Verint Systems acquires Israeli mobile device tracking solutions developer UTX for $83 million


Verint has bought Israeli mobile device tracking solutions developer UTX.
 

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Verint Systems Inc. (Nasdaq: VRNT) has completed the acquisition of Israeli mobile device tracking solutions developer UTX Technologies Ltd. for $82.9 million in cash, and up to $1.5 million in milestone payments. The acquisition was financed from cash in hand.

In a conference call, Verint CEO Dan Bodner said, “We acquired UTX because we see many growth opportunities for this company. We expect its business to contribute $10 million to our revenue this year and to double to $20 million next year.” He added that the previous acquisition of Kana Software would contribute $150 million to Verint’s revenue in 2014, and that without the acquisitions, Verint would have single-digit organic sales growth this year.

Verint also reported flat results for its 2013 fiscal year, which ended in January 2014. Net profit was unchanged at $58.8 million ($0.99) per share on $907.3 million revenue, down slightly from $910 million revenue in 2013. The company forecasts 19-24% revenue growth to $1.08-1.13 billion revenue in fiscal year 2014 and earnings per share of $3.20-3.40.

Published by Globes [online], Israel business news – www.globes-online.com 

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