HAIFA, Israel, May 21,
2015 /PRNewswire/ -- Elbit Systems Ltd. (the "Company")
(NASDAQ and TASE: ESLT), announced today that it has signed an
agreement to acquire NICE Systems Ltd.'s ("NICE") Cyber and
Intelligence division for a total amount of up to $157.9 million, subject to certain customary
adjustments. Out of the total amount, $117.9
million will be paid in cash at the time of the closing,
expected to take place in the third quarter of 2015, subject to
certain closing conditions. 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 activities.
NICE's Cyber and Intelligence division offers solutions which
provide law enforcement agencies and intelligence organizations
with tools for creating communication intelligence. The division's
yearly revenue in 2014 was in the high tens of millions of
dollars.
The Cyber and Intelligence division will be acquired by CYBERBIT
LTD ("CYBERBIT"), Elbit Systems' subsidiary, recently established
in order to consolidate Elbit Systems' existing activities relating
to the Cyber Intelligence and Cyber Security markets. CYBERBIT will
focus on both the emerging government and commercial cyber markets,
leveraging Elbit Systems extensive and proven cyber experience and
technologies.
Adi Dar, an Executive Vice
President of Elbit Systems, was appointed as CYBERBIT's General
Manager. The Nice Cyber and Intelligence division's employees will
become employees of CYBERBIT.
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. NICE is a well- known world leader
in the cyber intelligence industry, and its business activities and
capabilities are complementary to ours. The acquisition will enable
us to provide our customers with end-to-end, market leading cyber
solutions. Machlis added: "We welcome NICE's Cyber and Intelligence
division employees, known for their cutting edge technological
capabilities and operational experience. 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".
About Elbit Systems
Elbit Systems Ltd. is
an international high technology company engaged in a wide range of
defense, homeland security and commercial programs throughout the
world. The Company, which includes Elbit Systems and its
subsidiaries, operates in the areas of aerospace, land and naval
systems, command, control, communications, computers, intelligence
surveillance and reconnaissance ("C4ISR"), unmanned aircraft
systems, advanced electro-optics, electro-optic space systems, EW
suites, signal intelligence systems, data links and communications
systems and radios. The Company also focuses on the upgrading
of existing platforms, developing new technologies for defense,
homeland security and commercial aviation applications and
providing a range of support services, including training and
simulation systems.
For additional information, visit: www.elbitsystems.com, follow
us on Twitter or visit our official Youtube Channel
Contacts:
Company
Contact:
Joseph Gaspar,
Executive VP & CFO
Tel:
+972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen,
VP, Head of Corporate Communications
Tel:
+972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems
Ltd.
|
IR
Contact:
Ehud
Helft
Kenny
Green
GK Investor
Relations
Tel:
1-646-201-9246
elbitsystems@gkir.com
|
This press release contains forward‑looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended) regarding Elbit Systems Ltd. and/or its subsidiaries
(collectively the Company), to the extent such statements do not
relate to historical or current fact. Forward-looking
statements are based on management's expectations, estimates,
projections and assumptions. Forward‑looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may differ
materially from these forward‑looking statements due to a variety
of factors, including, without limitation: scope and length of
customer contracts; governmental regulations and approvals; changes
in governmental budgeting priorities; general market, political and
economic conditions in the countries in which the Company operates
or sells, including Israel and
the United States among others;
differences in anticipated and actual program performance,
including the ability to perform under long-term fixed-price
contracts; and the outcome of legal and/or regulatory
proceedings. The factors listed above are not all-inclusive,
and further information is contained in Elbit Systems Ltd.'s latest
annual report on Form 20-F, which is on file with the U.S.
Securities and Exchange Commission. All forward‑looking statements
speak only as of the date of this release. The Company does not
undertake to update its forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated companies.
All other brand, product, service and process names appearing are
the trademarks of their respective holders. Reference to or
use of a product, service or process other than those of Elbit
Systems Ltd. does not imply recommendation, approval, affiliation
or sponsorship of that product, service or process by Elbit Systems
Ltd. Nothing contained herein shall be construed as conferring by
implication, estoppel or otherwise any license or right under any
patent, copyright, trademark or other intellectual property right
of Elbit Systems Ltd. or any third party, except as expressly
granted herein.
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SOURCE Elbit Systems Ltd.