Elbit Systems (Nasdaq: ESLT) has signed an agreement for its Cyberbit subsidiary to purchase the cyber and intelligence division of Nice Systems for up to $157.9 million.
Elbit said Thursday it will pay $117.9 million in cash upon the transaction’s scheduled closure in the third quarter of 2015 and up to $40 million under an earn-out agreement based on the acquired unit’s future business performance.
Bezhalel Machlis, president and CEO of Elbit Systems, said the acquisition is part of the company’s efforts to bolster its position in the global cyber market.
Nice’s cyber and intelligence division supports law enforcement and intelligence agencies and will be integrated into Cyberbit as it works in both the government and commercial sectors.
Cyberbit General Manager Adi Dar will be in charge of the added cyber and intelligence portfolio.