Post its recent acquisition by Advent, the American private equity major, Sapiens is witnessing a complete rehaul.
The restructuring exercise will see the global headcount of Sapiens, the provider of intelligence insurance software solutions company, being reduced by 15 per cent. That means at least 700 roles will be eliminated as part of the endeavour to “transform” and “consolidate” the operations post the acquisition with focus on profitability. Further layoffs are not being ruled out and it is reported that more senior engineers and mid-level managers may be impacted in the future.
The employees have been informed of the changes to take place. The layoffs are reportedly set to begin in the New Year post the holidays.
Will its India team be affected? There is no official confirmation but it is likely since the Indian team is the largest with at least 2,000 employees. The remaining members of the over 5000-strong global workforce are based out of the UK, Europe and the US.
Advent seeks to focus on a crisp portfolio with emphasis on the more profitable products. The headquarters of Sapiens is also likely to be shifted to the UK from Israel, as per reports.
The sweeping changes in leadership in Israel include a new chief financial officer, chief people success officer and chief transformation officer appointed by Advent.
Media reports say that employees have been largely dissatisfied as they were given no retention bonuses and the incentives for the sales people were also rather low.
