Sapiens International NV (Nasdaq: SPNS; TASE: SPNS) yesterday filed with the US Securities and Exchange Commission (SEC) a registration statement for raising up to $40 million.
Sapiens said, "We anticipate using the net proceeds from the sale of the common shares for general corporate purposes.
Sapiens shareholders may also sell up to six million shares for up to $30 million, as part of the offering. Sapiens controlling shareholder, Formula Systems Ltd. (Nasdaq: FORTY; TASE: FORT), owns 56.6% of the company, but will not sell shares. Sapiens said that the shareholders who may sell shares became shareholders through the company's acquisition of FIS Software Ltd. and of IDIT IDI Technologies Ltd. in August 2011. The acquisitions were mostly in Sapiens shares.
Kardan NV (TASE: KRNV;AEX:KARD) already sold its Sapiens shares for $7 million in late 2012. KCPS & Co., which owned FIS, now owns 9.7% of Sapiens, the company's second largest shareholder.
In Sapiens' F-20 statement filed with the SEC yesterday, the company said that it had 791 employees at the end of 2012, 15% more than a year earlier. It increased its Israeli workforce by 76 employees to 540, but reduced its Asia-Pacific workforce by 30% to 26 employees.
Sapiens added that it received $1.9 million in royalties in 2012, and spent $690,000 in stock-based compensation to employees, more than double the amount in 2011. During the year, employees exercised options for 1.2 million shares at an average price of $1.70 per share, for a total benefit of $2.3 million. Employees held three million options, with an average strike price of $1.90 at the end of 2012. Sapiens' share price closed at $5.21 on Nasdaq yesterday.
Sapiens posted $114 million revenue in 2012, 63% more than in 2011, and its net profit doubled to $11.8 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013