Sapiens (Nasdq: SPNS), a Web applications development and software company, has signed a multi-million dollar agreement with OneBeacon Insurance to launch a Web enabled policy administration system for use across several states, Sapiens says. The exact terms of the deal were not disclosed.
The system, which is intended to provide fast, easy access to information for independent insurance agents, is the largest contract Sapiens has ever received, according to the company.
In that statement Mike Natan, OneBeacon’s chief information officer, says: “Sapiens’ past support of our IT needs gives us great confidence to move our legacy systems into a new open architecture to better serve independent agents and policyholders. The policy administration solution will quickly provide us with real business advantages in an increasingly demanding and cost-conscious marketplace.”
Sapiens, whose headquarters are based in Tel Aviv, Israel, saw revenues increase 14 percent to $16 million during first quarter 2002 while net income totaled $163,000 compared to a loss of $9.8 million. Shares of SPNS ranged in price from 56 cents to $1.37 during the last 52 weeks and recently traded near 96 cents. The company’s market capitalization is $22.3 million.