Siris Capital acquires Comverse for $643m

Comverse  photo: Amir Meiri
Comverse photo: Amir Meiri

Comverse, which changed its name to XURA last year, today only has 300 employees in Israel.

Siris Capital has acquired Comverse, formerly Israel's flagship high-tech company, which last year changed its name to XURA Inc. (Nasdaq: MESG) for $643 million. Siris is paying $25 per share, a 19.2% discount on the shares closing price on Nasdaq yesterday.

Last year Comverse also sold its billing division to Amdocs Ltd. (NYSE: DOX) for $272 million and transferred other operations to Indian company Tech-Mahindra while acquiring UK company Acision for $402 million. XURA today focuses on digital services.

Comverse, once one of Israel's largest high-tech employers, only has 300 employees in the country today. Siris Capital is a New York based investment fund founded in 2011, which invests in ICT.

XURA's share price rose 17.7% in premarket trading on Nasdaq.

Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Comverse  photo: Amir Meiri
Comverse photo: Amir Meiri
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