Comverse reducing its stake in Verint
Comverse Technology Inc. is selling part of its majority stake in Melville-based Verint Systems Inc. through a stock offering.
Manhattan-based software maker Comverse had owned 61 percent of Verint, a provider of voice, video and data analysis systems, according to a Verint official.
On Jan. 6 Verint began selling 2 million shares of the company's stock held by Comverse, out of about 50 million shares total. On Tuesday, Verint announced the pricing at $35 a share. Up to another 300,000 shares may be available. Closing is expected to take place by Thursday.
The stock closed Wednesday at $35.24.
Comverse's stake after the offering will be about 57 percent.
The sale would raise $70 million to $80 million, said Comverse spokesman Paul Baker. Verint will not receive any proceeds from the offering.
Baker declined to comment on a Wall Street Journal report that Comverse was looking to sell Verint. "We have a long-standing policy on not commenting on rumors or speculation," he said.
In October, Comverse, which claims a customer base spanning more than 125 countries, announced the sale of another majority-owned subsidiary, Ulticom, a telecommunications software maker based in New Jersey. In the $90-million deal, Ulticom will go private.
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