Exhibit 8.1

List of Subsidiaries

1. Sapiens International Corporation B.V. (“Sapiens B.V.”): incorporated in the Netherlands and 100% owned by Sapiens N.V.

2. Unless otherwise indicated, the other significant subsidiaries of Sapiens listed below are 100% owned by Sapiens B.V.:

3. Sapiens Israel Software Systems Ltd.: incorporated in Israel

4. Sapiens Technologies (1982) Ltd.: incorporated in Israel

5. Sapiens Americas Corporation: incorporated in New York, US

6. Sapiens North America Inc.: incorporated in Ontario, Canada.

7. Sapiens (UK) Limited: incorporated in England

8. Sapiens France S.A.S.: incorporated in France

9. Sapiens Deutschland GmbH: incorporated in Germany

10. Sapiens Japan Co.: incorporated in Japan and 90% owned by Sapiens B.V.

11. IDIT I.D.I. Technologies Ltd.: incorporated in Israel (owned 100% by Sapiens Technologies (1982) Ltd.)

12. IDIT Europe N.V.: incorporated in Belgium (owned 100% by IDIT)

13. IDIT APAC PTY. Limited: incorporated in NSW, Australia (owned 100% by IDIT)

14. IDIT Singapore PTE. Ltd.: incorporated in Singapore (owned 100% by IDIT)

15. FIS Software Ltd.: incorporated in Israel (owned 100% by Sapiens Technologies (1982) Ltd.)

16. FIS –EU Limited: incorporated in the UK (owned 100% by FIS)

17. FIS Software Inc.: incorporated in Delaware, US (owned 100% by FIS)

18. FIS France: incorporated in France (owned 100% by FIS-EU Limited)

19. FIS- AU Pty Ltd.: incorporated in Australia (owned 100% by FIS-EU Limited.)

20. Neuralmatic Ltd.: incorporated in Israel (owned 66% by FIS)