# EDGAR Filing Document

**Accession Number:** 0001045986
**File Stem:** 0001213900-25-122524
**Filing Date:** 2025-12
**Character Count:** 7626
**Document Hash:** e5223936c97fbfbb8730678aeb4424d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-122524.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001213900-25-122524

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAPIENS INTERNATIONAL CORP N V
- **CENTRAL INDEX KEY:** 0000885740
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-45049
- **FILM NUMBER:** 251577219

**BUSINESS ADDRESS:**
- **STREET 1:** AZRIELI CENTER
- **STREET 2:** 26 HAROKMIM ST.
- **CITY:** HOLON
- **STATE:** L3
- **ZIP:** 5885800
- **BUSINESS PHONE:** 97289382777

**MAIL ADDRESS:**
- **STREET 1:** AZRIELI CENTER
- **STREET 2:** 26 HAROKMIM ST.
- **CITY:** HOLON
- **STATE:** L3
- **ZIP:** 5885800
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORMULA SYSTEMS (1985) LTD
- **CENTRAL INDEX KEY:** 0001045986
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** YAHADUT CANADA 1 ST.
- **CITY:** OR YEHUDA
- **STATE:** L3
- **ZIP:** 6037501
- **BUSINESS PHONE:** 972-3-538-9474

**MAIL ADDRESS:**
- **STREET 1:** YAHADUT CANADA 1 ST.
- **CITY:** OR YEHUDA
- **STATE:** L3
- **ZIP:** 6037501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORMULA SYSTEMS \1985\ LTD
- **DATE OF NAME CHANGE:** 19970911

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 25)**

**Sapiens International Corporation N.V.**

*(Name of Issuer)*

**Common Shares, (euro) 0.01 Par Value**

*(Title of Class of Securities)*

**G7T16G103**

*(CUSIP Number)*

**Guy Bernstein**<br>Formula Systems (1985) Ltd.<br>Terminal Center, 1 Yahadut Canada Street<br>Or-Yehuda L3 6037501<br>972-3-5389305

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/17/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G7T16G103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Formula Systems (1985) Ltd.** | Name of reporting person<br>**Formula Systems (1985) Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**L3** | Citizenship or place of organization<br>**L3** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.00%** | Percent of class represented by amount in Row (11)<br>**0.00%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, (euro) 0.01 Par Value

**(b) Name of Issuer:**
Sapiens International Corporation N.V.

**(c) Address of Issuer's Principal Executive Offices:**
Azrieli Center, 26 Harokmim Street, Holon, L3, 5885800

**Item 4. Purpose of Transaction**

The Reporting Person is filing this Amendment No. 25 to Schedule 13D ("Amendment No. 25") in order to report that it no longer holds any Common Shares of the Issuer.

The transactions contemplated under that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of August 12, 2025, by and among the Issuer, SI Swan UK Bidco Limited, a private limited company incorporated under the laws of Guernsey ("Bidco"), SI Swan Guernsey Holdco Limited, a private limited company incorporated under the laws of Guernsey ("Parent"), and SI Swan Cayman Merger Sub Ltd., a Cayman Islands exempted company incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of Parent ("Merger Sub") were completed on December 17, 2025, pursuant to which Merger Sub has merged with and into the Issuer (the "Merger") and ceased to exist, with the Issuer as the surviving company in the Merger.

As contemplated under the Merger Agreement and ancillary agreements related to the Merger, the Common Shares have been delisted from the Nasdaq Global Select Market and the Tel-Aviv Stock Exchange Ltd. and deregistered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Issuer has become a privately held company.

Pursuant to a rollover agreement, dated as of August 12, 2025, to which the Reporting Person was party with SI Swan UK Topco Limited, a private limited company incorporated under the laws of Guernsey ("Topco"), Parent, Bidco and Merger Sub (the "Rollover Agreement"), immediately after the consummation of the Merger, the Reporting Person exchanged all of its holdings of Common Shares for holdings in Topco.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses of the Reporting Person to Rows (11) and (13) of the cover page of this Amendment No. 25 are incorporated herein by reference.

**(b)**
The responses of the Reporting Person to Rows (7) through (10) of the cover page of this Amendment No. 25 are incorporated herein by reference.

**(c)**
During the 60 days preceding the date of this Amendment No. 25, other than the exchange of its Common Shares for shares in TopCo pursuant to the Rollover Agreement, the Reporting Person has not effected any transactions in the Common Shares.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Please see the description of the Merger Agreement and Rollover Agreement in Item 4 above. The transactions contemplated under those agreements were completed on December 17, 2025.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Formula Systems (1985) Ltd.

**Signature:** /s/ Asaf Berenstin

**Name/Title:** Asaf Berenstin, Chief Financial Officer

**Date:** 12/17/2025