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The two firms today announced that they have entered into an agreement to settle and dismiss all patent disputes between the two companies.
Financial and other terms of the agreement were not disclosed.
Comverse Technology Inc. (Pink Sheets: CMVT) subsidiary Verint and NICE competed to acquire Witness Systems, which was ultimately acquired by Verint for $950 million in May 2007. NICE continued a patent dispute with Witness with the firm's buyer, Verint.
NICE brought its first patent dispute against Witness to court in 2004. Until today's resolution, each firm -- Verint and NICE -- had two outstanding claims against the other.
"This agreement will enable Verint to focus on delivering innovative solutions to the market and will benefit our customers and partners," said Verint president and CEO Dan Bodner.
"We are pleased to have resolved these long standing disputes in the best interests of our partners and customers," said NICE CEO Haim Shani.
By early afternoon, shares in NICE were up .6 percent in Nasdaq trading to $30.01, and shares in Verint were up 1.22 percent to $20.75 in over the counter trade.
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