In the past decade we have completed 16 acquisitions. Most recently, in the fourth, third, second and first quarters of 2020, we acquired Tia Technology, Delphi, Tiful Gemel (Pension Operations, which operates in the Israeli market) and sum.como, respectively, after having acquired Cálculo in the fourth quarter of 2019 and Adaptik in the fourth quarter of 2018, These acquisitions are part of our integrated M&A growth strategy, which is centered on three key factors: growing our customer base, expanding our geographic footprint and adding complementary solutions to our portfolio- all while we seek to ensure our continued high quality of services and product delivery. Any failure to successfully integrate the business, operations and employees of our acquired companies, or to otherwise realize the anticipated benefits of these acquisitions, could harm our results of operations. Our ability to realize these benefits will depend on the timely integration and consolidation of organizations, operations, facilities, procedures, policies and technologies, and the harmonization of differences in the business cultures between these companies and their personnel. Integration of these businesses will be complex and time-consuming, will involve additional expense and could disrupt our business and divert management's attention from ongoing business concerns. The challenges involved in integrating Tia, Delphi Technology, sum.como, Cálculo and other former acquisitions include:
- Preserving customer, supplier and other important relationships - Integrating complex, core products and services that we acquire with our existing products and services - Integrating financial forecasting and controls, procedures and reporting cycles - Combining and integrating information technology, or IT, systems - Integrating employees and related HR systems and benefits, maintaining employee morale and retaining key employees - Potential confusion that we may have in our dealings with customers and prospective customers as to the products we are offering to them and potential overlap among those products
The benefits we expect to realize from these acquisitions are, necessarily, based on projections and assumptions about the combined businesses of our company, and assume, among other things, the successful integration of these acquired entities into our business and operations. The acquisitions of Delphi, StoneRiver and Adaptik, in particular, significantly expanded our presence and scale in the North American insurance industry, and have helped us further accelerate our growing market footprint in the U.S. property and casualty, or P&C, space. Similarly, our more recent acquisitions of Tia, sum.como and Cálculo were intended to expand our presence and further accelerate our growing market footprint in Europe and the Nordic countries. Our projections and assumptions concerning our acquisitions may be inaccurate, however, and we may not successfully integrate the acquired companies and our operations in a timely manner, or at all. We may also be exposed to unexpected contingencies or liabilities of the acquired companies. If we do not realize the anticipated benefits of these transactions, our growth strategy and future profitability could be adversely affected.