NICE sells security business to Battery Ventures for $100 mn

NICE Systems has sold its physical security business unit, which provides video surveillance technologies, to Battery Ventures, for up to $100 million.

The company will receive $85 million in cash and up to additional $15 million based on future performance.

The divestment will allow NICE to focus on its key markets and enterprise software business as part of the execution of its long-term strategic plan.
“With this agreement, we have completed this stage of our plan, and we are now better able to focus on those areas that we believe will continue to drive profitable growth for our company,” said Barak Eilam, CEO of NICE.

NICE Systems has revised its revenue guidance to between $914 million and $934 million against the previous guidance of between $985 million to $1,005 million in 2015 and between $215 million to $225 million against earlier guidance of $236 million to $246 million in the third quarter.

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