Verint plans CTI acquisition
Verint Systems and Comverse Technology have agreed a merger after contract negotiations.
Contract negotiation between Verint Systems and Comverse Technology Inc (CTI) has resulted in a merger and acquisition arrangement.
Under the terms of the deal, Verint will take over CTI, which has already sold off the majority of its assets, including its telecommunications business.
The move will eliminate CTI's majority ownership and control of Verint, with the latter company using around 27.5 million common shares, as well as up to an additional $25 million (£16 million) worth in common shares - depending on other circumstances - to secure the agreement.
Dan Bodner, chief executive officer and president of Verint Systems, said his organisation will now "look forward" to being an independent public entity.
"Clarifying our ownership structure is a significant positive for Verint as we continue to focus on increasing shareholder value," he explained.
Last month, Verint announced that two of its clients had won customer service awards following implementation of the firm's Vovici Enterprise Feedback Management solution.
Posted by David Gleck
Source: Verint press release, August 13th