Sapiens reports Q3’23 financial results
Sapiens shared its Q3’23 financial results on November 8. The highlights:
- Revenue in North America increased by 10.7% year-over-year.
- Sapiens recently secured a contract with the American Armed Forces Mutual Aid Association (AAFMAA), a non-profit serving military families and veterans.
- Worker’s Comp is category where Sapiens is gaining strength in North America. In Q3, Sapiens announced that South Carolina State Accident Fund, a state agency that offers guaranteed workers’ compensation insurance for governmental entities, selected Sapiens CoreSuite for Workers Compensation to provide a more intuitive system and detail a workflow automation.
- Europe continued to be a key region for growth. Sapiens’ revenue in the territory increased by 13.8% year-over-year.
- Aktia Life, one of Finland’s top life insurance, chose Sapiens to lead it for system transformation via Sapiens CoreSuite for Life and Pension.
- Moving to South Africa. In Q3, a long-standing customer of Sapiens in South Africa, a tier-1 bank, expanded its use of Sapiens CoreSuite for Life and Pension to launch its group lead core position.
- All product segments, including Life, P&C, Worker Compensation and Digital – performed well in Q3.
- On October 2023, Sapiens hosted its North America Customer Summit in Tucson, Arizona. This year’s Summit was the largest ever with over 500 attendees from 145 companies.
- Sapiens has introduced Decision Model.AI, a product integrated with Microsoft Azure OpenAI services, to accelerate automation. As the inaugural offering in Sapiens’ Decision AI portfolio, Decision Model.AI aims to meet the increasing market need for decision management technology that incorporates machine learning and AI.
- Revenue in Q3’23 increased to $130.8 million, up 9.9% from Q3’22. Operating margin this quarter increased to 18.4%.
- Revenue in North America totaled $54.8 million, an increase of 10.7% compared to Q3’22.
- A key factor driving demand for Sapiens’ solutions is the need for operational efficiency. Its data, digital, and core solutions all enhance operational efficiency by offering high levels of automation, user-friendly no-code options, and direct-to-consumer digital engagement tools.
- Another driver that the company sees is the ability to quickly identify an open niche or a blue ocean type of business from insurance companies and go quickly after this business.
- 67% of its revenue is recurring in nature.
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