Israel’s Elbit Systems [ESLT] on Wednesday said it has completed its $158 million acquisition of the Cyber and Intelligence Division of NICE Systems [NICE], which is also based in Israel.
The acquired NICE division is part of CYBERBIT Ltd., a subsidiary of Elbit that was recently established to consolidate its activities relating to the cyber intelligence and cyber security markets. CYBERBIT will focus on both the government and commercial markets.
Terms of the cash deal include a $40 million earn-out provision.
Elbit in May announced its intent to acquire the NICE division, which is expected to have about $80 million in sales this year. The division’s solutions are primarily used by law enforcement and intelligence agencies.