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Verint Systems Inc.
VRNT today announced that it has signed a
definitive merger agreement (the “Merger Agreement”) with Comverse Technology,
Inc. (“CTI”). Under this Agreement, following the completion of CTI's
previously announced distribution of its telecom business and substantially
all of its other assets, other than its holdings in Verint, to its
shareholders Verint will acquire CTI, eliminating CTI's majority ownership in
and control of Verint. CTI currently holds approximately 41.0%, of Verint's
outstanding common shares and all of Verint's outstanding convertible
preferred shares which, if converted, would result in CTI holding
approximately 53.7% of Verint's basic outstanding common shares.
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