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Local Tech Wire

CARY, N.C. – (Nasdaq: SPNS), a provider of software modernization and related services to insurance companies, has agreed to pay $1.6 million to settle a royalty dispute with the Israeli Ministry of Industry.

Sapiens also will “undergo a technological review” as part of the agreement with the Chief Scientist of the Israeli Ministry of Industry. The review could lead to additional payments, Sapiens said in a statement.

As parts of the agreement, liens imposed by the government will be removed and Sapiens will withdraw a court petition, Sapiens said in a statement.