Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced that it has entered into a definitive agreement to acquire Tia Technology, a leading vendor of digital software solutions, from the global investment organization EQT Mid Market. The transaction is subject to customary closing conditions and is expected to be completed by end of this month.
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Headquartered in Denmark, Tia Technology has over 20 years of experience and nearly 70 customers globally, primarily in Denmark, Norway, Sweden, Finland, South Africa and the Baltics. The company offers comprehensive software solutions primarily for Property & Casualty insurers as well as Life and Pension, Health, and several innovative extension modules. Additionally, Tia offers a full scope of expert implementation, application management and hosting services, enabling insurers to execute their digital and business strategies.
Sapiens will continue to develop and support Tia’s products and serve its customers, who can now benefit from Sapiens’ variety of offerings. In addition, Sapiens will leverage the insurance domain knowledge of Tia’s 200 employees to further expand Sapiens P&C and L&P offerings in their respective regions in which it operates.
Sapiens’ strategic market presence in the Nordics started nearly 5 years ago with the winning of its first customers in the region and has further expanded in recent years. In line with Sapiens’ strategy, the increased local presence through Tia’s acquisition demonstrates Sapiens’ commitment to this region and is a key factor for continued focus on this market. Tia’s management and team will allow Sapiens to better service this market and further grow in the region.
“This further investment by Sapiens is great news particularly for the Nordic insurance industry, but also further afield as two successful, international vendors join forces,” said Craig Beattie, Senior Analyst with Celent’s insurance practice. “The broad offerings along with complementary digital capabilities on both sides present an exciting opportunity for the combined customer base and employees.”
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