Israel Aircraft Industries' Elta Systems Group Will Acquire NICE Systems Assets of COMINT/DF Military Intelligence Business
Dec 10, 2003
Assets to be sold by NICE for $4 million in cash
NICE Systems (NASDAQ: NICE), a worldwide leader of multimedia digital recording solutions, applications and related professional services for business interaction management, announced that it has reached a definitive agreement with Elta Systems, a Group and subsidiary of Israel Aircraft Industries (IAI), to sell the assets of its COMINT/DF military-related business to Elta Systems for $4 million in cash. These assets include the intellectual property, fixed assets, inventory and contracts related to NICE's COMINT/DF product line, which includes high performance spectral surveillance and direction finding systems that detect, identify, locate, monitor and record transmission sources.
The transaction has been approved by both companies' boards of directors and is subject to regulatory approvals and customary closing conditions.
NICE Company's revenue for the first 9 months of 2003 for the COMINT/DF business totaled approximately $5 million. The COMINT/DF business will be treated as a discontinued operation on NICE's financial statements until closing, which is expected in early 2004.
Israel Livnat, IAI's Corp. VP and President of Elta Systems said: "Elta has traditionally integrated NICE COMINT/DF products into its SIGINT Systems. Integrating NICE technologies into the solutions offered by Elta will enhance Elta's position in the international SIGINT market, while offering our increasing customer base cost effective solutions.
Haim Shani, president and CEO of NICE, said: "The COMINT/DF business has excellent technology, but the military business is not a major focus for NICE. We believe that our shareholders will be better served by divesting these assets and focusing our attention and resources on our core enterprise and security-related businesses. We also see some potential to expand our relationship with Elta, and we will be exploring the possibility of collaborating with them on other security opportunities."
ELTA Systems Ltd., a wholly owned subsidiary and group of Israel Aircraft Industries, Ltd. (IAI), is one of Israel's leading defense electronics companies and one of the global leaders in some of its areas of expertise. It operates as a defense systems house based on electromagnetic sensors and Information Technology. Its products are designed for intelligence, surveillance and reconnaissance, early warning and control, self-protection and self-defense, target acquisition and fire control applications. ELTA's products include components and subassemblies designed and produced in-house, which enable the company to offer comprehensive solutions, tailored and adapted to customers and users special requirements.. ELTA Systems is a partner in numerous teaming agreements with other defense companies around the world.
NICE Systems (NASDAQ: NICE) headquartered in Ra'anana, Israel, is a worldwide leader of multimedia digital recording solutions, applications and related professional services for business interaction management. NICE products and solutions are used in contact centers, trading floors, air traffic control (ATC) sites, CCTV (closed circuit television) security installations and government markets. NICE's synergistic technology platform enables customers to capture, evaluate and analyze business interactions in order to improve business processes and gain competitive advantage. NICE's subsidiaries and local offices are based in the United States, Germany, United Kingdom, France and Hong Kong. The company operates in more than 100 countries through a network of partners and distributors.
For further information, please contact:
Doron Suslik
Deputy Corp. VP for Communications
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
Email: hpaz@iai.co.il
|
NEWSLETTER
|
| Join the GlobalSecurity.org mailing list |
|
|
|
