Sapiens International Corporation N.V. (NASDAQ:SPNS) stock skyrocketed after it announced on Wednesday that it will be acquired by global private equity firm Advent in an all-cash transaction valued at approximately $2.

Sapiens International will be acquired by Advent for $2.5B, marking a major milestone in the insurance software firm’s global growth story.

Israeli software provider Sapiens International said on Wednesday that it will be acquired by Advent International for $2.5 billion in cash, as the U.S. private equity firm zeros in on the insurance industry amid an AI boom.