CARY, NC—Sapiens International Corp., which sells technology to the insurance industry, (Nasdaq:SPNS) has completed a $20 million private placement led by institutional investors and the Formula Group.

Sapiens is a member of the Emblaze/Formula Group (Nasdaq:FORTY). The common shares placement was priced at $3 representing 12% premium with no warrants. After closing (expected at the end of June), Formula will remain the controlling shareholder of Sapiens.

Al-Dor, president and CEO of Sapiens International, said, “Sapiens is a different company today. We are back to growth and operational profitability, playing in multi-billion dollar markets and ready to take leadership.

“This investment is a strong vote of confidence by our investors, and by the Emblaze / Formula group, in our direction and future prospects. We appreciate their support and we will do our best to continue on the course that we have set for ourselves.”

For more see: www.sapiens.com

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