Comverse Technology Announces Final Results of Tender Offer for Its Zero Yield Puttable Securities (ZYPS(SM)) Due May 15, 2023.

NEW YORK -- Comverse Technology, Inc. (Pink Sheets: CMVT.PK) today announced the final results of its previously announced cash tender offer (the "Offer") for all of its outstanding Zero Yield Puttable Securities (ZYPS(SM)) Due May 15, 2023 (CUSIP Nos. 205862AK1 and 205862AL9) (the "Old ZYPS") and New Zero Yield Puttable Securities (ZYPS(SM)) due May 15, 2023 (CUSIP No. 205862AM7) (the "New ZYPS", and collectively with the Old ZYPS, the "ZYPS"), upon the terms and conditions set forth in the Offer to Purchase and related Letter of Transmittal, each dated April 16, 2008.

The Offer expired at 5:00 p.m., New York City time, on May 15, 2008. Comverse Technology accepted for purchase $3,000 aggregate principal amount of Old ZYPS (CUSIP No. 205862AL9) and $14,000 aggregate principal amount of New ZYPS (CUSIP No. 205862AM7). Following payment by Comverse Technology for the ZYPS accepted for purchase in the Offer, $419,477,000 aggregate principal amount of ZYPS will remain outstanding.

The total consideration paid to holders of the ZYPS is $1,000 in cash for each $1,000 principal amount of ZYPS tendered.

The Bank of New York Trust Company, N.A. served as the Depositary and D.F. King & Co., Inc. as the Information Agent for the Offer.

About Comverse Technology, Inc.

Comverse Technology, Inc. is the world's leading provider of software and systems enabling network-based multimedia enhanced communication and billing services. The company's Total Communication portfolio includes value-added messaging, personalized data and content-based services, converged IP communications solutions, and real-time prepaid, postpaid and converged billing solutions. Over 500 communication and content service providers in more than 130 countries use Comverse products to generate revenue, and improve customer loyalty and operational efficiencies.

Other Comverse Technology subsidiaries include: Verint Systems (Pink Sheets: VRNT.PK), a leading provider of analytic software-based actionable intelligence solutions for security and business interaction intelligence; and Ulticom (Pink Sheets: ULCM.PK), a leading provider of service essential signaling solutions for wireless, wireline, and Internet communications.

For additional information, visit the Comverse Technology website at www.cmvt.com.

All product and company names mentioned herein may be registered trademarks or trademarks of Comverse or the respective referenced company(s).

Forward-Looking Statements

This release contains "forward-looking statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that any forward-looking statements will be achieved, and actual results could differ materially from forecasts and estimates. Important factors that could affect the company include: the results of the investigation of the Special Committee, of the Board of Directors concluded on January 28, 2008, of matters relating to the company's stock option grant practices and other accounting matters; the impact of any restatement of financial statements of the company or other actions that may be taken or required as a result of such investigation or as result of the company's VSOE evaluation; the company's inability to file reports with the Securities and Exchange Commission; the effects of the delisting of the company's Common Stock from NASDAQ and the quotation of the company's Common Stock in the "Pink Sheets," including any adverse effects relating to the trading of the stock due to, among other things, the absence of market makers; risks relating to the company's ability to relist its Common Stock on NASDAQ; risks relating to alleged defaults under the company's ZYPS indentures, including acceleration of repayment; risks of litigation (including the pending securities class action and derivative lawsuits and any potential civil injunctive action by the Securities and Exchange Commission) and of governmental investigations or proceedings arising out of or related to the company's stock option practices or any other accounting irregularities or any restatement of the financial statements of the company, including the direct and indirect costs of such investigations and restatement; changes in the demand for the company's products; changes in capital spending among the company's current and prospective customers; the risks associated with the sale of large, complex, high capacity systems and with new product introductions as well as the uncertainty of customer acceptance of these new or enhanced products from either the company or its competition; risks associated with rapidly changing technology and the ability of the company to introduce new products on a timely and cost-effective basis; aggressive competition may force the company to reduce prices; a failure to compensate any decrease in the sale of the company's traditional products with a corresponding increase in sales of new products; risks associated with changes in the competitive or regulatory environment in which the company operates; risks associated with prosecuting or defending allegations or claims of infringement of intellectual property rights; risks associated with significant foreign operations and international sales and investment activities, including fluctuations in foreign currency exchange rates, investments in auction rate securities, interest rates, and valuations of public and private equity; the volatility of macroeconomic and industry conditions and the international marketplace; the risk of declines in information technology spending; risks associated with the company's ability to retain existing personnel and recruit and retain qualified personnel. The company undertakes no commitment to update or revise forward-looking statements except as required by law.