Comverse Technology | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-02-05

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Comverse_Technology


00:03:23 1 Subsidiaries
00:06:48 2 History
00:06:57 2.1 Origins
00:08:42 2.2 Early successes
00:11:18 2.3 Growth with wireless
00:19:25 2.4 Options backdating and improper accounting
00:22:44 2.5 Continuing difficulties
00:29:47 2.6 Hopes for recovery
00:31:10 2.7 Restructuring
00:32:45 3 Industry recognition
00:34:18 4 Bibliography



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Voice name: en-GB-Wavenet-D


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- Socrates


SUMMARY
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Comverse Technology, Inc., was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software. The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators. Comverse Technology had several wholly or partly owned subsidiaries. The name "Comverse" is a fusion of the words "communication" and "versatility".
Founded in 1982, the company went public on the Nasdaq Stock Market in 1986.  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.  Much of its funding came from Israeli government subsidies and tax credits provided to research and development for hi-tech firms.  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.  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.  It established a formidable position in the worldwide mobile voicemail management market and sold a popular short message service center (SMSC) product.  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 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.
In 2006, Comverse was involved in an options backdating scandal.  Alexander and two other top executives were charged in the US with multiple counts of conspiracy, fraud, money laundering and making false filings.  Alexander fled the country to Namibia where he engaged in a prolonged fight against extradition.  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.  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.  By 2011 the company began a turnaround.
During 2012 and 2013, Comverse Technology divested itself of all its holdings and ceased to exist.  The two independent companies that carried on its most well-known product lines were a newly independent Comverse and Verint Systems.  After further mergers Comverse became Xura in 2015 and then Mavenir in 2017, while part of the Comverse business went to Amdocs in 2015.