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

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.