Comverse mulls sale of Verint: report

BANGALORE, INDIA: Software developer Comverse Technology Inc is likely to pursue a sale of Verint Systems Inc, in which it holds a majority stake, the Wall Street Journal reported, citing people familiar with the matter.

In a filing with U.S. regulators last week, Verint said that Comverse, which holds a stake of 61.3 percent in the analytics and security software firm, plans to sell about 8 percent of its majority stake and raise up to $72.2 million in the public offering.

People familiar with the matter told the Journal that a potential deal could fetch about $2 billion but that the Comverse board has not made a decision about Verint yet.

Comverse, which for years has been tangled up in an options backdating scandal, has a few more financial statements to file to comply with regulatory requirements.

Once the filings are complete, which people familiar with the matter expect by the end of March, Comverse is expected to look for potential buyers for Verint, the paper said.

Comverse and Verint were not immediately available for comment outside of regular U.S. business hours.