Comverse plans to hire, raise salaries

The news followed years of firings in Israel and abroad as the company’s cash reserves dwindled in attempts to amend the financial reports.

By RON STEINBLATT / GLOBES
December 19, 2011 22:33
1 minute read.
Comverse Technology building

comverse 311. (photo credit: Channel 10)

Comverse Technology Inc. intends to hire new employees for its billing division and to raise salaries in 2012, chief operating officer Oded Golan said Monday at the quarterly meeting of the company’s employees.

The news followed years of firings in Israel and abroad as the company’s cash reserves dwindled in attempts to amend the financial reports of previous years due to a backdating scandal that rocked the company.

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Comverse recently submitted an application to the US Securities Exchange Commission requesting the allocation and registration of shares options as incentives for the company’s executives and employees.

Comverse reported revenue of $243.5 million in its third fiscal quarter of 2011, which ended October 31, up 6.5 percent from the corresponding quarter of 2010.

Profit was up 6.1% from the corresponding period to $43.4m. in the third quarter, and there was a positive cash flow of $5m.

“Over the past few months, we have made great strides toward overcoming the challenges of the past, and we are now focused on building for a brighter future,” Comverse Technology CEO Charles Burdick said in a letter to employees.

“With our accounting issues behind us, we have relisted on NASDAQ, and we are now able to operate without many of the constraints and obstacles of the past. For example, I am currently working with the board of directors and human resources to develop a comprehensive compensation plan that will be competitive in the marketplace. This should enhance our efforts to attract, recruit and retain talented employees and help us become a more attractive place to work for current and future employees.”

In addition to Comverse Inc., which provides software for billing and value-added services, Comverse Technology holds 52% of voice- and video-recording developer Verint Systems Inc. and 66% of roaming services company Starhome.


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