Advent International has finalised a definitive agreement to acquire Israeli software company Sapiens International, a provider of intelligent SaaS-based software solutions for the insurance sector, in an all-cash transaction valued at around $2.

Advent International will acquire Israeli insurance software provider Sapiens International for $2.5 billion in cash, expanding the private equity firm’s presence in the insurance technology market as carriers increase adoption of artificial intelligence.

Sapiens International (SPNS) has entered into a definitive agreement to be acquired by Advent, a global private equity investor, for $43.50 per common share