Mainframe development tools vendor Sapiens International Corp has agreed to acquire German IT services company Syspart Gmbh. Sapiens said it plans to integrate Syspart’s business into its existing operations in Germany and the combined operation will initially focus its efforts on euro conversion but will also sell the full range of Sapiens application development and re- engineering offerings. Under the terms of the deal, Sapiens will purchase all of the outstanding shares of Syspart for $3.6m in cash plus 216,000 shares of Sapiens International common stock valued at $2.2m. The Sapiens shares will vest over a period of four years. In fiscal 1998, Syspart reported revenues of about $7m.
