Verint to Pay $65 Million for Cloud Company ForeSee

Nasdaq-listed surveillance and business Intelligence company Verint Systems Inc. has announced on Monday an agreement to buy cloud company ForeSee Results Inc., expected to close during the company's fourth fiscal quarter, which ends on January 31, 2019. According to a filing with the U.S. Securities and Exchange Commission, Verint will pay $58.9 million in cash at the closing of the transaction, and an additional deferred payment of $6 million.

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Verint develops and sells customer engagement systems and surveillance products, with customers including banks, media companies, and other financial and retail institutions, law enforcement organizations, governments, and secure facilities. The company employs a little over 1,000 people in Israel.

The company stated the acquisition will augment its current product portfolio.

Subject to the closing of the transaction, the company updated its initial non-GAAP outlook for the next year by $20 million, to $1.345 billion with a range of +/- 2%.

Verint was down 1.3% on Nasdaq on Monday market close.