Verint completes separation from Comverse

Verint's general shareholders meeting approved buying out Comverse Technologies' stake in it.

The last act in the liquidation of Comverse Technology Inc., the holding company founded by Kobi Alexander, has been completed, after the general shareholders meeting of former subsidiary, Verint Systems Inc. (Nasdaq: VRNT), approved buying out Comverse Technologies' stake in it.

Verint issued 27.5 million shares to Comverse Technology shareholders, equal to the number of Verint shares held by Comverse Technology, and has become an independent company with no controlling shareholder. To mark the occasion, Verint president and CEO Dan Bodner and other company executives rang the opening bell on Nasdaq on Tuesday. Verint's share price closed at $34.15 yesterday, giving a market cap of $1.37 billion, after rising 24% since the beginning of 2012.

As part of the liquidation, Comverse Technology sold off all its holdings. In October 2012, Ulticom Inc. was sold to Platinum Equity LLC for $90 million, Starhome BV was sold to Fortissimo Capital for $54 million, and its shares in Comverse Inc. (Nasdaq: CNSI) were distributed as a dividend in kind.

Verint, which went public in 2002, develops actionable intelligence solutions. In January, the media reported that the company and its rival NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) were in merger talks. Although Verint's new independence could trigger such a merger, the company announced that in addition to changes in its board of directors, it was also making executive changes, which suggest that no merger is on the agenda.

Verint Communications and Cyber Intelligence Solutions president Meir Sperling has been appointed chief strategic officer, a new position responsible for long-term growth and strategic partners. He will also be promoted to Verint Israel chairman.

Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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