Sapiens Q2 2012 Revenue Increases 91% to $27 Million

Sapiens International Corporation

, a provider of innovative insurance software solutions and a member of the Formula Group

, announces its financial results for the second quarter ended June 30, 2012. Second Quarter Year-over-Year Financial and Business Highlights include: Revenue increased 91% to $27.2 million, compared to revenue of $14.3 million in the second quarter of 2011

Non-GAAP operating profit increased 81% to $3.7 million, compared to $2.0 million in second quarter of 2011

Non-GAAP net income increased 77% to $3.5 million compared to $2.0 million for second quarter of 2011

KBC, Tokio Marine, Oranta Insurance Russia, Riverstone Resources LLC and DirectAsia.com went live with Sapiens solutions

Named to Russell Global and Russell 3000 Indices

Introduced Business Intelligence for Reinsurance market

Launched Billing and Workflow Management with RapidSure, Sapiens' new version

Sapiens ended the quarter with $31.2 million in cash, compared to $21.5 million at December 31, 2011