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ROCHELLE PARK, N.J. - Sapiens International Corporation (NASDAQ:SPNS) (TASE:SPNS) announced Wednesday that Ma’alot S&P Global has reaffirmed the company’s long-term issuer rating as "ilAA-" with a stable outlook, according to a press release statement.
The rating agency also confirmed the same "ilAA-" rating for Sapiens’ Series B Debentures, which are traded on the Tel Aviv Stock Exchange. These debentures were offered in Israel under the company’s Israeli shelf prospectuses filed with the Israeli Securities Authority in September 2017 and June 2020. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet, supporting its stable credit profile.
Roni Al-Dor, President and CEO of Sapiens, said, "Sapiens continues to achieve long-term success by driving revenue growth, increasing profit, and generating strong cash flow." The company’s financial performance supports this statement, with InvestingPro data showing annual revenue of $544.24 million and a healthy gross profit margin of 44.32%.
The official rating report was submitted by Ma’alot to the Israel Securities Authority and the Tel Aviv Stock Exchange in Hebrew, with an English translation available through the company. Sapiens is also filing a Form 6-K report with the U.S. Securities and Exchange Commission.
Sapiens International Corporation provides software solutions for the insurance industry, serving over 600 customers in more than 30 countries. The company offers SaaS-based solutions for property and casualty, workers’ compensation, and life insurance sectors.
The rating confirmation comes as Sapiens maintains its position in the insurance software market, where it has established a global presence with its technology offerings for insurers.
In other recent news, Sapiens International Corporation announced an updated version of its CoreSuite policy administration system, integrating AI-powered features like chatbots and machine learning tools. This upgrade aims to enhance operations for life insurers by offering predictive tools and improved data analysis capabilities. In another development, Sapiens has signed a definitive agreement to acquire AdvantageGo, a commercial insurance software provider. This acquisition is expected to enhance Sapiens’ property and casualty insurance platform, particularly in the London and global commercial markets. AdvantageGo reported 15 million British pounds in revenue for 2024, with expectations for double-digit growth in 2026. Additionally, Rosenblatt Securities adjusted its outlook on Sapiens by lowering the price target to $625, while maintaining a Buy rating. Despite market challenges, Rosenblatt continues to recommend Sapiens as a worthwhile investment. These developments reflect Sapiens’ ongoing efforts to expand and innovate within the insurance software industry.
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