NICE (NICE) revealed that it is extending its partnership agreement with Cloud9 Technologies to bridge communications capture and surveillance, thereby accelerating the digital transformation of financial services aided by AI and advanced analytics. The financial terms of the deal have been kept under wraps.
Shares of the leading Israel-based financial compliance solution provider, with a market capitalization of $19 billion, have gained around 24% over the past year. (See NICE stock charts on TipRanks)
Cloud9 Technologies is a leading voice communication and analytics platform designed to meet the specific needs of the financial markets and is owned by leading financial markets’ infrastructure and technology company Symphony.
The combination of Cloud9’s next-generation cloud-based solution, which digitally transforms voice trading communications, with NICE’s end-to-end cloud compliance solutions, will enable financial service organizations to detect and mitigate market abuse and conduct risk, and more efficiently comply with relevant global regulations related to the capturing and surveillance of Cloud9 interactions.
In addition, the combined capabilities can be utilized by other communication systems, like the Symphony cloud-based messaging and collaboration platform.
Chris Wooten EVP at NICE, commented, “The Cloud9 – NICE partnership uniquely enables digital transformation of trader interactions and associated regulatory compliance functions through agile, scalable cloud-to-cloud solutions that revolutionize trader communications, while also supporting compliance with relevant global regulations.”
Following the upbeat Q2 results, Citigroup analyst Tyler Radke increased the price target on NICE from $320 to $328 (12.8% upside potential) and reiterated a Buy rating on the stock.
Consensus among analysts is a Strong Buy based on 6 unanimous Buys. The average NICE price target of $317.67 implies 9.3% upside potential to current levels.
NICE scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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