Comverse Technology Inc. announces it has signed a definitive agreement to acquire Loronix Information Systems Inc. Comverse is a global supplier of software and systems enabling enhanced services for wireless and wireline, and digital recording systems for call centers. Loronix is a developer of software-based digital video recording and management systems.
Terms of the deal have not been disclosed. However, Loronix posted sales of $37.5 million in 1999, with net income of $2.9 million.
"Loronix is a technology and market leader in the field of software-based digital video recording, storage, compression, networking and real-time streaming. We believe video communications processing is a fast-growing area that is a logical extension of our leadership position in voice, fax and data communications processing," says Kobi Alexander, chairman, president and CEO of Comverse.
Loronix will continue to operate from its existing Durango, Colo., facility and current management will continue to head-up its operations.