![]() ![]() By 2011 the company began a turnaround.ĭuring 20, Comverse Technology divested itself of all its holdings and ceased to exist. Additionally affected by the financial crisis of 2008 and on and changes in the mobile phone market, the company underwent several rounds of large-scale layoffs and sold off parts of its business. The scandal proved difficult for Comverse Technology to recover from the company was delisted from Nasdaq, removed from the S&P 500, and spent the next several years consumed by the costly need to restate its financial reports for several years. Alexander fled the country to Namibia where he engaged in a prolonged fight against extradition. Alexander and two other top executives were charged in the US with multiple counts of conspiracy, fraud, money laundering and making false filings. In 2006, Comverse was involved in an options backdating scandal. It was one of Israel's largest employers of software engineers, was closely followed in the nation's business press, and was the first Israeli-associated company to join the S&P 500 index. While headquartered in the US, most of the company's research and development was done in Israel Comverse became one of the more visible success stories in Israel's hi-tech industry. It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product. Starting in the late 1990s, Comverse's voice messaging software became its main product and the company grew rapidly with the surge in mobile phone use, passing the $1 billion mark in revenues. By the mid-1990s, one of its most successful products allowed legal authorities and intelligence agencies to record and store data collected from intercepted communications. Much of its funding came from Israeli government subsidies and tax credits provided to research and development for hi-tech firms. ![]() Led by co-founder and CEO Jacob "Kobi" Alexander, the company originally specialized in centralized hardware/software systems for voice and fax messaging and sold them to telecommunications companies and other large enterprises. The name "Comverse" is a fusion of the words "communication" and "versatility".įounded in 1982, the company went public on the Nasdaq Stock Market in 1986. ![]() Comverse Technology had several wholly or partly owned subsidiaries. The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators. Comverse Technology, Inc., often referred to as simply Comverse, was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |