Vision Super Selects Sapiens as Software Provider of Choice

Sapiens Wins bid to Deploy Cost-Saving Windows-Based Administration Platform for Australian Superannuation Fund

CARY, North Carolina, August 31, 2010 - Sapiens International Corporation (www.sapiens.com/) N.V. (NASDAQ
and TASE: SPNS), a global provider of innovative software solutions for the
insurance industry (www.sapiens.com/Insurance_Solutions.htm), and a
member of the Formula Group (NASDAQ: FORTY and TASE: FORT), announced today
that it has been selected by Vision Super, an Australian superannuation fund,
serving predominantly local government employees, to deliver its core
administration platform on a Windows server environment.

(Logo: www.newscom.com/cgi-bin/prnh/20100811/HS49090LOGO )

The project is scheduled go live by end of 2010 in conjunction
with a local distributor. Sapiens will help Vision Super port its
administration system on to a Windows server environment, resulting in a
dramatic reduction on the overall cost of ownership

"We came out of an independent systems review where the
Sapiens platform for Superannuation was given a clean bill of health," said
Geoff Pell, Manager Business Systems at Vision Super. "A strong
recommendation was put forward to reduce the overall cost of ownership by
moving this platform to run on a Windows server environment. We approached
Sapiens to explore this avenue further and I was pleased that Sapiens could
provide the path for this migration. They also had proven market traction,
with customers running large transaction-heavy systems on this architecture.
This gave us the confidence to select Sapiens as the service provider to
support our growth plans and increase our member base over the coming years."

"We are pleased to have provided Vision Super with a solution
that will both support their growth plans and reduce their total cost of
ownership," said Mr. Raj Ghuman, Vice President of Operations and Business
Development at Sapiens. "This project is a testimony to our innovative
spirit. We are committed to developing technology that answers our clients'
demands as their businesses grow, and propels the industry forward."

About Vision Super

Vision Super has been providing superannuation to Victorian
local government and related industries including water, libraries,
cemeteries, crematoria and community services for over 60 years. Today the
Fund is one of Australia's leading industry superannuation funds with over
2,000 participating employers, over 100,000 members and approximately $4.0
billion under management.

    Vision Super Pty Ltd is the trustee of three separate entities:

    - Local Authorities Superannuation Fund, the principal super
      fund for employees of Victorian local authorities.
    - Vision Superannuation Fund, providing personal super and
      pension products to members of the public, and
    - Vision Pooled Superannuation Trust, which houses the
      investments of the above funds.

Vision Super Pty Ltd operates under both an Australian
Financial Services License and an APRA RSE Extended Public Offer License.
Vision is genuinely different to the majority of other super funds in several
ways:

    - It is self-sufficient, being internally administered, owning
     its own administration system and operating as a manager of investment
     managers.
    - It aims to retain its members for life, by providing its own
      range of retirement products together with, in-house, financial
      advisory services at no extra cost to members.
    - The Vision Superannuation Fund was launched in February 2007
      offering both personal super and a range of retirement income stream
      products to members of the general public.

About Sapiens International

Sapiens International Corporation N.V. is a leading global
provider of business solutions for the insurance industry, helping modernize
business processes and enabling insurance organizations to adapt quickly to
change. Sapiens' innovative solutions are widely recognized for their ability
to cost-effectively align IT with the business demands for speed, flexibility
and efficiency. Sapiens operates through its subsidiaries in North America,
the United Kingdom, EMEA and Asia Pacific. For more information, please visit
www.sapiens.com or call +44.1895.464.000.

Except for historical information contained herein, the matters set forth
in this release are forward-looking statements that are dependent on certain
risks and uncertainties, including such factors, among others, as market
acceptance, market demand, pricing, changing regulatory environment, changing
economic conditions, risks in new product and service development, the effect
of the Company's accounting policies, specific system configurations and
software needs of individual customers and other risk factors detailed in the
Company's SEC filings.

    Media Contact:
    Osnat Segev-Harel
    Chief Marketing Officer
    Sapiens International
    Tel: +972-8-938-2721
    info@sapiens.com

Media Contact: Osnat Segev-Harel, Chief Marketing Officer, Sapiens International, Tel: +972-8-938-2721, info at sapiens.com