Verint Systems buying Kana for about $514M
MELVILLE, N.Y. (AP) — Verint Systems is buying Kana Software Inc. from private equity firm Accel-KKR for about $514 million in cash, allowing it to provide a more comprehensive offering to customers.
Verint makes software for analyzing intercepted communications, while privately held Kana offers customer service software products and other services.
Kana has about 900 customers worldwide. Verint has more than 10,000 customers globally. There are some shared customers.
Verint Systems Inc. said Monday that it plans to finance the deal with available cash and debt. It will use approximately $100 million of its cash, about $300 million from incremental term loans and the remainder from its undrawn revolving credit facility.
The transaction is expected to close in Verint's fiscal first quarter, which ends on April 30.
Shares of Verint, based in Melville, N.Y., climbed $2.66, or 6.3 percent, to $45.07 in morning trading after riing as high as $45.18 earlier in the session. FactSet said that is an all-time high for the stock.