing on-going application
maintenance costs.
"The goal of Sapiens' Policy INSIGHT is to streamline the increasingly complex
policy management needs of large insurance organizations," said Itzick Sharir,
President and CEO of Sapiens International. "Policy INSIGHT will provide
Insurers with a cost-effective, reliable, and scalable means to modernize
existing systems and respond quickly to market opportunities."
"The goal of our new "INSIGHT" suite is to help insurers gain increased
operational efficiency and effectiveness as they move from reliance on legacy
systems to compete in a newer, technology-leveraged financial services
paradigm", said Judy Johnson, Vice President of Insurance Strategy, Sapiens
Americas. "Our plans for Policy INSIGHT, and indeed for the entire INSIGHT
family, are to offer a level of processing intelligence that enables companies
to respond rapidly to the changing needs of all stakeholders."
PAGE 2
ABOUT SAPIENS INTERNATIONAL
Sapiens International Corporation (NASDAQ: SPNS) is a leading global provider of
proven IT solutions that modernize business processes and enable insurance
organizations and other leading companies to adapt quickly to change. Sapiens'
modular solutions are widely recognized for their ability to cost-effectively
align IT with the business demands for speed, flexibility and efficiency.
Sapiens operates through wholly owned subsidiaries in North America, EMEA and
Asia Pacific. The Company has partnerships with market leaders such as IBM and
EDS and its clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon,
Principal Financial, Prudential, Abbey National, Honda, International Paper,
Panasonic UK among others. For more information, please visit www.sapiens.com.
# # #
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the
company's accounting policies and other risk factors detailed in the Company's
SEC filings.
------------------------------------------------------
FOR ADDITIONAL INFORMATION
------------------------------------------------------
Rebecca Green
Padilla Speer Beardsley
Tel: +1-212-752-8338
e-Mail: rgreen@psbpr.com
------------------------------------------------------
[SAPIENS LOGO]
SAPIENS SHAREHOLDERS APPROVE PRIVATE PLACEMENT
OF $10 MILLION BY FORMULA SYSTEMS
OVER 60 PERCENT OF THE SHAREHOLDERS VOTED IN FAVOR
Research Triangle Park, N.C.--November 27, 2002--Sapiens International
Corporation N.V. (NASDAQ: SPNS) today announced that its shareholders have
approved the private placement of $10 million by Formula Systems (NASDAQ:
FORTY). The transaction is scheduled to close early December 2002.
Sapiens shareholders' approval follows a unanimous decision of the Company's
Board of Directors to accept Formula's proposal to invest an additional $10
million in exchange for a discounted conversion price of $0.83 per common share.
As part of this transaction, Formula and Yarnfield will convert all of their
preferred shares into common shares at the discounted price. Formula will have
the option to invest the remaining $5 million at the same terms of the current
investment.
"We are pleased with this vote of confidence from our investors." said Yuval
Hadari, Chief Financial Officer. "This investment both strengthens our balance
sheet and capital structure, and provides us with additional resources to
accelerate our operational plan. Equally important is the emergence of the
Formula group as our strategic shareholder. With the support of Formula, we have
added stability for the short term and are better positioned to add value to our
customers and shareholders in the days and years ahead."
PAGE 2
ABOUT SAPIENS
Sapiens International Corporation (NASDAQ: SPNS) is a leading global provider of
proven IT solutions that modernize business processes and enable insurance
organizations and other leading companies to adapt quickly to change. Sapiens'
modular solutions are widely recognized for their ability to cost-effectively
align IT with the business demands for speed, flexibility and efficiency.
Sapiens operates through wholly owned subsidiaries in North America, EMEA and
Asia Pacific. The Company has partnerships with market leaders such as IBM and
EDS and its clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon,
Principal Financial, Prudential, Abbey National, Honda, International Paper,
Panasonic UK among others. For more information, please visit www.sapiens.com.
# # #
FOR ADDITIONAL INFORMATION
Yuval Hadari Itzick Sharir
Chief Financial Officer Chief Executive Officer
Sapiens International Sapiens International
Tel: +1-877-554-2426 Tel: +44-1895-464 265
+972-8-938-2721
E-mail: yuval.h@sapiens.com E-mail: itzick.s@sapiens.com
Except for historical information contained herein, the matters set forth in
this release are forward-looking statements that are dependent on certain risks
and uncertainties, including such factors, among others, as market acceptance,
market demand, pricing, changing regulatory environment, changing economic
conditions, risks in new product and service development, the effect of the
company's accounting policies and other risk factors detailed in the Company's
SEC filings.
# # #