NICE To Acquire Hexagon System For $11 Million

NEW YORK (AP) — NICE Systems Ltd., a maker of voice recording and security systems, said Monday it signed an agreement to acquire Hexagon System Engineering Ltd. for $11 million.

NICE said it expects the acquisition to close "shortly," but did not provide a specific time frame. It said it does not expect the acquisition to have a material impact on its financial results this year or next.

Hexagon provides cellular location tracking technology for law enforcement, intelligence and other security groups.

The acquisition "will further strengthen our security business by enhancing our offering to government agencies, thus enhancing growth in the global homeland security market," said Israel Livnat, president of Security Group for NICE Systems, in a statement.

Both companies are based in Israel but NICE Systems is traded in the U.S. in the form of American Depositary Receipts. Shares fell 88 cents, or 3.1 percent, to $27.44 in midday trading.