Mivtachim Pension Funds Awards Sapiens $2.2 Million Contract; Implementing a Comprehensive, Internet-Based Pension Funds Management System

Business Wire,  March 22, 2005  

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RESEARCH TRIANGLE PARK, N.C. -- Sapiens International Corporation N.V. (NASDAQ: SPNS) and (TASE: SPNS) today announced that Mivtachim Pension Funds, Israel's largest pension fund, signed a $2.2 million dollar contract to purchase and implement the Sapiens INSIGHT(TM) for Life & Pensions solution.

Sapiens INSIGHT(TM) for Life & Pensions is a comprehensive web-enabled pension, savings, life and health insurance solution. It has exceptional advantages for the administration of individual, collective pension and providence funds. The solution is dynamic, highly customizable and can easily accommodate administrative process changes. The system was recently recognized by Datamonitor as one of the leading solutions in the Life & Pension Policy Administration market.

Mivtachim Pension Funds' implementation of the Sapiens INSIGHT(TM) for Life & Pensions solution, which is scheduled for deployment at the end of 2005, will be completed in phases, in coordination with Mivtachim, and will include workflow, rule based product management, insurers' accounting, billing, collection and funds revaluation. The solution will give Mivtachim Pension Funds an edge in the very competitive and regulated dynamic Israeli pension market.

"Sapiens INSIGHT(TM) for Life & Pensions will provide significant business advantages in an increasingly demanding market," said Oren El-On, CEO of Mivtachim Pension Funds. "We are convinced that the highly flexible solution presented by Sapiens is the best solution to support our requirements. Sapiens' proven domain expertise, rich product functionality, proven delivery record and long-term commitment to leading technology innovation in the insurance industry are the major reasons for our decision."

"We are proud that our solution will enable Mivtachim Pension Funds to differentiate itself in today's competitive market and position itself to adapt quickly to market and regulatory changes while bringing added value to its customers," said Itzick Sharir, President and CEO of Sapiens International. "As Israel's largest pension fund, Mivtachim Pension Funds will benefit from our solution, which we believe to be the most comprehensive, modular and flexible solution available today for the Life & Pensions Sector. Sapiens INSIGHT(TM) for Life & Pensions, in the future, will support over 70% of the Israeli pension market with additional implementations in the UK and plans to enter the Continental European and North American markets later in 2005."

About Sapiens International

Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of Formula Group (NASDAQ: FORTY) and (TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Prudential, Abbey National, ING, and Occidental Fire & Casualty among others. For more information, please visit http://www.sapiens.com.

Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as successful implementation of the agreement contemplated by this press release, market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings.

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