NICE Systems and Actimize have announced the signing and closing of a definitive agreement to acquire Fortent.
A provider of analytics based financial crime prevention software solutions for the financial services industry, Fortent is known for its anti-money laundering deployments and expertise within the world's tier-one financial institutions and for its advanced statistical profiling analytics technology.
Under the terms of the agreement, NICE will acquire Fortent's compliance and risk management business. Fortent will become part of Actimize which continues to operate as a wholly owned subsidiary of NICE, with the Fortent team becoming an integral part of Actimize.
NICE will acquire Fortent in an all cash transaction for a total consideration of $73.5 million. The deal is expected to be accretive on a non-GAAP basis starting in the first quarter of 2010, excluding acquisition related expenses and amortisation of acquired intangible assets, as well as certain business combination accounting entries.
David Sosna, chief executive officer of Actimize, said: “We are extremely excited about the combination of Actimize and Fortent and believe that our customers and partners will benefit given the breadth and depth this acquisition brings to Actimize's financial crime, compliance and risk management platform.
"I am pleased to welcome Fortent employees to the Actimize family. Our joint customers and partners will benefit from a top notch industry leader offering them the most advanced and comprehensive technology platform backed by the largest dedicated professional services and support organisation.”
Sandy Jaffee, chairman and chief executive officer at Fortent, said: “The Fortent team is extremely excited to join forces with Actimize. Together, we are creating the industry's number one provider of sophisticated financial crime solutions in a fragmented market that required a leader with proven comprehensive technology and domain expertise to support the financial services market.”