Melville, NY -- Verint Systems Inc., a leading provider of analytic software-based solutions for communications interception, networked video security and business intelligence, today announced that it has signed a definitive agreement with MultiVision Intelligent Surveillance Limited (SGX: MVIS.SI) to acquire the company's networked video security business. The acquisition of MultiVision's networked video security business will provide Verint with local product development, customer support and solutions that are focused on the regional requirements of the Asia Pacific market.
Under the agreement, Verint would acquire substantially all of the networked video security business of MultiVision for approximately $48 million, subject to certain adjustments, through the acquisition of MultiVision's Hong Kong based subsidiary, MultiVision Holdings Limited. The consideration will be paid to MultiVision Intelligent Surveillance Limited which will remain a public entity following the acquisition and continue to be listed on the Singapore Exchange Main Board.
"The acquisition of MultiVision's networked video security business reinforces our strategy of acquiring companies that expand our geographic presence and extend the capabilities of our actionable intelligence solutions," said Dan Bodner, CEO and President of Verint Systems. "MultiVision will provide Verint with proven networked video solutions and an experienced research and development and management team for the Asia Pacific region."
"The combination of Verint's and MultiVision's networked video security portfolio will provide our customer base with a broader set of solutions and a greater global presence," said Dennis Li, President and Chief Operating Officer of MultiVision. "We look forward to joining Verint and to helping expand the company's presence in Asia Pacific."
The consideration will consist of cash, provided that, at Verint's sole option, it may substitute shares of Verint Common Stock for up to 70% of the adjusted purchase price paid at closing. The number of shares, if any, to be issued in connection with the acquisition will be determined by Verint not less than 4 business days prior to the closing of the transaction. The acquisition is expected to close in approximately 3 months and is subject to a number of conditions, including approval by MultiVision's shareholders. The acquisition is expected to be non-dilutive to Verint's pro forma EPS in fiscal 2005.
