NICE Systems has signed a definitive agreement to acquire the assets of Dictaphones Communications Recording Systems business for approximately $38.5 million.
Dictaphones CRS business is a provider of liability and quality management systems for first responders, critical facilities, contact centers and financial trading floors. The transaction is subject to satisfaction of customary closing conditions and is anticipated to close before the end of NICEs second fiscal quarter ending June 30, 2005. The acquisition is expected to be accretive to earnings for the 2005 calendar year.
‘This is the next stage in our growth strategy and a major milestone for the insight from interactions market,’ said Haim Shani, CEO of NICE. This transaction extends our leadership with a customer base that exceeds 23,000. Moreover, we see this transaction bringing tremendous value to the joint customer base, through additional solutions and applications, as well as by creating the largest services and support organization in the industry .’
Mr. Shani continued, NICE has a proven track record of successfully integrating acquired businesses, and we are looking forward to seamless business continuity with this acquisition as well. We expect this transaction to provide fast and measurable results. We have been diligent in selecting acquisitions and are positioning this acquisition to bring both immediate value to our customers, shareholders and employees as well as provide a highly profitable revenue stream in the future. Finally, I would like to extend a warm welcome to the Dictaphone CRS employees who will be joining their new home at NICE.
The boards of directors of both NICE and Dictaphone have approved the acquisition. The transaction is expected to close before the end of June after the satisfaction of customary closing conditions.
NICE is providing the following preliminary guidance for 2005 incorporating the expected results of the Dictaphones CRS business acquisition. This outlook is likely to change as the integration of Dictaphones CRS business proceeds and the acquisition accounting is finalized. The acquisition of Dictaphones CRS business is expected to significantly add to NICEs top-line in 2005, taking the companys revenues to between $295 – $300 million. Pro forma EPS excluding the acquisition-related amortization, is expected to be in the range of $1.50-1.60 per diluted share.
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