Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) acquires NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) Cyber and Intelligence division for a total amount of up to $157.9 million in cash, at the time of the closing, expected to take place in the third quarter of 2015.
An additional amount of up to $40 million will be paid as earn-out, based upon the future business performance.
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NICE’s Cyber and Intelligence division offers solutions which provide law enforcement agencies and intelligence organizations with tools for creating communication intelligence. The division’s yearly revenue in 2014 was in the high tens of millions of dollars.
The Cyber and Intelligence division will be acquired by Elbit Systems’ subsidiary Cyberbit, which was recently established to consolidate Elbit Systems’ activities in the Cyber Intelligence and Cyber Security markets. Cyberbit will focus on both the emerging government and commercial cyber markets, leveraging Elbit Systems extensive and proven cyber experience and technologies.
Elbit Systems president and CEO Bezhalel Machlis said, “The acquisition of NICE’s division is a significant milestone in our strategy to bring Elbit Systems cyber capabilities to the level of global leaders. NICE is a well- known world leader in the cyber intelligence industry, and its business activities and capabilities are complementary to ours. The acquisition will enable us to provide our customers with end-to-end, market leading cyber solutions.”
Mr. Machlis added, “We welcome NICE’s Cyber and Intelligence division employees, known for their cutting edge technological capabilities and operational experience. I believe that our combined technology synergetic forces, backed by on-going investment in the cyber field and the joint market position will lead CYBERBIT to success and a world leading position.”
