Sapiens completes Advent acquisition, announces leadership changes

Sapiens International Corporation (NASDAQ: SPNS) completed its acquisition by private equity firm Advent on December 17, with the company's stock ceasing trading on NASDAQ and the Tel Aviv Stock Exchange. The transaction, first announced August 13 and approved by shareholders November 19, valued the insurance software company at approximately $542 million in 2024 revenue.

Roni Al-Dor will step down as CEO and president on December 31 after leading the company for 20 years. Mike Ettling, an Operating Partner at Advent, has been appointed Executive Chairman and will serve as interim CEO while the board searches for a permanent replacement. Ettling previously held executive roles at SAP SuccessFactors and Unit4.

The company announced several other leadership appointments effective December 17. Paul Wheeler joins as Chief Financial Officer, bringing over 30 years of technology business experience including CFO roles at Operative and Trema. Dr. Ernesto Marinelli becomes Chief People Success Officer, previously serving as Chief People Officer at Advent-backed Aareon. James Hannay was named Chief Revenue Officer, formerly Chief Growth Officer at HCL Software.

Sapiens also established Chief Customer Officer roles for its business divisions, appointing Tal Sharon for the Global Life & Pensions and IPELS Division, and Sveta Hardak-Nissan for the Global Property & Casualty and Reinsurance Division.

Outgoing CFO Roni Giladi oversaw the company's growth from $45 million to $542 million in revenue and led more than 20 acquisitions during his tenure. Formula retains a minority stake in the now-private company, which serves over 600 customers across more than 30 countries with insurance software solutions.

The information is based on a company press release statement.

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