Sapiens Reports Changes in Board of Directors

January 4, 2007

CARY, North Carolina, January 4 /PRNewswire-FirstCall/ -- Sapiens International Corporation N.V. (NASDAQ: SPNS; TASE: SPNS), a global provider of insurance technology solutions, announced today changes in its Board of Directors, which reflect the acquisition by Emblaze Ltd (LSE:BLZ.L - News), on November 20, 2006, of the controlling interest in Formula Systems (1985) Ltd. (NASDAQ: FORTY and TASE: FORT), the controlling shareholder of Sapiens.

Mr. Eli Reifman, Co-Founder and Vice-Chairman of Emblaze, and Mr. Guy Bernstein, Chief Executive Officer of Emblaze, were appointed as new members of the Board of Directors.

Mr. Dan Goldstein, Chairman and CEO of Formula Vision Technologies (TASE: FVT) stepped down from the Board of Directors.

Mr. Eli Reifman replaced Mr. Ron Zuckerman as Chairman of the Board of Directors. Mr. Zuckerman will remain on the Board of Directors.

Guy Bernstein, CEO of Emblaze Ltd. commented "our entry into the Board of Directors of Sapiens represents our strong belief in Sapiens and in its future. We recognize the potential of its product offering, its experienced and skilled management and employees and its worldwide customer base. Sapiens has shown continued improved results and experienced two consecutive quarters of significant operational improvement. We are encouraged and believe that Sapiens' future is promising."

In other changes, United International Trust N.V. replaced Fortis Intertrust (Curacao) NV as a member of the Board of Directors, and Mr. Bernstein replaced Mr. Zuckerman as a member of the Compensation Committee.

The changes in the Board of Directors became effective January 1, 2007.

About Sapiens International
Sapiens International Corporation N.V. (NASDAQ: SPNS; 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, 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, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.

FOR ADDITIONAL INFORMATION

Elior Brin
Chief Financial Officer
Sapiens International
+972-8-938-2934
IR.Sapiens@sapiens.com

Roni Al-Dor
Chief Executive Officer
Sapiens International
Tel: +972-8-938-2934
IR.Sapiens@sapiens.com