• Net Income of$803,000 or $0.04 per share (on Non-GAAP basis)
• Passing the$1 million milestone in operating profit (on Non-GAAP basis)

Ra'anana, Israel, 20 November 2008 - Emblaze Ltd (LSE:BLZ) ("Emblaze” or "the Group") announces that Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Emblaze/Formula Group (LSE:BLZ.L) (NASDAQ: FORTY and TASE: FORT), announced yesterday its results of operations for the third quarter ending September 30, 2008.

Highlights for Q3 2008

• Revenue for the third quarter of 2008 reached $11 million, an increase of 5% compared to $10.5 million in the third quarter of 2007.
• This is the eighth consecutive quarter of operating profit, which amounted, in the third quarter of 2008, to $709,000, a significant increase of 283% compared to $185,000 in the third quarter of 2007.
• First time reporting net income of $375,000 after several years of losses.
• Strong cash position with total cash and cash equivalents of $11.9 million and Shareholders' equity of $22 million.
• Cash flow from operations for the third quarter of 2008 is approximately $2 million.
• Increase in pipe line from the insurance sector and renewing agreements with existing customers.

Non-GAAP

• Operating profit of $1,137,000, passing the $1 million milestone and a 155% improvement compared to the third quarter of 2007.
• Net income of $803,000, a significant improvement compared to a loss of $28,000 in the third quarter of 2007.

U.S. GAAP

• Operating profit of $709,000, a 283% increase compared to the third quarter of 2007.
• Net income of $375,000, compared to a net loss of $288,000 in the third quarter of 2007.

Roni Al-Dor, President and CEO, commented "I am pleased to report on another strong quarter, in which we achieved on-track growth in our revenues, operating profit, and first time net income after several years of losses.
The efficiency measures we implemented in the company and the constant focus on improving our products and offering are coming to fruition, resulting in net income of $803,000 on a Non-GAAP basis for the third quarter after several years of losses.  In the last eight quarters, we showed constant improvement in our operational profit, which this quarter reached, on a Non-GAAP basis, a record of over $1 million.
In the third quarter, we generated $2 million in cash from operations thereby improving our financial position. Despite the general market climate, we are competing in several major promising opportunities in Israel, USA, UK and Japan which we expect will become signed agreements in the near future. In addition, we see an increased interest in our insurance product line, namely, the Insight for Life and Pension, Insight for Policy and Claims and Insight for Re-Insurance. These achievements reinforce our strategy direction and the improved performance which will allow us to continue the growth momentum.
We have expanded our strategic avenues and are well positioned to pursue options for organic and/or inorganic growth. At the same time, while we are pleased with our financial momentum and remain optimistic regarding the future, we continue to closely monitor the economic climate and to consider ways to address the specific needs of our partners and customers

Reconciliation between U.S. GAAP and Non-GAAP results is summarized in the following table.  For a complete reconciliation, please refer to the tables at the end of this release.

U.S. Dollars in thousands, except per share amounts  

U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, and stock-based compensation expenses.

Comment Regarding Non-GAAP
Sapiens' management believes that the presentation of non-GAAP measures can enhance the understanding of the company’s ongoing economic performance, and provides useful information to investors regarding financial and business trends relating to the company’s financial condition and results of operations. Sapiens therefore uses internally the non-GAAP information to evaluate and manage the Company’s operations.

This non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Sapiens believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Sapiens' results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Sapiens' results of operations in conjunction with the corresponding GAAP measures.

Please refer to the Reconciliation of GAAP to Non-GAAP Results at the end of this release.

About Sapiens International
Sapiens International Corporation N.V. (Nasdaq and TASE: SPNS), a member of Formula Group (Nasdaq: FORTY  and TASE: FORT), which is a member of the Emblaze Group (LSE: BLZ.L) is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sa-piens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business de-mands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, ING, Liverpool Victoria, Menora Mivtachim, Norwich Union, Occidental Fire & Casualty, OneBea-con, Principal Financial Group, Santam and Texas Farm Bureau among others. For more information, please visit http://www.sapiens.com.

Except for historical information contained herein, the matters set forth in this release are forward-looking state-ments that are dependent on certain risks and uncertainties, including such factors, among others, as market accep-tance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new prod-uct 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.
 
SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

 SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)

Note a: Includes taxes, equity losses, minority interest and capital losses due to repurchase of debentures.

SAPIENS INTERNATIONAL CORPORATION N.V.
Reconciliation of GAAP to Non-GAAP results
(U.S. Dollars in thousands, except per share amounts)