Connect with us

Hi, what are you looking for?

Jewish Business News


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

Verint has bought Israeli mobile device tracking solutions developer UTX.

Verint logo

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 – 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...


Now Platika joins and elite club of $10 billion plus Israeli firms.