Verint clears FTC review, merger with Witness Systems on track to close in second quarter

By Lisa Kerner

Charlotte, N.C., March 12 - The Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, regarding Verint Systems Inc.'s agreement and plan of merger with Witness Systems, Inc.

The merger is slated to close in the second quarter of 2007, according to a company news release. Verint announced a definitive agreement on Feb. 12 to acquire Witness Systems for $27.50 per share in cash.

The company plans to fund the $950 million transaction through a $650 million debt financing commitment, a $293 million preferred stock investment and the existing cash of the combined company.

Verint, located in Melville, N.Y., provides analytic software-based solutions for security and business intelligence.

Atlanta-based Witness provides software and services that help businesses capture customer intelligence and optimize workforce performance.

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