EXHIBIT 99.1

press release                                          COMVERSE TECHNOLOGY LOGO

                                      CONTACT:        Paul D. Baker
                                                      Comverse Technology, Inc.
                                                      170 Crossways Park Drive
                                                      Woodbury, New York 11797
                                                      (516) 677-7226

                          COMVERSE TECHNOLOGY ANNOUNCES
                   STOCK OPTION EXCHANGE PROGRAM FOR EMPLOYEES


WOODBURY, NY, May 22, 2002 - Comverse Technology, Inc. (NASDAQ: CMVT) today
announced the commencement of a voluntary stock option exchange program for its
eligible employees.

Under the program, which was approved by Comverse Technology shareholders,
participating employees will be given the opportunity to have unexercised stock
options previously granted to them cancelled, in exchange for replacement
options that will be granted at a future date. Replacement options will be
granted at a ratio of 0.85 new options for each existing option cancelled, at an
exercise price equal to the fair market value of Comverse Technology stock on
the date of the re-grant, which currently is expected to be December 23, 2002.
Participating employees will have until June 20, 2002 to submit options for
cancellation.

Kobi Alexander, Chairman and Chief Executive Officer of Comverse Technology,
said, "Our employees are essential to our long-term success and stock options
are an important incentive program designed to focus employees on the objective
of increasing shareholder value as we go forward. By re-aligning option exercise
prices to reflect the prevailing realities governing the equity valuations of
telecommunications-related firms such as Comverse Technology, we hope to restore
the incentive power of our previously-granted options."

The exchange program has been designed in accordance with the Financial
Accounting Standards Board (FASB) Interpretation No. 44. As per FASB No. 44, the
grant of replacement options not less than six months and one day after
cancellation will not result in any variable compensation charges relating to
these options.
                                   -- more --

COMVERSE TECHNOLOGY ANNOUNCES
STOCK OPTION EXCHANGE PROGRAM FOR EMPLOYEES
MAY 22, 2002
PAGE 2

ABOUT COMVERSE TECHNOLOGY, INC.

Comverse Technology, Inc. (NASDAQ: CMVT) is the world's leading provider of
software and systems enabling network-based multimedia enhanced communications
services. More than 390 wireless and wireline telecommunications network
operators, in more than 100 countries, have selected Comverse's enhanced
services systems and software, which enable the provision of revenue-generating
value-added services including call answering with one-touch call return, short
messaging services, IP-based unified messaging (voice, fax, and email in a
single mailbox), 2.5G/3G multimedia messaging (MMS), wireless instant messaging,
wireless information and entertainment services, voice-controlled dialing,
messaging and browsing, prepaid wireless services, and additional personal
communication services. Other Comverse Technology business units include: Verint
Systems (NASDAQ: VRNT), a leading provider of analytic solutions for
communications interception, digital video security and surveillance, and
enterprise business intelligence; and Ulticom (NASDAQ: ULCM), a leading provider
of service enabling network software for wireless, wireline, and Internet
communications. Comverse Technology is an S&P 500 and NASDAQ-100 Index company.
For additional information, visit the Comverse Technology web site at
http://www.cmvt.com.

Note: This release may contain forward-looking statements that involve risks and
uncertainties. There can be no assurances that forward-looking statements will
be achieved, and actual results could differ materially from forecasts and
estimates. Important factors that could cause actual results to differ
materially include: 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; risks associated
with changes in the competitive or regulatory environment in which the company
operates; risks associated with significant foreign operations and international
sales and investment activities, including fluctuations in foreign currency
exchange rates, interest rates, and valuations of public and private equity; the
volatility of macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain existing
personnel and recruit and retain qualified personnel; and other risks described
in filings with the Securities and Exchange Commission. These risks and
uncertainties, as well as others, are discussed in greater detail in the filings
of the company with the Securities and Exchange Commission, including its most
recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form
10-Q. These documents are available through the company, or through the SEC's
Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov.
The company makes no commitment to revise or update any forward-looking
statements in order to reflect events or circumstances after the date any such
statement is made.

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