Elbit Systems to acquire Cyber and Intelligence division of NICE Systems
HAIFA, Israel. Elbit Systems Ltd. officials announced that it the company signed an agreement to acquire NICE Systems Ltd.'s Cyber and Intelligence division for a total amount of as much as $157.9 million, subject to certain customary adjustments.
The Cyber and Intelligence division will be acquired by CYBERBIT LTD, Elbit Systems' subsidiary, recently created 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.
NICE's Cyber and Intelligence division provides law enforcement agencies and intelligence organizations with tools for creating communication intelligence. The division's yearly revenue in 2014 was in the high tens of millions of dollars, according to an Elbit Systems release. Adi Dar, an Executive Vice President of Elbit Systems, was appointed as CYBERBIT's General Manager. The Nice Cyber and Intelligence division's employees will become employees of CYBERBIT.
Out of that total purchase amount, $117.9 million will be paid in cash at the time of the closing, which is expected to take place later this year, subject to certain closing conditions. An additional amount of as much as $40 million will be paid as earn-out, based upon the future business performance of the acquired division's activities.