Bird & Bird LLP advised Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, on the up to €28.4 million acquisition of sum.cumo GmbH, a German-based technology provider that offers disruptive, digital, innovative and consumer-centric solutions, primarily to the insurance sector.
sum.cumo has more than 150 technology and insurance experts, servicing insurers in the DACH region (Germany, Switzerland and Austria), helping them to set up their business model and a marketing edge to launch successful insurance e-commerce environments. Named as one of the “Insurtech Hot 100 firms” by leading global publisher Intelligent Insurer, sum.cumo was established in 2010 and was formerly owned by die Bayerische Versicherungsgruppe.
Consummation of the transaction is subject to certain regulatory approvals. The closing of the deal is expected to take place in mid-Q1 of 2020.
Sapiens International Corporation was advised by the following Bird & Bird lawyers: partner Stefan Münch and counsel Michael Gassner (both lead), associatesDaniel Gloor and Marijana Simonova, all Corporate/ M&A, partner Ralph Panzer and associate Laura Schildberg, both employment, partner Alexander Duisberg and associate Lara Überfeldt, both commercial/IT/ data protection, partner Markus Körner and counsel Thomas Urband, both IP, all Munich, partner Jörg Witting and counsel Stephan Waldheim, both antitrust, Düsseldorf as well as senior counsel Valerian Jenny, regulatory & administrative, Frankfurt.
