Sapiens Awarded Another Extension to an Existing Outsourcing Agreement, for $1.1M
via COMTEX
July 27, 2005
RESEARCH TRIANGLE PARK, North Carolina, July 27, 2005 /PRNewswire-FirstCall via COMTEX/ --
Sapiens International Corporation N.V. (NASDAQ: SPNS and TASE: SPNS) today announced that one of the UK's leading general merchandise retailers has extended its Application Support Contract with Sapiens UK for its "Merchandise Bought Ledger" system, until 2007. The application was developed by Sapiens and implemented in 2001. In addition, this customer has expanded the scope of its current license agreement to include full development usage of Sapiens eMerge(TM). The current contract extension and additional license are valued at $1.1M. Performance by Sapiens under the contract extension began a few months ago.
The Merchandise Bought Ledger is a mission-critical application and is used by various sections within the Payables Department. The application allows for the processing of documents such as invoices, debit and credit notes and goods received in order to generate payment information and handle returns.
Commenting on this contract, Ms. Susan van Niekerk, Sapiens Maintenance Practice (SMP) Manager, Sapiens UK, said: "Outsourcing Sapiens application support presents a number of major benefits to the customer. By outsourcing the application support to a dedicated Sapiens support team there is no distraction from non-core business, enabling the customer to focus in-house resources on other business-critical IT projects. From our experience, which is based on feedback from our customers, we have found that the biggest benefit of our Sapiens Maintenance Practice is the fact that we almost completely eliminate the risk of any unavailability of mission-critical systems because of our ability to offer domain expertise on a 24x7 support basis."
Mr. Kali Bagary, Managing Director, Sapiens UK, added: "We are delighted to have another satisfied customer wishing to extend our Sapiens Maintenance Practice. Sapiens SMP empowers our customers to focus on their critical paths to success while improving their bottom line."
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
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