Verint to Buy Comverse Tech for $25M and 27.5M Shares

Verint Systems Inc.

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.