Elbit Systems, a developer of defense electronic systems, has signed an agreement to acquire the cyber and intelligence division of NICE Systems for up to $157.9 million.
As part of the deal, Nice’s cyber and intelligence unit, which supports law enforcement and intelligence agencies, will be merged into Elbit’s Cyberbit subsidiary, which works in both the government and commercial sectors.
Elbit executives said they will pay $117.9 million in cash upon the transactions scheduled closure in the third quarter of 2015. An additional amount of up to $40 million will be paid as earn-out, based upon the future business performance of the acquired division’s business performance.
Adi Dar, an Executive Vice President of Elbit Systems Executive Vice President Adi Dar will serve as Cyberbit’s general manager. Nice Cyber and Intelligence division employees will serve as Cyberbit workers.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said: “The acquisition of NICE’s division is a significant milestone in our strategy to bring Elbit Systems cyber capabilities to the level of global leaders,” Elbit Systems President and CEO Bezhalel (Butzi) Machlis says. “NICE is a well- known world leader in the cyber intelligence industry, and its business activities and capabilities are complementary to ours. I believe that our combined technology synergetic forces, backed by on-going investment in the cyber field and the joint market position will lead CYBERBIT to success and a world leading position”.
