Verint Systems Inc. (NASDAQ: VRNT) said it has signed a definitive agreement to acquire Accel-KKR portfolio company KANA Software, Inc., in a deal that would extend Verint´s actionable intelligence strategy.
The collective solutions from Verint and KANA would enable organizations worldwide to implement a single-vendor suite to help transform customer engagement. The acquisition of KANA is expected to be completed in Verint´s first fiscal quarter ending April 30, 2014.
Verint has agreed to acquire KANA for approximately USD514m in cash, subject to certain closing adjustments. The acquisition is expected to be financed through a combination of cash on hand and debt, using approximately USD100m of Verint´s cash, approximately USD300m from incremental term loans (on terms similar to Verint´s existing term loans), and the balance from Verint´s un-drawn revolving credit facility.
Jones Day served as legal advisor to Verint in connection with this transaction. Goldman, Sachs & Co. served as financial advisor and Kirkland & Ellis LLP served as legal advisor to KANA in connection with this transaction.
Accelâ€KKR is a technologyâ€focused private equity firm with over USD2.3bn in capital under management.
Verint is a leader in actionable intelligence solutions. Its portfolio of enterprise intelligence solutions and security intelligence solutions helps organizations make Big Data actionable through the ability to capture, analyze and act on large volumes of rich, complex and often underused information sources. Headquartered in New York, Verint has offices worldwide and an extensive global partner network. For more information, visit www.verint.com.