REHOVOT, Israel, January 15, 2013 /PRNewswire/ --
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a provider of innovative software solutions and a member of the Formula Systems Group (NASDAQ: FORTY and TASE: FORT), announced today that the Company's Board of Directors has approved the distribution of a cash dividend of $0.15 per share, or approximately $6 million in the aggregate, to its shareholders of record as of January 25, 2013. The payment of the dividend is subject to shareholders' approval. The Company intends to convene an Extraordinary General Meeting of its shareholders to be held on February 20, 2013, for the purpose of approving the payment of the foregoing dividend. The Board of Directors will recommend that the Company's shareholders approve the dividend.
Roni Al Dor, President & CEO of Sapiens International, commented, "2012 was a very successful year for Sapiens. We demonstrated significant organic growth with our P&C and L&P insurance software products; we closed new deals in our target markets in North America, UK, Europe and APAC; we over achieved our revenue guidance; we invested in R&D and will continue to ensure the leading position of our software solutions; we launched a new product - DECISION - which has gained interest from the financial services market. To answer the growing demand for our solutions, we have recruited over 100 insurance and technology experts. Our cash position is strong, with zero debt, enabling us to support our operational and M&A plans. Lastly, during November 2012 we completed a buyback of 5% of our shares."Mr. Al Dor added: "In light of this successful year, and following the recommendation of Sapiens' management, the Board of Directors has approved a dividend of $0.15 per share, or approximately $6 million in the aggregate. I would like to take this opportunity to thank our shareholders, customers, partners and employees for their continued loyalty and support." About Sapiens International