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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.

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 roughly $48 million announced today will make up the bulk of that, said Alexander's attorney, Jeremy Temkin.