Sapiens and IBM to Upgrade Makefet's Business Systems

Building a Comprehensive, Internet-Based Pension, Savings and Life and Health Insurance System

Thursday April 29, 3:57 am ET

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--April 29, 2004--Sapiens International Corporation N.V (Nasdaq:SPNS - News) and IBM Global Services Ltd. today announced an agreement to upgrade the business systems of Keren Makefet, A&B, "New and Old" Pension & Provident Funds into a fully integrated platform that addresses the dynamic challenges of a modern pension fund. The system will be completed in the first half of 2005.

The new system is an implementation of Sapiens' Life & Pension INSIGHT, a comprehensive pension, savings, life and health insurance solution. The solution will allow Makefet to offer integrated financial products while shortening time to market, increasing cost-efficiencies and enabling customer-centric management. It includes product management, individual and collective pension and providence fund administration, billing and collection and funds revaluation.

Sapiens' Life & Pension INSIGHT is a dynamic and highly customizable solution that will give Makefet an edge in the very competitive and regulated pension market in Israel. The base platform is in operation today at Allianz Swiss Life and Pensions Company in Switzerland and is currently being implemented at Menora Insurance Company in Israel.

According to Guy Hadari, Finance & Telecom Sector Leader of IBM Israel, "The Makefet deal is another representation of the continuing successful cooperation between Sapiens and IBM. It is part of a full scale plan to benefit from the new regulation changes that have created business opportunities in the financial services industry in Israel."

Ruvik Barkan, Managing Director of Sapiens Israel said: "We look forward to helping Makefet increase its competitive advantage in the dynamic Israeli marketplace. The flexibility and power of our solution allows us to implement this and future projects in a short time frame."

About Sapiens
Sapiens International Corporation (Nasdaq and TASE:SPNS), a member of the Formula Group of companies, 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, United Kingdom, EMEA and Asia Pacific and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include Allianz Group, AXA, Liverpool Victoria, Menora, Norwich Union, OneBeacon, Principal Financial, 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 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.

Contact:
Padilla Speer Beardsley
Rachel Schulman, Tel: +1-212-752-8338
e-Mail: rschulman@psbpr.com