Nice Systems to Acquire CyberTech for $60 Million
Stock Chart for NICE Systems Ltd (NICE)
Nice Systems Ltd. said its purchase of CyberTech International, a global provider of compliance recording solutions, for about $60 million in cash, will boost non-GAAP revenue by about $25 million in 2011.
Separately, the Israeli maker of digital-recording surveillance products said fourth-quarter adjusted net income was $32.7 million, or 51 cents a share, 13 percent higher than a year earlier. It beat the 49 cents a share mean estimate of two analysts surveyed by Bloomberg.
The CyberTech acquisition helps fill a market gap for Ra’anana-based Nice, Chief Financial Officer Dafna Gruber said.
“CyberTech is very focused on the lower-end of the market, on small to medium-sized businesses,” Gruber said in a phone interview, “By joining forces we are expanding our product offering and expanding our addressable market, and making a very significant consolidation because CyberTech was a very strong player in this area.”
Nice rose 0.9 percent to 127.70 shekels at the 4:30 p.m. close in Tel Aviv trading.
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