Under the Agreement, Formula has also been granted an option to invest an additional $10 million in the same terms as set forth in the initial investment, subject to certain adjustments. The option is exercisable until December 25, 2003. If Formula exercises such option in full, it may hold approximately 31% of Sapiens’ outstanding share capital, on a fully diluted basis.
About Sapiens
Sapiens International is a leading provider of large-scale, customized, business-critical software solutions which are developed and delivered in rapid time-to-market. Through its e-Business Integration, Migration, Outsourcing and IT Services business lines, Sapiens enables its customers to capitalize on their IT assets in the transition to e-business. Sapiens’ strategic solutions integrate its proven rapid application development (RAD) methodology, efficient rule-based object technology, and extensive consulting expertise. Applying proven technologies, including its flagship eMerge offering, Sapiens ensures a rapid return-on-investment and responsiveness to change. In addition, Sapiens provides its customers in the insurance/finance and supply chain markets with field-tested, reusable, business components, to expedite deployment of certain applications, as well as dedicated practice groups, which provide business domain expertise.
