Advent Buys Israel’s Sapiens for USD 2.5B
Sapiens International Corporation, a leading Israel-based provider of software solutions for the global insurance industry, agreed to a USD 2.5 billion all-cash acquisition by US-based private equity firm Advent International.
The deal, unanimously approved by Sapiens’ board, offers USD 43.50 per share—representing a 47.5% premium—and will be financed through USD 1.3 billion in committed equity alongside debt facilities. Formula Systems will retain a minority stake. Closing is expected in Q4 2025 or Q1 2026, subject to customary shareholder and regulatory approvals.
Meitar represented Sapiens, with the team led by Roni Al-Dor, Roni Giladi, Alon Rapaport, Yair Smith, Keren Or Cohen, Iris Cohen Carmel, and Keren Peer, supported by Mike Rimon, Ran Camchy, Keren Shitrit, Ezra Ives, Yonatan Gazit, and Tom Maor.
Latham & Watkins LLP also advised Sapiens.
Advent was advised by Kirkland & Ellis LLP and Herzog, with the team led byNir Dash, Michal Herzfeld, Ran Hai ,Itay Lavi, Raji Awies, Iris Achmon, Ofri Mor, Dr. Ehab Farah, Dr. Yuval Navot ,Ofer Granot , Dor Furer, Adar Bengom (Ortal), Efrat Kesler Kadmon, Tamar Halbfinger, Nir Gal, Ron Morad, Ben Wahlhaus, Yara Ayoub, Elisheva Nathan Hemo.
Gornitzky & Co. advised Formula Systems on the agreement to sell its subsidiary, Sapiens, with Formula remaining a minority shareholder in the new partnership. The firm’s legal team included partner Nir Knoll and associate Inbar Avrahami.
IsrealDesks member firm, Carter Ledyard & Milburn provides Antirust advice to Formula.
