Skip to main content

Verint buys US company Lanex for $11.7m

Part of preparations for $75 million IPO

Exactly ten days ago, in the beginning of February, Verint Systems, formerly Comverse Infosys, bought the digital recording activity of Wisconsin based Lanex Digital Recording. The $11.7 million acquisition was done through Verint's subsidiary, Loronix Information Systems.

The Comverse Technology (Nasdaq:CMVT) subsidiary, Verint, last Thursday filed a draft prospectus for a Nasdaq issue. The company plans to raise $75 million, but has not yet said according to what value. Estimates are it will be $200 million to $300 million. The issue will be led by Lehman Brothers (NYSE:LEH), and secondary underwriters will be Salomon Smith Barney, Robertson Stephens, UBS Warburg and US Bancorp Piper Jaffray.

Of the total acquisition, $9.5 million was paid in cash and another $2.2 million in convertible bonds issued to Lanex shareholders. The bond will carry zero yield, and will be redeemable on February 1, 2004. Their exercise price will be $3.14, and if Lanex shareholders do choose that route, they can do so anytime after the issue. Comverse Technology will guarantee the bonds.

Lanex is a privately-held Maryland based company, which makes both hardware and software. The company specializes in development of security systems for various applications, and provides video recording for security and surveillance applications mostly of North American banks.

Scroll to Continue

TheStreet Recommends

The systems are remote accessible, and are compatible with FBI requirements of credible evidence.