ACORD Compliant Reinsurance XML Project Successfully Completed

June 27, 2007

Cary, N.C. – June 27, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Emblaze / Formula Group (LSE:BLZ.L) (NASDAQ: FORTY and TASE: FORT), today announced that Sapiens and Menora have successfully completed an ACORD compliant Reinsurance XML limited pilot project for a major Reinsurance company. Utilizing the rules-based Sapiens INSIGHT™ suite, Menora Mivtachim Insurance Ltd. was able to produce the appropriate ACORD XML to transfer Reinsurance information.

ACORD, a non-profit organization, serves as a global resource for information about EDI, XML and electronic commerce and facilitates the development and use of standards for the insurance industry.

“We understand the common issues insurance carriers are running into today. Adopting ACORD XML standards will address many of these issues and add huge value to our customers,” said Martin Greenberg, Sapiens' Vice President and Product Manager: Property & Casualty and Reinsurance. “Utilizing the ACORD XML standards we can exchange information and help to streamline processes and automate labor intensive activities. Leveraging ACORD standards for XML can help customers by reducing administrative costs and eliminating time delays in processing data.”

“We are always looking for ways to deliver straight through processing and ways in which we can improve efficiency in insurance transactions. Our goal is to find solutions that will help us better meet compliance requirements and reduce the cost of doing business,” said Elad Shelef, Reinsurance and Planning Manager of Menora Mivtachim.

Sapiens INSIGHT™ is a web-based insurance administration suite, which provides policy, billing, claims and reinsurance management and can be used modularly or as an integrated suite.  Sapiens INSIGHT™ is built on a rules-based system that is installed worldwide in well over 100 companies.   The rules allow for rapid interactive development by business and technical personnel, empowering business users to make changes using English-like rules rather than application code. 

About Sapiens International
Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a member of Formula Group (Nasdaq: FORTY and TASE: FORT), which is a member of the Emblaze Group (LSE: BLZ.L) 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 Mivtachim, Santam 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

Archana Patel
Marketing Communications Coordinator
Sapiens Americas
919-405-1507
usa@sapiens.com