sum.cumo, the German insurtech company, has been acquired by Sapiens International Corporation, a global insurance software provider, for €28.4 million.
sum.cumo enables traditional insurance companies to launch e-commerce components, consulting clients on user experience, marketing, and technology solutions. Founded in 2010, the Hamburg-headquartered company has more than 150 technology and insurance experts on its team, serving customers in Germany and Switzerland from offices in Hamburg, Düsseldorf and Zurich.
The acquisition expands Sapiens’ business through the DACH region, where it will provide its full suite of products alongside sum.cumo’s current offering.
“Sapiens has implemented a growth strategy that incorporates acquisitions to accelerate our business,” said Roni Al-Dor, Sapiens president and CEO. “We are a strategic buyer that acquires companies that fit our mission, vision and culture. sum.cumo met our parameters as one of the most innovative insurtech companies in the region. Penetration into the DACH region has been part of Sapiens’ long-term growth strategy and we have started to gain traction in this region with Sapiens products. With sum.cumo’s local and talented team and customers, we should significantly enhance our presence there.”
Founder and co-CEO of sum.cumo, Björn Freter, commented: “Joining with Sapiens is a wonderful opportunity for sum.cumo’s team and clients. As a scale-up insurtech company, we believe that Sapiens will be the right home for us. We will continue to robustly support our customers, while also helping them evolve and thrive.”
The German scale-up was previously owned by one of its current customers, die Bayerische Versicherungsgruppe. CEO Herbert Schneidemann supports the acquisition, saying, “sum.cumo found the best possible new home. Sapiens’ focus on insurance and technology software solutions and services will enable this innovative team to keep growing and to better serve customers in the DACH region. We enjoyed working with sum.cumo during the last few years and will continue to benefit from sum.cumo’s offerings, while collaborating on mutually-beneficial offerings in the future.”