Panasonic awards Sapiens with
a $1.5m application support contract
July 20, 2005
Research Triangle Park, NC-July 18, 2005 - Sapiens International Corporation N.V. (NASDAQ: SPNS) today announced that Panasonic UK, a leading supplier of electronic products, has extended its Application Support Contract of their supply chain logistics system known as PRIDE with Sapiens UK for a further 15 months.
This contract extends a multi-year IT relationship between Panasonic UK and Sapiens UK, during which time the two companies jointly developed the PRIDE application. The current contract extension is valued at approximately $1.5 million. Performance by Sapiens under the contract extension began a few months ago.
PRIDE, a mission-critical application, is an end-to-end supply chain solution that enables Panasonic UK to manage and track each product from the initial purchase order through delivery. It also includes a customs management component that tracks Panasonic UK 's compliance with customs regulations.
Commenting on this contract, Mr. David Tipping IT Manager of Panasonic UK said: "We are delighted to be extending our long-term relationship with Sapiens. We have been very impressed with Sapiens' eMerge solution, and its high quality design and development. The Sapiens team has strongly supported us and we continue to see substantial business benefits from Pride."
Mr. Kali Bagary , Managing Director, Sapiens UK, added: "Sapiens continues to expand its Sapiens Maintenance Practice (SMP) within its UK customer base. SMP is our unique service centre in which we maintain customer solutions, delivering a best of breed service with substantially lower operational and maintenance costs enabling customers like Panasonic to focus on its core competencies. We look forward to the continuation of our long, mutually beneficial relationship with Panasonic UK ."
About Panasonic UK
Panasonic was established in the UK in 1972. Since then the company has grown substantially and become a leading supplier of consumer, business and communication electronics products. Its UK headquarters is located in Bracknell , Berkshire and is supported by a Logistics Centre in Northampton . Panasonic's parent company, Matsushita Electric Industrial Co. Ltd., has also established seven manufacturing plants in the UK , and the company now employs in total more than 4,000 people in the UK .
About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the 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, Allianz Group, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, Menora and Occidental Fire & Casualty among others.
For more information, please visit http://www.sapiens.com or contact Christiana Odia Christiana_Odia@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.
For additional information:
Kali Bagary
Managing Director, Sapiens UK
Tel: +44 1895 464275
Email: kali.b@sapiens.com  
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