Followers | 144 |
Posts | 27709 |
Boards Moderated | 3 |
Alias Born | 02/07/2004 |
Thursday, January 19, 2006 7:46:21 AM
The company revenue totaled $29.6 million in January-September 2005, 17% less than in the corresponding period in 2004.
Shiri Habib 19 Jan 06 11:34
Roni Al-Dor became president and CEO of Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) two months ago. Now he is starting to restructure the company, including 25 lay-offs, mostly in Israel, amounting to 6% of Sapien’s staff.
Al-Dor, who replaced Yitzhak Sharir, took charge of a company in trouble. Sapien’s revenue totaled $29.6 million in January-September 2005, 17% less than in the corresponding period in 2004. Sapiens’s bottom line was no comfort to investors, either; its net loss grew 90% to $5.9 million.
Trading in Sapiens’s share moved to the Nasdaq small cap index in 2005, after the company failed to meet the requirements for the main Nasdaq listing. An injection of capital from Sapiens controlling shareholders Formula Systems (Nasdaq: FORTY; TASE: FORT) (controlled by chairman Dan Goldstein) and First Israel Mezzanine Investors Fund (FIMI), in exchange for an allocation of shares, aimed at boosting the company’s equity above the minimum required for Nasdaq’s main list, failed to avert this demotion. Formula currently owns 58.4% of Sapiens. Sapiens, which is also listed on the Tel Aviv Stock Exchange, has a current market cap of $17.7 million.
Founded eight years ago, Sapiens began as a software company. It developed and marketed tools for developing general applications. Four years ago, however, the company decided to concentrate on solutions for the insurance sector. The current round of lay-offs is not Sapiens’s first.
Published by Globes [online] - www.globes.co.il - on January 19, 2006
Dubi
Recent SPNS News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/12/2024 11:25:26 AM
- Sapiens Showcases Next-Gen Innovations at Annual North America Customer Summit in Austin, Texas • PR Newswire (US) • 09/12/2024 11:25:00 AM
- Sapiens Showcases Next-Gen Innovations at Annual North America Customer Summit in Austin, Texas • PR Newswire (US) • 09/12/2024 11:25:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/05/2024 11:25:04 AM
- Tier-One Canadian Life and Health Insurance Carrier Selects Sapiens Insurance Platform to Foster Innovation, Drive Efficiency, and Improve Agent & Customer Experience • PR Newswire (US) • 09/05/2024 11:25:00 AM
- Tier-One Canadian Life and Health Insurance Carrier Selects Sapiens Insurance Platform to Foster Innovation, Drive Efficiency, and Improve Agent & Customer Experience • PR Newswire (US) • 09/05/2024 11:25:00 AM
- Sapiens Partners with Addresscloud to Enhance Insurers' Geographic Risk Insights • PR Newswire (US) • 09/04/2024 10:19:00 AM
- Sapiens Partners with Addresscloud to Enhance Insurers' Geographic Risk Insights • PR Newswire (US) • 09/04/2024 10:16:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/04/2024 10:14:31 AM
- Sapiens Releases Latest Version of CoreSuite for Property & Casualty for Enhanced Performance, Security and Efficiency • PR Newswire (US) • 08/27/2024 11:54:00 AM
- Sapiens Releases Latest Version of CoreSuite for Property & Casualty for Enhanced Performance, Security and Efficiency • PR Newswire (US) • 08/27/2024 11:50:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/27/2024 11:40:15 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/15/2024 10:30:24 AM
- SAPIENS DECLARES CASH DIVIDEND OF $16.2 MILLION, OR $0.29 PER SHARE FOR THE FIRST HALF OF 2024 • PR Newswire (US) • 08/15/2024 10:25:00 AM
- Society Insurance Selects Sapiens to Automate and Transform its Reinsurance Processes • PR Newswire (US) • 08/12/2024 11:16:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/12/2024 11:15:20 AM
- Society Insurance Selects Sapiens to Automate and Transform its Reinsurance Processes • PR Newswire (US) • 08/12/2024 11:15:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/07/2024 11:20:02 AM
- Continental General Selects Sapiens Insurance Platform for Life & Annuities to Accelerate its Operations • PR Newswire (US) • 08/07/2024 11:20:00 AM
- Continental General Selects Sapiens Insurance Platform for Life & Annuities to Accelerate its Operations • PR Newswire (US) • 08/07/2024 11:20:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/06/2024 11:15:08 AM
- Rockford Mutual Insurance Company Selects Sapiens ReinsurancePro to Enhance Efficiency and Mitigate Claims Leakage • PR Newswire (US) • 08/06/2024 11:15:00 AM
- Rockford Mutual Insurance Company Selects Sapiens ReinsurancePro to Enhance Efficiency and Mitigate Claims Leakage • PR Newswire (US) • 08/06/2024 11:15:00 AM
- Sapiens Reports Second Quarter 2024 Financial Results • PR Newswire (US) • 08/01/2024 10:04:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/01/2024 10:03:22 AM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM