Sapiens Announces Q4 2006 and Year-end Results

Reports Initial Success of its Turnaround Program as the Company Returns to Operational Profit in Fourth Quarter

March 1, 2007

Cary, N.C. – March 1, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT) that was recently acquired by Emblaze Ltd (LSE: BLZ.L) announces today its results of operations for the year ended December 31, 2006 and for the fourth quarter of 2006.

• Annual Revenues increased 12.4% to $44.3 million for 2006, up from $39.4 million for 2005
• Q4 Revenues increased 14.3% to $11.2 million, up from $9.8 million in Q4 2005
• Operating Loss for the year significantly declined by 76.4% to $1.3 million, down from $5.5 million in 2005
• The Company achieved an Operational Profit of $0.08 million in Q4 2006, compared with an Operational Loss of $0.96 million in Q4 2005
• Significant reduction in Annual Net Loss by 58.2% to $3.8 million, down from $9.1 million in 2005
• Significant reduction in Q4 Net Loss by 75.2% to $0.77 million, down from $3.1 million in Q4 2005

• The Company sees the initial success of its turnaround plan
• Return to operational profit
• Continued focus on solutions for the global insurance industry
• Further enhancements of Sapiens' core technology, eMerge™, to maintain the Company’s competitive edge in the insurance IT management systems market
• Sapiens continues to pursue its long term vision of becoming the de-facto industry standard

Roni Al-Dor, President and CEO, commented "Sapiens today is a real global player with major corporate customers in many countries. We still have a long way to go for full recovery but I continue to be encouraged about our progress and improvements. We will maintain focus on increasing revenue and profitability while controlling our costs and improving our sales and marketing efforts. I am certain our employees and management will continue to deliver results and will successfully complete the turnaround plan over the next two years.”

Click here to download Sapiens Q4 06 Results

About Sapiens International
Sapiens International Corporation N.V. (Nasdaq and 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, Menora 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
+972-8-938-2721
IR.Sapiens@sapiens.com

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