Nice Systems Ltd. (Nasdaq: NICE), the worldwide leader of intent-based solutions that extract insight to impact business performance, reduce financial risk and ensure safety and security today announced that it has reached agreement to acquire CyberTech International, a global provider of compliance recording solutions and value-added applications.
The agreement is subject to certain conditions under Dutch law. The transaction is scheduled to close in March 2011, subject to satisfaction of certain terms. The addition of CyberTech solutions to the NICE portfolio will broaden the company's offering for financial institutions, strengthen its commitment to the SMB sector, and add to its public safety solutions. It will also enhance its positioning in EMEA and provide a product set that meets the needs of emerging markets, by offering a solution that accommodates large scale implementations with entry-level requirements.
NICE's expanded portfolio will enable customers to match the right product to their scale and sophistication needs. Whether the deployment is on a small or large scale, is intended for a single-site, multi-site, or data-center implementation, and whether they require compliance recording only or more advanced applications in addition (or any combination thereof), the broader NICE offering will address these needs. Furthermore, CyberTech customers will now also be able to benefit from NICE's market-leading portfolio of analytics-based business solutions and real-time, cross-channel applications.
Under the terms of the agreement, NICE will be acquiring CyberTech for a total cash consideration of approximately $60 million. The acquisition is expected to add approximately $25 million to NICE's 2011 non-GAAP revenues and be accretive to its non-GAAP fully diluted EPS.
Zeevi Bregman, President and CEO, NICE systems said, "This transaction adds talent and complementary solutions, as we execute on our strategy for growth. The enhanced portfolio expands our offering with complementary compliance recording solutions with a low TCO. This combined offering will provide customers in financial institutions, contact centers and public safety with a broader combination of compliance recording, advanced application and scalability options to meet their needs. In addition the acquisition will enhance our positioning in the SMB sector as well as strengthen NICE's presence in EMEA"
"We are committed to protecting the technology investments of NICE and CyberTech customers. We expect a rapid and smooth integration that will yield many synergies and customer benefits, and will benefit from our proven track record of quick and measurable results. Finally, I would like to extend a warm welcome to the CyberTech employees who will be joining NICE," Mr. Bregman, continued.
Founded in 1985 and with headquarters in The Netherlands, CyberTech operates through ten offices in North America, Europe, Middle East, and Asia. The CyberTech portfolio includes innovative products that are serving global industry leaders as well as answering the needs of smaller organizations, with a channel network of 60 partners in 45 countries.
Ad Ketelaars, CyberTech CEO said, "We are excited about becoming a part of NICE and joining an industry leader. This move will give us the opportunity to enjoy the benefits of NICE's global market presence and bring our solutions to a broader base of customers."