Verint to Merge With Comverse Tech

Verint signs definitive agreement to acquire Comverse Technology Holding Company

August 13, 2012

1 Min Read

MELVILLE, N.Y. -- Verint® Systems Inc. (NASDAQ: 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.

“We look forward to becoming a non-controlled and independent public company. Clarifying our ownership structure is a significant positive for Verint as we continue to focus on increasing shareholder value,” said Dan Bodner, CEO and President.

Comverse Technology Inc. (Nasdaq: CMVT)

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