01 · Challenge
The Challenge
Sapiens wanted to expand its visibility within the North American investment community. The engagement followed the completion of two major acquisitions and more than a year’s hiatus from investor relations activities. The company also carried the burden of a complex capital structure with very little float, because three financial sponsors held large equity positions (~75% of shares outstanding), since reduced to one long-term sponsor with ~50%.
02 · Solution
Our Solution
- Developed a communications strategy and collateral targeting both higher-tier small-cap investors and larger technology funds, focused on the potential for revenue growth, profitability and cash distribution
- Supported a secondary offering led by Barclays by developing and executing a targeted investor communication strategy
- Introduced the company to new investors outside its traditional holders and helped gain additional sell-side coverage
03 · Impact
The Impact
- Significantly expanded the investing audience by educating investors on the complexities of the capital structure and the company’s solid growth thesis, demonstrating a convincing risk/reward opportunity supported by peer valuation comparisons despite minimal float
- Garnered sell-side coverage from Cowen and numerous new conference invitations to events sponsored by top-tier firms including Deutsche Bank and JPMorgan
- In August 2025, Sapiens agreed to be acquired by Advent for $2.5 billion in an all-cash transaction, or $43.50 per share, a 50% premium to the 60-day volume-weighted moving average
Past results are not indicative of future performance. Figures are as reported in Hayden IR’s case study for Sapiens International. See our disclosures.
