Elbit Systems Ltd. announced today that it has signed an agreement to acquire NICE Systems Ltd.’s Cyber and Intelligence division for a total amount of up to $157.9 million. The deal closing is expected to take place in the third quarter of 2015. 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 about US$80 million, representing nearly eight percent of Nice’s annual revenues. “As we continue to execute our long-term strategic plan, we have arrived at a juncture where we believe it is in our best interest to divest Intelligence in order to focus on the company’s more synergetic, core businesses.” Barak Eilam, CEO of NICE said, adding that this divestiture will allow NICE to place greater focus on the execution of its long-term strategic plan and business model.
“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.” Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said, “NICE is a well- known world leader in the cyber intelligence industry, and its business activities and capabilities are complementary to ours.
The Cyber and Intelligence division will be acquired by CYBERBIT LTD, Elbit Systems’ subsidiary, recently established in order to consolidate Elbit Systems’ existing activities relating to 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.
“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”. Machlis concluded.