Exhibit 12

Amended Joint Filing Agreement,

Dated as of October 11, 2011

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the undersigned hereby agree (i) to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Shares, par value €0.01 per share, of Sapiens International Corporation N.V., and (ii) that this Amended Joint Filing Agreement be included as an Exhibit to such joint filing; provided, however, that as contemplated by Rule 13d-1(k)(2) under the Exchange Act, no person shall be responsible for the completeness and accuracy of the information concerning the other persons making the filing unless such person knows or has reason to know such information is inaccurate.

This Amended Joint Filing Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 11th day of October 2011.

Formula Vision Portfolio Holdings Limited Partnership
By:   Formula Vision Holdings Ltd., its general partner
	By:	/s/ Ronnen Yitzhak
		Name: Ronnen Yitzhak
		Title: Director
	By:	/s/ Amit Ben-Yehuda
		Name: Amit Ben-Yehuda
		Title: Director

Formula Vision Holdings Ltd.
By:	/s/ Ronnen Yitzhak
	Name: Ronnen Yitzhak
	Title: Director
By:	/s/ Amit Ben-Yehuda
	Name: Amit Ben-Yehuda
	Title: Director
Kardan Technologies Ltd.
By:	/s/ Amit Ben-Yehuda
	Amit Ben-Yehuda
	CEO
By:	/s/ Yosef Grunfeld
	Name: Yosef Grunfeld
	Title: Director

Kardan Israel Ltd.
By:	/s/ Yosef Grunfeld
	Yosef Grunfeld
	Director

By:	/s/ Alon Wulkan
	Alon Wulkan
	Deputy CEO & Economic Advisor

Kardan N.V.
By:	/s/ Alain Ickovicks
	Alain Ickovicks
	Managing Director
By:	/s/ Einat Oz-Gabber
	Einat Oz-Gabber
	Managing Director
Kardan Yazamut (2011) Ltd.
By:	/s/ Yosef Grunfeld
	Yosef Grunfeld
	Chairman of the Board
By:	/s/ Alon Wulkan
	Alon Wulkan
	Deputy CEO & Economic Advisor
Formula Vision Technologies (F.V.T.) Ltd.
By:	/s/ Ronnen Yitzhak
	Name: Ronnen Yitzhak
	Title: CEO
By:	/s/ Anat Treibatch
	Name: Anat Treibatch
	Title: CFO
/s/ Dan Goldstein
Dan Goldstein