Elta Systems, a Subsidiary of Israel Aircraft Industries Completed Acquisition of Nice System's COMINT/DF Military Intelligence Business Assets sold for $4 Million
Apr 1, 2004
Elta Systems, a Group and Subsidiary of Israel Aircraft Industries (IAI), has completed the acquisition of Nice Systems' COMINT/DF military intelligence business assets.
The assets sold 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. As previously announced, Elta acquired these assets for $4 million in cash. For Elta, the COMINT/DF product line is complementary to its SIGINT (Signal Intelligence) systems.
Israel Livnat, IAI's Corp. VP and Elta System's President said that the combination of Nice System's products with those of Elta will contribute to Elta's status in the SIGINT market and will allow the company to offer additional innovative solutions to its customers.
ELTA Systems Ltd., a wholly owned subsidiary 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. Based on its existing advanced technologies, ELTA is also active in para-military and commercial markets. 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
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