Sources inform ''Globes'' that Comverse Technology Inc. (Pink Sheets: CMVT) subsidiary Verint Systems Inc. (Pink Sheets: VRNT) is firing dozens of employees. Verint develops analytic software solutions for the security and business intelligence markets.
Verint declined to comment on the report.
18 months ago, Verint acquired Witness Systems of the US for $950 million. The company currently has 2,500 employees worldwide, including several hundred at its R&D center in Herzliya.
RBC Capital Markets analyst Daniel Meron predicts that Verint will have $725 million revenue in 2008, and that this will grow by just 1% in 2009. He predicts that the company's enterprise software sales will fall by 1% next year, but that its homeland security solutions sales will grow by 4%. He also predicts that the company will post a net profit of $53.8 million in 2008 and $47.7 million in 2009.
Verint closed at $7.75 yesterday and Comverse closed at $5.35.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2008
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