Verint Systems (Nasdaq:VRNT). Of the Comverse Technology (Nasdaq:CMVT) group, has bought privately-held RP Sicherheitssysteme GmbH ("RP Security"), a developer of mobile video security technology for the transportation market, for $12 million.
. RP Security, headquartered in Flensburg, Germany, was founded in 1999 and has approximately 50 employees.
Verint Systems has acquired RP Security for approximately $9 million cash and 90,144 shares of Verint Common stock at closing and an earn-out over three years based on the sales and profitability of mobile video products in the transportation market during that period. The acquisition is expected to be non-dilutive to pro forma EPS in fiscal 2004, Verint said.
"The acquisition of RP Security reinforces our strategy of acquiring companies with complementary technologies to broaden our portfolio of solutions," said Dan Bodner, President and CEO of Verint Systems. "RP Security's technology strengthens our video offering for the mobile transportation market and provides our customers with an effective solution to improve the security of their mobile infrastructure and enhance public safety."
Verint is due to announce its second quarter results tomorrow. Analysts expect a profit of $0.19 per share on revenue of $59 million.
Published by Globes [online] - www.globes.co.il - on September 7, 2004