Founded in 2010, the insurtech’s proposition allows traditional insurance entities to build and launch e-commerce environments, helping with improving the user experience, marketing efforts and developing technological know-how. It specifically works with insurers in the DACH region (comprising Austria, Germany and Switzerland); Sapiens will now be able to expand its footprint in that region, offering its own complete portfolio as well as sum.cumo’s full suite of services.
The full €28.4 million figure comprises €24.4 million cash and €4 in Sapiens shares), with the acquisition expected to complete some time in the first quarter of this year.
“Sapiens has implemented a growth strategy that incorporates acquisitions to accelerate our business,” said Roni Al-Dor, Sapiens’ President and CEO. “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 our 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.”