Israel's Sapiens International Corp. NV is acquiring German technology provider sum.cumo AG for up to €28.4 million.
Sum.cumo offers digital, innovative and consumer-centric solutions mainly to the insurance sector.
Under the deal terms, Sapiens will pay €24.4 million in cash and €4 million in shares, including consideration for future retention and performance over the next four years.
The transaction remains subject to certain regulatory approvals, with closing expected by the middle of the first quarter. Sapiens expects the deal to be accretive to profit in the second half of 2020.
The acquisition is aimed at expanding Sapiens' footprint through the offering of its portfolio in Germany, Switzerland and Austria. Sum.cumo provides services to insurers in those countries.