Sapiens Announces Q3 2007 Results

Company Reports Fourth Consecutive Quarter of Operational Profit

November 8, 2007

Cary, N.C. – November 14, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Emblaze/Formula Group (LSE:BLZ.L) (NASDAQ: FORTY and TASE: FORT), announces today its results of operations for the third quarter of 2007.
Financial Highlights

1. Fourth consecutive quarter of Operational Profit
2. Completion of final proceeds of $20 million private placement

U.S. GAAP

1. Q3 2007 Operating Profit increased to $185,000, up from Q3 2006 Operating Loss of $210,000
2. Q3 2007 Net Loss reduced significantly to $288,000, down from Q3 2006 Net Loss of $623,000, the Company's net results of operations would have been break-even, absent the devaluation of the US Dollar against the New Israeli Shekel

Non-GAAP

1. Q3 2007 Operating Profit of $445,000, a significant improvement over the Q2 2007 Operating Loss of  $57,000   
2. Net results of operations in Q3 2007 are break-even, an improvement of over $900,000 from Q2 2007

U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, and stock-based compensation expenses.
Reconciliation between U.S. GAAP and Non-GAAP results is summarized in the following table.  For a complete reconciliation, please refer to the tables at the end of this release.

Operational Highlights

1. Launch of solution for Israeli pension funds, first customer to be Helman Aldubi
2. Signed approximately $2.0 million with an existing UK customer for license and migration services  
3. Alliances with new partners in the US to increase sales
4. Improvement of internal processes and utilization worldwide, at all offices, to streamline with new focus

Roni Al-Dor, President and CEO, commented "We proudly report our fourth consecutive quarter of operational profit. With the $20 million private placement behind us, and our new CFO and new VP of R&D firmly in place, we are ready to expand and grow. I am particularly excited by, and proud of, our existing customers who have entered into new agreements with us for the porting and migration of the Sapiens solution to new platforms. We will capitalize on our unique position to grow with our existing customers and to capture new customers in the multi-billion dollar insurance markets."

Comment Regarding Non-GAAP
Sapiens' management believes that the presentation of Non-GAAP measures can enhance the understanding of the company’s ongoing economic performance, and provides useful information to investors regarding financial and business trends relating to the company’s financial condition and results of operations. Sapiens therefore uses internally the Non-GAAP information to evaluate and manage the Company’s operations.

These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Sapiens believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Sapiens' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Sapiens' results of operations in conjunction with the corresponding GAAP measures.

Please refer to the Reconciliation of GAAP to Non-GAAP Results at the end of this release.

Click here to download Sapiens Q3 07 Results

About Sapiens International
Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a member of Formula Group (Nasdaq: FORTY  and TASE: FORT), which is a member of the Emblaze Group (LSE: BLZ.L) 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, ING, Liverpool Victoria, Menora Mivtachim, Norwich Union, Occidental Fire & Casualty, OneBeacon, Principal Financial Group, Prudential, Santam and Texas Farm Bureau among others. For more information, please visit http://www.sapiens.com.

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 state-ments that are dependent on certain risks and uncertainties, including such factors, among others, as market accep-tance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new prod-uct and service development, the effect of the Company's accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.

FOR ADDITIONAL INFORMATION

Roni Giladi
Chief Financial Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com

Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com