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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950135-96-000930.txt : 19960410
<SEC-HEADER>0000950135-96-000930.hdr.sgml : 19960410
ACCESSION NUMBER:		0000950135-96-000930
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19960209
SROS:			NASD

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAPIENS INTERNATIONAL CORP N V
		CENTRAL INDEX KEY:			0000885740
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45049
		FILM NUMBER:		96514445

	BUSINESS ADDRESS:	
		STREET 1:		DE RUYTERKADE 58A
		STREET 2:		P O BOX 837
		CITY:			CURACAO NETHERLANDS
		STATE:			P8
		BUSINESS PHONE:		9196778711

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STATE OF WISCONSIN INVESTMENT BOARD
		CENTRAL INDEX KEY:			0000854157
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				396006423
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		121 EAST WILSON STREET
		CITY:			MADISON
		STATE:			WI
		ZIP:			53707
		BUSINESS PHONE:		6082668824

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 7842
		STREET 2:		121 EAST WILSON STREET
		CITY:			MADISON
		STATE:			WI
		ZIP:			53702
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<DESCRIPTION>SAPIENS INTERNATIONAL CORP. NV
<TEXT>

<PAGE>   1
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                           (AMENDMENT NO.         )*
                                          ---------

                        Sapiens International Corp. NV
      -----------------------------------------------------------------
                               (Name of Issuer)
                                      
                                 Common Stock
      -----------------------------------------------------------------
                        (Title of Class of Securities)

                                  803059100
                         ----------------------------
                                (CUSIP Number)

Check the following box if a fee is being paid with this statement /X/.  (A fee
is not required only if the filing person:  (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>   2

                                                               Page 1 of 3 pages
CUSIP NO.  803059100
          -----------
                                     13G
________________________________________________________________________________
1   NAME OF REPORTING PERSON
    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

             State of Wisconsin Investment Board
                 39-6006423
________________________________________________________________________________
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
                                                                        (a)_____
         Not Applicable                                                 (b)_____
________________________________________________________________________________
3   SEC USE ONLY


________________________________________________________________________________
4   CITIZENSHIP OR PLACE OF ORGANIZATION
           
         Madison, Wisconsin
________________________________________________________________________________
               5    SOLE VOTING POWER
  NUMBER OF                        1,200,000
   SHARES      _________________________________________________________________
BENEFICIALLY   6    SHARED VOTING POWER
  OWNED BY                         Not Applicable
    EACH                           
  REPORTING    _________________________________________________________________
   PERSON      7    SOLE DISPOSITIVE POWER
    WITH                           1,200,000
               _________________________________________________________________
               8     SHARED DISPOSITIVE POWER
                                   Not Applicable

________________________________________________________________________________
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                          1,200,000
________________________________________________________________________________
10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES  CERTAIN
    SHARES *              Not Applicable

________________________________________________________________________________
11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
                          9.83
________________________________________________________________________________
12  TYPE OF REPORTING PERSON *

           EP (Public Pension Fund)

________________________________________________________________________________

                     * SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>   3


                                          Page 2 of 3 pages
ITEM 1.  ISSUER
         (a) Sapiens International Corp. NV
         (b) De Ruyterkade 58A
             Curacao Netherlands
             P8 (Netherlands Antilles)

ITEM 2.  PERSON FILING
         (a) State of Wisconsin Investment Board
         (b) P.O. Box 7842
             Madison, WI 53707
         (c) Wisconsin State Agency
         (d) See cover page
         (e) See cover page

ITEM 3.  THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) AND THE STATE
         OF WISCONSIN INVESTMENT BOARD IS A GOVERNMENT AGENCY WHICH MANAGES 
         PUBLIC PENSION FUNDS SUBJECT TO PROVISIONS COMPARABLE TO ERISA.

ITEM 4. OWNERSHIP
         (a) See Row 9 on Page 2
         (b) See Row 11 on Page 2
         (c) The State of Wisconsin Investment Board retains sole voting and 
             dispositive power for all shares.

ITEM 5.  IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE
         DATE HEREOF THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL
         OWNER OF MORE THAN FIVE PERCENT OF THE CLASS OF SECURITIES, 
         CHECK THE FOLLOWING ____.

ITEM 6.  NOT APPLICABLE

ITEM 7.  NOT APPLICABLE

ITEM 8.  NOT APPLICABLE

ITEM 9.  NOT APPLICABLE

ITEM 10. CERTIFICATION

    By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
                                      
                                  SIGNATURE

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

                              February   , 1996
                              -----------------
                                     Date

                               /S/ George Natzke
                              -------------------
                                   Signature

                         George Natzke, Administrator                  
                         ----------------------------
                                   Name/Title
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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