Formula Systems (FORTY)

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Panasonic Awards Sapiens with a $1.5M Application Support Contract


18 July 2005, 06:54am ET

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--July 18, 2005--Sapiens International Corporation N.V. (Nasdaq:SPNS) (TASE:SPNS) today announced that Panasonic UK, a leading supplier of electronic products, has extended its Application Support Contract of their supply chain logistics system known as PRIDE with Sapiens UK for a further 15 months.

This contract extends a multi-year IT relationship between Panasonic UK and Sapiens UK, during which time the two companies jointly developed the PRIDE application. The current contract extension is valued at approximately $1.5 million. Performance by Sapiens under the contract extension began a few months ago.

PRIDE, a mission-critical application, is an end-to-end supply chain solution that enables Panasonic UK to manage and track each product from the initial purchase order through delivery. It also includes a customs management component that tracks Panasonic UK's compliance with customs regulations.

Commenting on this contract, Mr. David Tipping IT Manager of Panasonic UK said: "We are delighted to be extending our long-term relationship with Sapiens. We have been very impressed with Sapiens' eMerge solution, and its high quality design and development. The Sapiens team has strongly supported us and we continue to see substantial business benefits from Pride."

Mr. Kali Bagary, Managing Director, Sapiens UK, added: "Sapiens continues to expand its Sapiens Maintenance Practice (SMP) within its UK customer base. SMP is our unique service centre in which we maintain customer solutions, delivering a best of breed service with substantially lower operational and maintenance costs enabling customers like Panasonic to focus on its core competencies. We look forward to the continuation of our long, mutually beneficial relationship with Panasonic UK."

http://finance.lycos.com/qc/news/story.aspx?story=50526344

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