SC TO-I

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE TO

Tender Offer Statement under Section 14(d)(1) or 13(e)(1)

of the Securities Exchange Act of 1934

COMVERSE TECHNOLOGY, INC.

(Name of Subject Company (Issuer))

COMVERSE TECHNOLOGY, INC.

(Names of Filing Persons (Issuer))

Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023

and New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023

(Title of Class of Securities)

205862AK1

205862AL9

205862AM7

(CUSIP Number of Class of Securities)

Paul L. Robinson, Esq.

Executive Vice President,

Chief Operating Officer and

General Counsel

Comverse Technology, Inc.

810 Seventh Avenue

New York, NY 10019

(212) 739-1000

Copy to:

David E. Zeltner, Esq.

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

(212) 310-8000

(Name, Address and Telephone Numbers of Person

Authorized to Receive Notices and Communications on Behalf of Filing Persons)

Calculation of Filing Fee

Transaction Valuation*	Amount of Filing Fee
$419,647,000	$12,884,00

* Calculated solely for purpose of determining the filing fee. Based upon a purchase of $2,170,000 aggregate principal amount of Comverse’s Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 and a purchase of $417,477,000 aggregate principal amount of Comverse’s New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 in connection with a designated event repurchase offer pursuant to the applicable indenture, at a purchase price of $1,000 per $1,000 principal amount of ZYPS. The amount of the filing fee, $30,70 for each $1,000,000 of value of ZYPS proposed to be purchased, was calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended.

¨ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid:	None	Filing Party:	Not applicable
Form or Registration No.:	Not applicable	Date Filed:	Not applicable

¨ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

¨ third-party tender offer subject to Rule 14d-1.

x issuer tender offer subject to Rule 13e-4.

¨ going-private transaction subject to Rule 13e-3.

¨ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨

INTRODUCTION

Pursuant to the terms of and subject to the conditions set forth in (i) the Indenture dated as of May 7, 2003 (the “2003 Indenture”) between Comverse Technology, Inc. (“Comverse”), and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee (the “Trustee”), governing the Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “Old ZYPS”) and (ii) the Indenture dated as of January 26, 2005 (the “2005 Indenture”) between Comverse and the Trustee, governing the New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “New ZYPS,” and, collectively with the Old ZYPS, the “ZYPS”), this Tender Offer Statement filed on Schedule TO (“Schedule TO”) is filed by Comverse with respect to the right of each holder of the ZYPS to sell, and the obligation of Comverse to purchase, the ZYPS pursuant to the terms and conditions of the Notice of Designated Event and Offer to Purchase dated March 2, 2007 (as may be amended and supplemented from time to time, the “Offer to Purchase”) attached hereto as Exhibit (a)(1)(A), the Indentures and the ZYPS (the “Offer”). A Designated Event (as defined in the Indentures) occurred effective at the open of business on February 1, 2007 when Comverse’s Common Stock was delisted from The NASDAQ Global Market.

The Offer will expire at 5:00 pm, New York City time, on March 30, 2007, unless extended by Comverse in its sole discretion or pursuant to a requirement of applicable law, or earlier terminated by Comverse pursuant to a requirement of applicable law.

All of the information set forth in the Offer to Purchase is incorporated herein in response to Items 1 through 11 of this Schedule TO except for those Items as to which information is specifically provided herein.

Item 1.    Summary Term Sheet.

The information set forth in the section of the Offer to Purchase entitled “SUMMARY TERM SHEET” is incorporated herein by reference.

Item 2.    Subject Company Information.

(a) Name and Address. The issuer of the ZYPS is Comverse Technology, Inc., a New York corporation. Its principal executive offices are located at 810 Seventh Avenue, 35th Floor, New York, NY 10019, and its telephone number is (212) 739-1000.

(b) Securities. The subject class of securities is Comverse’s Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 and New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023. As of January 31, 2007 there was $2,170,000 aggregate principal amount of Old ZYPS and $417,477,000 aggregate principal amount of New ZYPS outstanding, which are convertible (subject to the satisfaction of certain conversion conditions set forth in the respective Indentures) into cash and/or shares of Comverse’s Common Stock.

(c) Trading Market and Price. The information set forth in the section of the Offer to Purchase captioned “THE OFFER—Market Price Information; Other Matters” is incorporated herein by reference.

Item 3.    Identity and Background of the Filing Person.

(a) Name and Address. Comverse is the filing person. Comverse’s business address and telephone number are set forth under Item 2(a) above.

The names of the executive officers and directors of the Company who are persons specified in Instruction C to Schedule TO are set forth below. The business address for each such person is: c/o Comverse Technology, Inc., 810 Seventh Avenue, 35th Floor, New York, NY 10019 and the telephone number for each such person is (212) 739-1000.

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Name	Position
Paul L. Robinson	Executive Vice President, Chief Operating Officer and General Counsel
Avi T. Aronovitz	Interim Chief Financial Officer, Vice President of Finance and Treasurer
Zeev Bregman	Chief Executive Officer, Comverse, Inc.
Dan Bodner	President and Chief Executive Officer, Verint Systems Inc.
Shawn Osborne	President and Chief Executive Officer, Ulticom, Inc.
Raz Alon	Director
Susan M. Bowick	Director
Charles J. Burdick	Director
John H. Friedman	Director
Richard N. Nottenburg	Director
Joseph O’Donnell	Director
Sam Oolie	Director
Theodore H. Schell	Director
Mark C. Terrell	Chairman of the Board

Item 4.    Terms of the Transaction.

(a) Material Terms. The information set forth in the sections of the Offer to Purchase most specifically under the section entitled “SUMMARY” and the sections captioned “THE OFFER—Introduction,” “Terms of the Offer,” “—Purchase of the ZYPS; Payment of Purchase Price,” “—Procedures for Tendering the ZYPS,” “—Withdrawal Rights,” “—Conditions of the Offer,” “—Expiration, Extension, Termination or Amendment of the Offer,” “—Rights of ZYPS Holders as a Result of the Offer” and “—Certain U.S. Federal Income Tax Consequences” is incorporated herein by reference.

(b) Purchases. The ZYPS will not be purchased from any officer, director or other affiliate of Comverse.

Item 5.    Past Contacts, Transactions, Negotiations and Agreements.

Agreements Involving the Subject Company’s Securities. Comverse is a party to the following agreements, arrangements or understandings that involve the subject securities:

Indenture, dated as of May 7, 2003, between Comverse Technology, Inc. and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee (filed as Exhibit 4.2 to Comverse’s Form S-3 (Registration No. 333-106391) on June 23, 2003 and incorporated herein by reference).

Descriptions of the material provisions of the foregoing agreement are incorporated herein by reference to “Description of the ZYPS” on pages 16 through 27 of Comverse’s Form S-3 (Registration No. 333-106391) filed June 23, 2003 and incorporated herein by reference.

Indenture, dated as of January 26, 2005, between Comverse Technology, Inc. and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee (filed as Exhibit 4.1 to Comverse’s Current Report on Form 8-K on January 26, 2005 and incorporated herein by reference).

Descriptions of the materials provisions of the foregoing agreement are incorporated herein by reference to “Description of the New ZYPS” on pages 32 through 45 of Comverse’s Prospectus dated January 21, 2005 filed with the Securities and Exchange Commission on January 21, 2005 pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended and incorporated herein by reference.

Item 6.    Purpose of the Tender Offer and Plans or Proposals.

(a) Purposes. The information set forth in the sections of the Offer to Purchase entitled “THE OFFER—Purpose of the Offer” is incorporated herein by reference.

(b) Use of Securities Acquired. Comverse will deliver all ZYPS purchased by Comverse in the Offer to the Trustee for cancellation and those ZYPS will cease to be outstanding.

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(c)(1) No person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any extraordinary transaction, such as a merger, reorganization or liquidation, involving Comverse or any of its subsidiaries.

(c)(2) No person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any purchase, sale or transfer of a material amount of any of Comverse’s assets or the assets of any of its subsidiaries.

(c)(3) Except for the Offer, no person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any material change to the present dividend rate or policy, indebtedness or capitalization of Comverse.

(c)(4) Except for (i) Messrs. Friedman and Oolie, who tendered their resignations from the Board of Directors effective April 30, 2007, (ii) Mr. Bregman, who tendered his resignation as Chief Executive Officer of Comverse, Inc. effective March 31, 2007, and (iii) an ongoing CEO search by the Board of Directors, no person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations to change the number or term or to otherwise make any changes to the Board of Directors or management of Comverse. Except for discussions in the ordinary course regarding increases in compensation and other compensation arrangements, no such person has any plans or proposals or is a party to negotiations regarding changes to material terms of the employment contracts of any of the executive officers of Comverse.

(c)(5) Except for any possible acquisitions or divestitures Comverse may consider from time to time, no person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any other change in Comverse’s corporate structure or business.

(c)(6) No person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any class of equity securities of Comverse being delisted from a national securities exchange or ceasing to be authorized to be quoted in an automated quotations system operated by a national securities association. Comverse’s Common Stock was delisted from The NASDAQ Global Market effective at the open of business on February 1, 2007, and is currently traded over-the-counter on the Pink Sheets.

(c)(7) No person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any class of equity securities of Comverse becoming eligible for termination of registration under Section 12(g)(4) of the Exchange Act.

(c)(8) No person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in the suspension of Comverse’s obligation to file reports under Section 15(d) of the Exchange Act.

(c)(9) Except for the Offer, no person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in the acquisition by any person of additional securities of Comverse, or the disposition of securities of Comverse.

(c)(10) No person identified in Item 3 of this Schedule TO has any plans or proposals or is a party to negotiations that would relate to or result in any changes in either Comverse’s certificate of incorporation, bylaws or other governing instruments or other actions that could impede the acquisition of control of Comverse.

Item 7.    Source and Amount of Funds or Other Consideration.

(a) Source of Funds. The information set forth in the section of the Offer to Purchase entitled “THE OFFER—Source and Amount of Funds” is incorporated herein by reference.

(b) Conditions. Not applicable.

(d) Borrowed Funds. Not applicable.

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Item 8.    Interest in Securities of the Subject Company.

(a) Securities Ownership. None of the persons named in Item 3 above (in response to Item 1003 of Regulation M-A), nor any associates or majority–owned subsidiaries of such persons, beneficially own any of the subject securities.

(b) Securities Transactions. No person identified in Item 3 of this Schedule TO, no associate or majority owned subsidiary of Comverse, and no director or executive officer of any subsidiary of Comverse has engaged in any transaction in the ZYPS during the 60 days preceding the date of this Schedule TO.

Item 9.    Persons/Assets Retained, Employed, Compensated or Used.

(a) Solicitations or Recommendations. The information set forth in the section of the Offer to Purchase entitled “THE OFFER—Persons Employed in Connection with the Offer” is incorporated herein by reference.

Item 10.    Financial Statements.

Comverse does not believe that financial statement information is material to holders of the ZYPS because, among other reasons, the consideration offered consists solely of cash, the offer is not subject to any financing condition and the Offer is for all outstanding ZYPS.

Item 11.    Additional Information.

(a)(1) There are no material agreements, arrangements, understandings or relationships between Comverse and any of its executive officers, directors, controlling persons or subsidiaries that are material to a holder’s decision whether to sell, tender or hold the ZYPS.

(a)(2) To the best knowledge of Comverse after reasonable investigation, there are no applicable regulatory requirements that must be complied with or approvals that must be obtained in connection with the tender offer that are material to a holder’s decision whether to sell, tender or hold the ZYPS.

(a)(3) There are no applicable anti-trust laws that are material to a holder’s decision whether to sell, tender or hold the ZYPS.

(a)(4) There are no margin requirements under Section 7 of the Exchange Act and its applicable regulations that are material to a holder’s decision whether to sell, tender or hold the ZYPS.

(a)(5) There are no material pending legal proceedings relating to the Offer that are material to a holder’s decision whether to sell, tender or hold the ZYPS.

(b) None.

Item 12.    Exhibits.

(a)(1)(A)	Notice of Designated Event and Offer to Purchase, dated March 2, 2007
(a)(1)(B)	Form of Letter of Transmittal
(a)(1)(C)	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
(a)(1)(D)	Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
(a)(1)(E)	Press Release dated March 2, 2007
(b)	Not applicable
(d)(1)	Indenture, dated as of May 7, 2003, between Comverse Technology, Inc. and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee. (Incorporated by reference to Exhibit 4.2 to Comverse’s Form S-3 (Registration No. 333-106391) filed on June 23, 2003)

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(d)(2)	Description of the Old ZYPS (filed as pages 16 through 27 of Comverse’s S-3 (Registration No. 333-106391) on June 23, 2003 and incorporated herein by reference)
(d)(3)	Indenture, dated as of January 26, 2005, between Comverse Technology, Inc. and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee. (Incorporated by reference to Exhibit 4.1 to Comverse’s Current Report on Form 8-K filed on January 26, 2005)
(d)(4)	Description of the New ZYPS (filed as pages 32 through 45 of Comverse’s Prospectus (Registration No. 333-120870) dated January 21, 2005 filed with the Securities and Exchange Commission on January 21, 2005 pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended and incorporated herein by reference)
(g)	Not applicable
(h)	Not applicable

Item 13.    Information Required by Schedule 13E-3.

Not applicable.

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SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

COMVERSE TECHNOLOGY, INC.
By:	/s/  Paul L. Robinson
	Name:  Paul L. Robinson Title:    Executive Vice President,               Chief Operating Officer               and General Counsel

Dated: March 2, 2007

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EXHIBIT INDEX

Exhibit No.	Document
(a)(1)(A)	Notice of Designated Event and Offer to Purchase, dated March 2, 2007
(a)(1)(B)	Form of Letter of Transmittal
(a)(1)(C)	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
(a)(1)(D)	Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees
(a)(1)(E)	Press Release dated March 2, 2007
(b)	Not applicable
(d)(1)	Indenture, dated as of May 7, 2003, between Comverse Technology, Inc. and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee. (Incorporated by reference to Exhibit 4.2 to Comverse’s Form S-3 (Registration No. 333-106391) filed on June 23, 2003)
(d)(2)	Description of the Old ZYPS (filed as pages 16 through 27 of Comverse’s S-3 (Registration No. 333-106391) on June 23, 2003 and incorporated herein by reference)
(d)(3)	Indenture, dated as of January 26, 2005, between Comverse Technology, Inc. and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee. (Incorporated by reference to Exhibit 4.1 to Comverse’s Current Report on Form 8-K filed on January 26, 2005)
(d)(4)	Description of the New ZYPS (filed as pages 32 through 45 of Comverse’s Prospectus (Registration No. 333-120870) dated January 21, 2005 filed with the Securities and Exchange Commission on January 21, 2005 pursuant to Rule 424(b)(3) under the Securities Act of 1933, as amended and incorporated herein by reference)
(g)	Not applicable
(h)	Not applicable

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EX-99.(A)(1)(A)

Exhibit (a)(1)(A)

NOTICE OF DESIGNATED EVENT AND

OFFER TO PURCHASE

COMVERSE TECHNOLOGY, INC.

Offer to Purchase For Cash Any and All of the Outstanding:

Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (“Old ZYPS”)

(CUSIP Nos. 205862AK1* and 205862AL9*) (ISIN No. US205862AL98*)

and

New Zero Yield Puttable Securities (ZYPS^SM) due May 15, 2023 (“New ZYPS”)

(CUSIP No. 205862AM7*) (ISIN No. US205862AM71*)

(The Old ZYPS and the New ZYPS are referred to herein collectively as the “ZYPS”)

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 PM, NEW YORK CITY TIME, ON FRIDAY, MARCH 30, 2007, UNLESS THE OFFER IS EXTENDED BY COMVERSE TECHNOLOGY, INC. IN ITS SOLE DISCRETION OR PURSUANT TO A REQUIREMENT OF APPLICABLE LAW, OR TERMINATED BY COMVERSE TECHNOLOGY, INC. PURSUANT TO A REQUIREMENT OF APPLICABLE LAW (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED, REFERRED TO AS THE “EXPIRATION TIME”). COMVERSE TECHNOLOGY, INC. MAY EXTEND THE OFFER PERIOD, SUBJECT TO THE REQUIREMENTS DESCRIBED HEREIN. HOLDERS MUST TENDER THEIR SECURITIES IN THE MANNER DESCRIBED BELOW ON OR PRIOR TO THE EXPIRATION TIME TO RECEIVE THE PURCHASE PRICE. SECURITIES TENDERED IN THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION TIME.

NOTICE IS HEREBY GIVEN pursuant to the terms and conditions of the Indenture dated as of May 7, 2003 (the “2003 Indenture”) and the Indenture dated as of January 26, 2005 (the “2005 Indenture,” and collectively with the 2003 Indenture, the “Indentures”), each between Comverse Technology, Inc. (referred to as “we,” “us,” “our,” or “Comverse”) and The Bank of New York Trust Company, N.A., as successor to JPMorgan Chase Bank, N.A., as trustee (referred to as the “Trustee”), that effective at the open of business on February 1, 2007, our Common Stock was delisted from The NASDAQ Global Market. For purposes of the Indentures, this event is defined as a Designated Event requiring certain actions, including the offer made hereby. Accordingly, in order to satisfy our obligations under the Indentures, we are hereby making an offer to repurchase all of our outstanding ZYPS, subject to the terms and conditions of this Notice of Designated Event and Offer to Purchase (as amended and supplemented from time to time, the “Offer to Purchase”).

In accordance with the Indentures, we are hereby offering to purchase in cash each $1,000 principal amount of ZYPS at a purchase price of 100% of the principal amount, with payment to be made on April 2, 2007 (the “Designated Event Purchase Date”), unless the term of the Offer is extended or earlier terminated pursuant to a requirement of applicable law. The offer to purchase the ZYPS on the terms set forth in this Offer to Purchase is referred to herein as the “Offer.”

Subject to the terms and conditions of the Offer, holders who properly tender (and do not properly withdraw) their ZYPS at or prior to the Expiration Time will receive $1,000 for each $1,000 principal amount of ZYPS accepted for purchase pursuant to the Offer. As of January 31, 2007, there was $2,170,000 aggregate principal amount of the Old ZYPS and $417,477,000 aggregate principal amount of the New ZYPS outstanding. We will accept for purchase any and all outstanding ZYPS validly tendered (and not properly withdrawn). See “THE OFFER—Terms of the Offer.”

The Offer is not conditioned on any minimum aggregate principal amount of the ZYPS being tendered. The Offer is, however, subject to the conditions discussed under “THE OFFER—Conditions of the Offer.”

Holders are urged to review this Offer to Purchase carefully and consult with their own legal, financial and tax advisors before deciding whether to tender their ZYPS in the Offer. Neither we nor any of our affiliates, officers or directors, or the Trustee or Depositary make any recommendation as to whether or not holders should tender ZYPS pursuant to the Offer.

The date of this Offer to Purchase is March 2, 2007

* No representation is made as to the accuracy of any CUSIP or ISIN numbers.

IMPORTANT INFORMATION

All of the ZYPS are held in book-entry form through the facilities of The Depository Trust Company (“DTC”). Therefore, if you want to tender all or part of your ZYPS, you must validly tender (and not properly withdraw) your ZYPS as follows before the Offer expires. You and your custodian or nominee should arrange for the DTC participant holding the ZYPS through its DTC account to tender those ZYPS on your behalf in the Offer to The Bank of New York Trust Company, N.A. (the “Depositary”), prior to the expiration of the Offer by means of book-entry transfer into the Depositary’s applicable DTC account. See “THE OFFER—Procedures for Tendering the ZYPS.”

A tender of ZYPS in book-entry form will be deemed to have been received only when the Depositary receives both (i) either a properly completed and duly executed copy or facsimile of the Letter of Transmittal or a duly completed Agent’s Message through the facilities of DTC at the Depositary’s applicable DTC account and (ii) confirmation of book-entry transfer of the ZYPS into the Depositary’s applicable DTC account in accordance with DTC’s procedures for such transfer. The agent’s message is a message, transmitted by DTC to and received by the Depositary and forming a part of a book-entry confirmation, which states that DTC has received an express acknowledgment from the tendering participant, which acknowledgment states that such participant has received and agrees to be bound by this Offer to Purchase and the Letter of Transmittal and that we may enforce such agreement against such participant (the “Agent’s Message”).

Notwithstanding any other provision of the Offer, our obligation to accept for purchase, and to pay the purchase price for, any ZYPS validly tendered (and not properly withdrawn) is subject to and conditioned upon the satisfaction of, or where applicable, our waiver of, all conditions of the Offer described under “THE OFFER—Conditions of the Offer.”

You may direct questions and requests for assistance, including requests for additional copies of this Offer to Purchase or the Letter of Transmittal, to D.F. King & Co., Inc. (the “Information Agent”) at its address and telephone number set forth on the back cover of this Offer to Purchase. See “THE OFFER—Persons Employed in Connection with the Offer.”

Comverse intends to issue a press release on or about March 19, 2007, which will announce Comverse’s unaudited financial results for the fiscal year ended January 31, 2007.

THE OFFER DOES NOT CONSTITUTE AN OFFER TO PURCHASE THE ZYPS IN ANY JURISDICTION IN WHICH, OR FROM ANY PERSON FROM WHOM, IT IS UNLAWFUL TO MAKE THE OFFER UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. SUBJECT TO APPLICABLE LAW, DELIVERY OF THIS OFFER TO PURCHASE SHALL NOT UNDER ANY CIRCUMSTANCES CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED IN THIS OFFER TO PURCHASE IS CORRECT AS OF ANY TIME AFTER THE DATE OF THIS OFFER TO PURCHASE OR THAT THERE HAS BEEN NO CHANGE IN THE INFORMATION INCLUDED HEREIN OR IN THE AFFAIRS OF COMVERSE, OR ITS SUBSIDIARIES OR AFFILIATES, SINCE THE DATE HEREOF.

NONE OF COMVERSE, ITS MANAGEMENT OR BOARD OF DIRECTORS, THE INFORMATION AGENT, THE DEPOSITARY OR THEIR RESPECTIVE AFFILIATES MAKES ANY RECOMMENDATION TO ANY HOLDER OF ZYPS AS TO WHETHER TO TENDER ANY ZYPS. NONE OF COMVERSE, THE INFORMATION AGENT OR THE DEPOSITARY HAS AUTHORIZED ANY PERSON TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION IN CONNECTION WITH THE OFFER OTHER THAN THE INFORMATION AND REPRESENTATIONS CONTAINED IN THIS OFFER TO PURCHASE OR IN THE LETTER OF TRANSMITTAL. IF ANYONE MAKES ANY RECOMMENDATION OR REPRESENTATION OR GIVES ANY SUCH INFORMATION, YOU SHOULD NOT RELY UPON THAT RECOMMENDATION, REPRESENTATION OR INFORMATION AS HAVING BEEN AUTHORIZED BY COMVERSE, THE INFORMATION AGENT OR THE DEPOSITARY.

THIS OFFER TO PURCHASE HAS NOT BEEN REVIEWED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR REGULATORY AUTHORITY, NOR HAS ANY SUCH COMMISSION OR AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFER TO PURCHASE. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL AND MAY BE A CRIMINAL OFFENSE.

TABLE OF CONTENTS

	Page
SUMMARY TERM SHEET	1
THE OFFER	6
Introduction	6
The Offeror	7
Purpose of the Offer	8
Terms of the Offer	8
Conversion Rights With Respect to the ZYPS	9
Purchase of the ZYPS; Payment of Purchase Price	9
Procedures for Tendering the ZYPS	10
Withdrawal Rights	12
Conditions of the Offer	13
Expiration, Extension, Termination or Amendment of the Offer	13
Market Price Information; Other Matters	14
Source and Amount of Funds	15
Future Purchases	15
Rights of ZYPS Holders as a Result of the Offer	16
Retirement and Cancellation	16
Certain U.S. Federal Income Tax Consequences	16
Persons Employed in Connection with the Offer	19
Miscellaneous	19
CERTAIN RISKS AND UNCERTAINTIES	20

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SUMMARY TERM SHEET

This summary highlights selected information from this Offer to Purchase and does not contain all the information that may be important to you in deciding whether to tender your ZYPS. You should read the entire Offer to Purchase and the Letter of Transmittal before making your decision to tender your ZYPS. Cross references contained in this summary section will direct you to a more complete discussion of a particular topic elsewhere in this Offer to Purchase.

WHO IS OFFERING TO PURCHASE MY ZYPS?

Comverse Technology, Inc., a New York corporation and the issuer of the ZYPS. The mailing address of Comverse’s principal executive offices is 810 Seventh Avenue, 35th Floor, New York, NY 10019. Comverse’s telephone number is (212) 739-1000. See “THE OFFER—The Offeror.”

WHAT ARE THE SECURITIES BEING SOUGHT IN THE OFFER AND WHAT IS THE PURCHASE PRICE?

Comverse is offering to purchase, on the terms and conditions described herein and in the Letter of Transmittal, any and all of its outstanding ZYPS, at a purchase price of $1,000 in cash per $1,000 principal amount of ZYPS, with payment to be made on the Designated Event Purchase Date, which will be April 2, 2007 (the “Designated Event Purchase Date”) unless the term of the Offer is extended or earlier terminated pursuant to a requirement of applicable law. See “THE OFFER—Terms of the Offer—Purchase Price.”

HOW LONG DO I HAVE TO TENDER MY ZYPS TO COMVERSE?

The Offer will expire at the “expiration time,” which is 5:00 pm, New York City time, on March 30, 2007, unless extended by Comverse in its sole discretion or pursuant to a requirement of applicable law, or terminated by Comverse pursuant to a requirement of applicable law. See “THE OFFER—Terms of the Offer.” If extended by Comverse, the term “expiration time” with respect to the Offer will mean the latest time and date at which the Offer, as extended, will expire. See “THE OFFER—Expiration, Extension, Termination or Amendment of the Offer” for a description of Comverse’s right to extend, delay, terminate or amend the Offer.

IF I TENDER, WHEN WILL I RECEIVE PAYMENT FOR THE ZYPS?

We will accept for payment ZYPS validly tendered (and not properly withdrawn) prior to the expiration time, subject to the conditions of the Offer. Promptly after the expiration time, we will pay the purchase price for all ZYPS validly tendered and not properly withdrawn under the Offer. See “THE OFFER—Terms of the Offer.”

WHAT WILL HAPPEN TO ZYPS NOT TENDERED IN THE OFFER?

Any ZYPS that remain outstanding after the Designated Event Purchase Date will continue to be our obligations and will continue to be entitled to the benefits of the Indentures. You also will continue to have the right to convert the ZYPS. The other terms and conditions governing the ZYPS, including the covenants and other protective provisions contained in the Indentures, will remain unchanged.

To the extent that ZYPS are purchased pursuant to this Offer to Purchase, the trading markets for the ZYPS that remain outstanding are expected to be more limited than the trading markets that may have existed if all ZYPS remained outstanding. As a result, the market price for the remaining ZYPS may decrease or become more volatile.

WHY ARE YOU OFFERING TO PURCHASE MY SECURITIES?

We are offering to purchase the ZYPS to satisfy our contractual obligation under the Indentures to offer to repurchase the ZYPS after a Designated Event, as defined in the Indentures. Our Common Stock was delisted from The NASDAQ Global Market effective at the open of business on February 1, 2007, which was a Designated Event under the terms of the Indentures.

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HOW MANY ZYPS WILL COMVERSE PURCHASE IN ALL?

Comverse will purchase all of the outstanding ZYPS or such lesser amount as are validly tendered and not properly withdrawn. See “THE OFFER—Terms of the Offer.”

IS THERE A MINIMUM PRINCIPAL AMOUNT OF ZYPS THAT MUST BE TENDERED IN ORDER FOR COMVERSE TO PURCHASE ANY ZYPS?

The Offer is not conditioned on any aggregate minimum principal amount of ZYPS being tendered. The Offer is, however, subject to other conditions. See “THE OFFER—Purchase of ZYPS; Payment of Purchase Price” and “—Conditions of the Offer.”

MAY I TENDER ONLY A PORTION OF THE ZYPS THAT I HOLD?

Yes. You do not have to tender all of the ZYPS you own to participate in the Offer. See “THE OFFER—Terms of the Offer.”

HOW AND WHEN WILL I BE PAID?

You will be paid in cash $1,000 per $1,000 principal amount of ZYPS accepted for purchase promptly after the expiration of the Offer and the acceptance of such ZYPS for payment. Comverse will pay the purchase price to the Depositary, which will act as your custodian or nominee for the purpose of receiving payment from Comverse and transmitting payment to you. See “THE OFFER—Purchase of the ZYPS; Payment of Purchase Price.”

WHAT ARE MY CONVERSION RIGHTS WITH RESPECT TO MY ZYPS?

Each $1,000 principal amount of the Old ZYPS is convertible, at the option of the holder and upon the circumstances described in the 2003 Indenture, into shares of our Common Stock at a conversion price of $17.9744 per share (equal to a conversion rate of 55.6347 shares) per $1,000 principal amount of Old ZYPS.

Each $1,000 principal amount of the New ZYPS is convertible, at the option of the holder upon the circumstances described in the 2005 Indenture, into cash and shares of our Common Stock as provided in Section 12.13 of the 2005 Indenture, at a conversion price of $17.9744 per share (equal to a conversion rate of 55.6347 shares) per $1,000 principal amount of New ZYPS.

Our Common Stock is currently traded on the Pink Sheets. On March 1, 2007, the closing sale price of our Common Stock was $21.81 per share. See “THE OFFER— Conversion Rights With Respect to the ZYPS.”

IF I DO NOT TENDER, WILL I CONTINUE TO BE ABLE TO EXERCISE MY CONVERSION RIGHTS?

Yes, subject to the terms of the Indentures. Your conversion rights will not be affected if you do not tender your ZYPS for purchase or even if you tender your ZYPS but properly withdraw your tender prior to the expiration time. See “THE OFFER— Conversion Rights With Respect to the ZYPS.”

IF I DO NOT TENDER, WILL I HAVE THE RIGHT TO REQUIRE COMVERSE TO REPURCHASE MY ZYPS IN THE FUTURE?

We are making the Offer to satisfy our obligation under the Indentures to repurchase the ZYPS at the option of each holder as a result of the Designated Event that occurred upon the delisting of our Common Stock from The NASDAQ Global Market. Upon expiration of the Offer, our obligations to repurchase your ZYPS will not arise again until (i) the Specific Repurchase Dates or (ii) another Designated Event occurs in the future with respect to us, in which case you would have the right, at your option, to require us to repurchase your ZYPS. Under the Indentures, each of May 15, 2008, May 15, 2013 and May 15, 2018, and, under the 2005 Indenture only, May 15, 2009 is defined as a “Special Repurchase Date” and the delisting of our Common Stock or change in control constitute a “Designated Event.”

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WHAT FINANCIAL INFORMATION CONCERNING COMVERSE IS AVAILABLE TO REVIEW?

As a result of Comverse’s ongoing investigation of past stock option grants, including its evaluation of actual dates of measurement for certain grants which differ from the recorded grant dates, and of additional accounting issues, including errors in the recognition of revenue related to certain contracts, errors in the recording of certain deferred tax accounts and the misclassification of certain expenses in earlier periods as well as the possible misuse of accounting reserves and the understatement of backlog, Comverse Technology did not release earnings for fiscal 2005, ended January 31, 2006, or for any subsequent fiscal quarter. In addition, Comverse previously announced that its prior financial statements and any related reports of its independent registered public accounting firm should no longer be relied upon.

Comverse intends to issue a press release on or about March 19, 2007, which will announce its unaudited financial results for the fiscal year ended January 31, 2007.

WHAT IS THE MARKET VALUE OF THE ZYPS?

There is no established reporting or trading system for the ZYPS. Accordingly, there is no practical way to determine the trading history of the ZYPS. We believe that trading in the ZYPS has been limited and sporadic. See “THE OFFER—Market Price Information; Other Matters.”

HOW DO I TENDER MY ZYPS?

You will need to timely instruct your custodian or nominee to tender your ZYPS prior to the Expiration Time of the Offer in the manner described under “THE OFFER—Procedures for Tendering the ZYPS.”

CAN I SEND A NOTICE OF GUARANTEED DELIVERY TO TENDER MY ZYPS?

No. There are no guaranteed delivery procedures for the Offer. In order to participate in the Offer, you must tender (and not properly withdraw) your ZYPS by the expiration time. A tender will be deemed to have been received only when the Depositary receives both (i) either a properly completed and duly executed copy or facsimile of the Letter of Transmittal or a duly completed Agent’s Message through the facilities of DTC at the Depositary’s applicable DTC account and (ii) confirmation of book-entry transfer of the ZYPS into the Depositary’s applicable DTC account in accordance with DTC’s procedures for such transfer. See “THE OFFER—Procedures for Tendering the ZYPS.”

WILL I HAVE TO PAY BROKERAGE COMMISSIONS OR STOCK TRANSFER TAXES IF I TENDER MY ZYPS IN THE OFFER?

A registered holder of the ZYPS that tenders its ZYPS directly to the Depositary will not need to pay any brokerage commissions. If you hold ZYPS through a broker or bank, however, you should ask your broker or bank whether you will be charged a fee to tender your ZYPS. See “THE OFFER—Procedures for Tendering the ZYPS.”

If the Depositary is instructed in the Agent’s Message to make the payment for the ZYPS to the registered holder, you will not incur any stock transfer taxes. If, however, (i) payment of the purchase price is to be made to any person other than the registered holder or (ii) the ZYPS not tendered for purchase are to be registered in the name of any person other than the registered holder, then the amount of all stock transfer taxes, if any (whether imposed on the registered holder, the other person or otherwise), payable on account of the transfer to the other person, will be deducted from the purchase price unless satisfactory evidence of the payment of the stock transfer taxes, or exemption therefrom, is submitted. See “THE OFFER—Purchase of the ZYPS; Payment of Purchase Price.”

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ONCE I HAVE TENDERED THE ZYPS, CAN I CHANGE MY MIND?

Yes. You may withdraw previously tendered ZYPS at any time until the expiration time, 5:00 pm, New York City time, on March 30, 2007, unless Comverse extends the Offer, in which case you may withdraw your ZYPS at any time prior to the new expiration time.

To properly withdraw the ZYPS previously tendered, you and your custodian or nominee must cause the DTC participant holding the ZYPS through its DTC account to timely generate an Agent’s Message with respect to the withdrawal specifying the amount of the ZYPS to be withdrawn, the name of the registered holder of the ZYPS and the number of the account at DTC to be credited with the withdrawn ZYPS, and you must otherwise comply with DTC procedures. See “THE OFFER—Withdrawal Rights.”

WHAT ARE THE SIGNIFICANT CONDITIONS TO THE OFFER?

We are offering to purchase all outstanding ZYPS. The Offer is not conditioned upon the tender of a minimum amount of ZYPS and is not subject to any financing condition. The only conditions to the Offer are (i) the timely and proper delivery and tender of ZYPS in accordance with the terms of this Offer to Purchase and (ii) that the Offer must comply with applicable law. See “THE OFFER—Conditions of the Offer.”

DOES COMVERSE HAVE THE RIGHT TO TERMINATE THE OFFER?

Comverse has the right to terminate the Offer in any jurisdiction in which the Offer does not comply with applicable law. See “THE OFFER—Expiration, Extension, Termination or Amendment of the Offer.”

HOW WILL I BE NOTIFIED IF THE OFFER IS EXTENDED OR TERMINATED?

If Comverse extends the Offer, Comverse will make a public announcement of the extension not later than 9:00 a.m., New York City time, on the business day after the day on which the Offer was scheduled to expire. If the Offer is terminated, Comverse will make a public announcement of the termination. See “THE OFFER— Extension of the Offer; Termination; Amendment.”

HOW WILL COMVERSE PAY FOR THE ZYPS?

Comverse has sufficient funds on hand to purchase all ZYPS validly tendered and accepted in the Offer and to pay all related fees and expenses. See “THE OFFER—Source and Amount of Funds.”

HOW WILL PARTICIPATION IN THE OFFER AFFECT MY RIGHTS WITH RESPECT TO THE ZYPS?

If your ZYPS are tendered and accepted in the Offer, you will receive $1,000 for each $1,000 principal amount for the ZYPS accepted for purchase by Comverse, but you will give up all rights and obligations associated with ownership of such ZYPS. See “THE OFFER—Rights of Convertible Note Holders as a Result of the Offer” and “—Retirement and Cancellation.”

IF THE OFFER IS COMPLETED AND I DO NOT PARTICIPATE IN THE OFFER, WILL MY RIGHTS AND OBLIGATIONS UNDER MY UNTENDERED ZYPS BE AFFECTED?

The Offer does not affect your rights under the Indentures. Any ZYPS that are not tendered pursuant to the Offer, are tendered and subsequently withdrawn or are not validly tendered will remain outstanding after the Offer, will continue to be the obligations of Comverse and will be entitled to the benefits of the applicable Indenture. You may also have certain rights to convert your ZYPS. You should refer to the Indentures to determine your rights under the Indentures. See “THE OFFER—Rights of Convertible Note Holders as a Result of the Offer.”

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WHAT ARE THE TAX CONSEQUENCES OF TENDERING MY ZYPS?

You may be subject to U.S. federal income taxation upon the receipt of cash from Comverse in exchange for the ZYPS tendered. You should consult your own tax advisors regarding the U.S. federal income tax consequences of participating or not participating in the Offer in light of your particular circumstances, as well as the effect of any foreign, state, local or other laws. See “THE OFFER—Certain U.S. Federal Income Tax Consequences.”

WHO CAN I TALK TO IF I HAVE QUESTIONS ABOUT THE OFFER?

You may contact D.F. King & Co., Inc., who is acting as the Information Agent for the Offer. See the back cover of this Offer to Purchase for the Information Agent’s contact information. See also “THE OFFER—Persons Employed in Connection with the Offer.”

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THE OFFER

Introduction

We are offering to purchase any and all of our outstanding Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “Old ZYPS”) and New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “New ZYPS” and collectively with the Old ZYPS, the “ZYPS”) at a price in cash equal to 100% of the principal amount of ZYPS, with payment to be made on the Designated Event Purchase Date, which will be April 2, 2007 unless the term of the Offer is extended by Comverse, in its sole discretion or pursuant to a requirement of applicable law, or earlier terminated pursuant to a requirement of applicable law.

This Notice of Designated Event and Offer to Purchase is being sent to you pursuant to the Indentures and constitutes a “Company Notice” referenced in Sections 11.3 thereof. The Indentures provide that following a termination of trading of our Common Stock on a U.S. national securities exchange or on an established automated over-the-counter trading market in the United States, which constitutes a Designated Event as defined in the Indentures, each holder of the ZYPS will have the right to have all of its ZYPS, or any portion of the principal amount thereof that is an integral multiple of $1,000, repurchased at a price of 100% of the principal amount of ZYPS. A termination of trading for purposes of the Indentures occurred effective at the open of business on February 1, 2007 as a result of the delisting of our Common Stock from The NASDAQ Global Market.

The Offer will expire at the expiration time, which is 5:00 p.m., New York City time, on March 30, 2007, and we will purchase on April 2, 2007, any ZYPS that have been validly tendered and not properly withdrawn, unless the Offer is extended by Comverse in its sole discretion or pursuant to a requirement of applicable law, or earlier terminated pursuant to a requirement of applicable law. If ZYPS are accepted for payment pursuant to the Offer, only holders of ZYPS who validly tender (and do not properly withdraw) their ZYPS pursuant to the Offer at or prior to the expiration time will receive the purchase price. ZYPS tendered in the Offer may be withdrawn at any time prior to the expiration time.

Each $1,000 principal amount of the Old ZYPS is convertible, at the option of the holder and upon the circumstances described in the 2003 Indenture, into shares of our Common Stock at a conversion price of $17.9744 per share (equal to a conversion rate of 55.6347 shares) per $1,000 principal amount of Old ZYPS.

Each $1,000 principal amount of the New ZYPS is convertible, at the option of the holder upon the circumstances described in the 2005 Indenture, into cash and shares of our Common Stock as provided in Section 12.13 of the 2005 Indenture, at a conversion price of $17.9744 per share (equal to a conversion rate of 55.6347 shares) per $1,000 principal amount of New ZYPS.

Based on the current conversion rate and a closing price of our Common Stock on the Pink Sheets of $21.81 on March 1, 2007, a holder that tendered its Old ZYPS for conversion on such date would be entitled to conversion consideration with a value of approximately $1213.39 for each $1,000 principal amount of ZYPS so tendered, and a holder that tendered its New ZYPS for conversion on such date would be entitled to conversion consideration with a value of approximately $1213.39 for each $1,000 principal amount of ZYPS so tendered. The purchase price that we are offering, which is $1,000 per $1,000 principal amount of ZYPS, is lower than this hypothetical conversion value. However, there can be no assurance as to the price at which our Common Stock may now or in the future trade or be sold, and no assurance as to whether a holder will receive an amount greater than, less than, or equal to the hypothetical conversion value set forth above upon conversion. Holders of ZYPS are urged to consult with their own financial advisors before accepting the offer.

We do not make, and none of our directors or affiliates makes, any recommendation as to whether holders should tender their ZYPS pursuant to the Offer.

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The Offeror

Comverse Technology, Inc., a New York corporation, is offering to purchase any and all outstanding ZYPS. The mailing address of Comverse’s principal executive offices is 810 Seventh Avenue, 35th Floor, New York, NY 10019. Comverse’s telephone number is (212) 739-1000.

Comverse, through its subsidiaries, designs, develops, manufactures, markets and supports software, systems, and related services for multimedia communication and information processing applications. These products are used in a broad range of applications by wireless and wireline telecommunications network operators and service providers, call centers, and other government, public and commercial organizations worldwide.

Comverse, Inc. (“CI”), a wholly owned subsidiary of Comverse, is a leading provider of software, systems, and related services to telecommunications and content service providers that enable voice and data value-added enhanced services and real-time converged billing to support various types of transactions. These products comprise CI’s Total Communication portfolio and address the following four primary categories: call completion and call management solutions; advanced messaging solutions for groups, communities and person-to-person communication; solutions and enablers for the management and delivery of data and content services; and real-time converged billing solutions. These products are designed to enhance the communication experience and service providers’ traffic and revenue generation. CI’s principal market for its systems consists of organizations that use the systems to provide services to the public, often on a subscription or pay-per-usage basis, and includes wireless, wireline, cable, satellite and content providers. CI markets its systems throughout the world, with its own direct sales force and in cooperation with a number of leading distributors in specified markets.

Through its subsidiary, Verint Systems Inc. (“Verint”), Comverse provides analytic software-based solutions for security and business intelligence. Verint’s software generates actionable intelligence through the collection, retention and analysis of unstructured information contained in voice, fax, video, email, Internet and data transmissions from voice, video and IP networks. Verint’s analytic solutions are designed to extract critical intelligence and deliver this intelligence to decision makers for more effective action. The security market consists primarily of communications interception by law enforcement and other government agencies and networked video security utilized by government agencies and public and private organizations for use in transportation, critical infrastructure, public buildings and other government and corporate sites. The business intelligence market consists primarily of contact center solutions that enable enterprises to capture, analyze and distribute intelligence from voice, email and Internet interactions with their customers, and performance solutions that enable enterprises to collect and analyze information from systems across their businesses. Verint sells its business actionable intelligence solutions to contact center service bureaus, financial institutions, retailers, utilities, communication service providers and other enterprises. Verint has established marketing relationships with a variety of global value-added resellers and a network of systems integrators. Verint’s Common Stock is traded over the counter on the Pink Sheets under the symbol “VRNT.PK.” Comverse held approximately 57% of Verint’s outstanding Common Stock as of January 31, 2007.

Through its subsidiary, Ulticom, Inc. (“Ulticom”), Comverse provides service enabling signaling software for wireline, wireless and Internet communications. Ulticom’s Signalware family of products are used by equipment manufacturers, application developers and communication service providers to deploy revenue generating infrastructure and enhanced services within the mobility, messaging, payment and location segments. Signalware products are also embedded in a range of packet softswitching products to interoperate or converge voice and data networks and facilitate services such as voice-over-IP (“VoIP”), hosted IP telephony, and virtual private networks. Ulticom’s Common Stock is traded over the counter on the Pink Sheets under the symbol “ULCM.PK.” Comverse held approximately 68% of Ulticom’s outstanding Common Stock as of January 31, 2007.

Through its subsidiary, Starhome B.V. (“Starhome”), Comverse markets other telecommunication products and services, including enhanced wireless roaming services, and automatic call distribution and messaging systems for telephone answering service bureaus and other organizations. Comverse held approximately 70% of Starhome’s outstanding Common Shares as of January 31, 2007.

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Comverse also engages in venture capital investments and capital market investments for its own account.

As a result of Comverse’s ongoing investigation of past stock option grants, including its evaluation of actual dates of measurement for certain grants which differ from the recorded grant dates, and of additional accounting issues, including errors in the recognition of revenue related to certain contracts, errors in the recording of certain deferred tax accounts and the misclassification of certain expenses in earlier periods as well as the possible misuse of accounting reserves and the understatement of backlog, Comverse did not release earnings for fiscal 2005, ended January 31, 2006, or for any subsequent fiscal quarter. In addition, Comverse previously announced that its prior financial statements and any related reports of its independent registered public accounting firm should no longer be relied upon.

Comverse intends to issue a press release on or about March 19, 2007, which will announce its unaudited financial results for the fiscal year ended January 31, 2007.

Purpose of the Offer

Sections 11.1(b) of the Indentures provide that following a Designated Event, each holder shall have the right to require us to repurchase all or any portion of such holders’ ZYPS. Such a Designated Event, as defined in the Indentures, occurred as a result of the delisting of our Common Stock from The NASDAQ Global Market effective at the open of business on February 1, 2007. We are making the Offer to satisfy our obligations under the Indentures.

Terms of the Offer

Purchase Price

Comverse is offering to purchase for cash all of its outstanding ZYPS, upon the terms and subject to the conditions set forth herein and in the related Letter of Transmittal at a purchase price of $1,000 in cash per $1,000 principal amount of the ZYPS. As of January 31, 2007, there was $2,170,000 aggregate principal amount of Old ZYPS and $417,477,000 aggregate principal amount of New ZYPS outstanding.

Expiration Time

The Offer will expire at the “expiration time,” which is 5:00 pm, New York City time, on March 30, 2007, unless Comverse, in its sole discretion or pursuant to a requirement of applicable law, extends the period during which the Offer will remain open, or unless the Offer is earlier terminated pursuant to a requirement of applicable law. If extended by Comverse, the term “expiration time” with respect to the Offer will mean the latest time and date at which the Offer, as extended, will expire. See “—Expiration, Extension, Termination or Amendment of the Offer” for a description of Comverse’s right to extend, delay, terminate or amend the Offer.

Comverse cannot assure you that it will extend the Offer or, if Comverse extends the Offer, for how long the Offer will be extended.

Other Terms

Comverse will purchase all of its outstanding ZYPS, or such lesser principal amount as is validly tendered and not properly withdrawn.

You do not have to tender all of the ZYPS you own to participate in the Offer. You may also withdraw your ZYPS from the Offer by following the procedures described under “—Withdrawal Rights.”

The Offer is not conditioned on any minimum principal amount of ZYPS being tendered. The Offer is, however, subject to the conditions discussed under “—Conditions of the Offer.”

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Conversion Rights With Respect to the ZYPS

Each $1,000 principal amount of the Old ZYPS is convertible, at the option of the holder and upon the circumstances described in the 2003 Indenture, into shares of our Common Stock at a conversion price of approximately $17.9744 per share equal to a conversion rate of 55.6347 shares per $1,000 principal amount of Old ZYPS.

Each $1,000 principal amount of the New ZYPS is convertible, at the option of the holder upon the circumstances described in the 2005 Indenture, into cash and shares of our Common Stock, if any, at a conversion price of $17.9744 per share (equal to a conversion rate of 55.6347 shares) per $1,000 principal amount of New ZYPS. The conversion obligation will be settled as follows: (a) cash equal to the lesser of (i) the aggregate principal amount of the New ZYPS to be converted and (ii) the Applicable Stock Price (as defined in the 2005 Indenture) multiplied by the conversion rate then in effect multiplied by the aggregate principal amount of the New ZYPS to be converted divided by 1,000; and (b) if the amount described in (ii) above exceeds the aggregate principal amount of the New ZYPS to be converted, a number of shares of our Common Stock equal to (y) the aggregate principal amount of New ZYPS to be converted divided by 1,000 and multiplied by (z)(A) the conversion rate then in effect minus (B) $1,000 divided by the Applicable Stock Price.

In order to exercise the conversion privilege with respect to global ZYPS, the holder must transfer such ZYPS by book-entry transfer to the conversion agent through the facilities of the depositary (as defined in the Indentures). To convert definitive ZYPS, a holder must surrender such ZYPS duly endorsed or assigned to Comverse or in blank, at the specified office of the conversion agent accompanied by a duly signed conversion notice substantially in the form attached to the ZYPS stating that the holder elects to convert such ZYPS, or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted.

For more information regarding the conversion rights with respect to the ZYPS, or any of the other terms and conditions of the ZYPS, please see the Indentures.

Purchase of the ZYPS; Payment of Purchase Price

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any such extension or amendment) and applicable law, we will, on the Designated Event Purchase Date, which will be April 2, 2007, unless the term of the Offer is extended by us in our sole discretion pursuant to a requirement of applicable law, or earlier terminated pursuant to a requirement of applicable law, purchase by accepting for payment, and will make payment for, all ZYPS validly tendered (and not properly withdrawn) pursuant to the Offer. Such payment will be made by the deposit, on or prior to the Designated Event Purchase Date, of immediately available funds with the Depositary, which will act as agent for tendering holders for the purpose of receiving payment from us and transmitting such payment to tendering holders. Payment for ZYPS for which an election to repurchase is validly made shall be delivered promptly following the later of (i) the expiration time of the Offer and (ii) the time of book-entry transfer or delivery of the ZYPS to the Depositary.

We expressly reserve the right, in our sole discretion and subject to the terms of the Indentures and the ZYPS and Rule 14e-1(c) and Rule 13e-4(f)(5) under the Exchange Act, to delay acceptance for payment of the ZYPS in order to comply, in whole or in part, with any applicable law. We also expressly reserve the right, in our sole discretion, to withdraw or terminate the Offer if either or both of the conditions specified in the section captioned “—Conditions of the Offer” are not satisfied.

In all cases, payment by the Depositary to holders of ZYPS accepted for payment pursuant to the Offer will be made only after timely receipt by the Depositary of confirmation of a book-entry transfer of such ZYPS into the Depositary’s account at DTC and a properly transmitted Agent’s Message. See “—Procedures for Tendering the ZYPS.”

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For purposes of the Offer, validly tendered ZYPS or defectively tendered ZYPS for which we have waived such defect will be deemed to have been accepted for payment by us if, as and when we give oral or written notice of acceptance for payment to the Depositary.

We will only accept tenders of ZYPS pursuant to the Offer in principal amounts equal to $1,000 or integral multiples thereof. ZYPS accepted for payment will cease to be outstanding and will be delivered to the Trustee for cancellation immediately after the purchase.

If we do not accept tendered ZYPS for payment for any reason pursuant to the terms and conditions of the Offer, such ZYPS will be credited to an account maintained at the book-entry transfer facility designated by the participant therein who so delivered such ZYPS, promptly following the expiration time or the termination of the Offer.

We will pay to the Depositary $1,000 for each $1,000 principal amount of the ZYPS purchased pursuant to the Offer. The Depositary will act as custodian or nominee for tendering holders for the purpose of receiving payment from us and transmitting payment to the tendering holders.

We will pay all stock transfer taxes, if any, payable on the transfer to us of the ZYPS purchased under the Offer. If, however, (i) payment of the purchase price is to be made to any person other than the registered holder or (ii) the ZYPS not tendered for purchase are to be registered in the name of any person other than the registered holder, then the amount of all stock transfer taxes, if any (whether imposed on the registered holder, the other person or otherwise), payable on account of the transfer to the other person, will be deducted from the purchase price unless satisfactory evidence of the payment of the stock transfer taxes, or exemption therefrom, is submitted.

Procedures for Tendering the ZYPS

You will not be entitled to receive the purchase price for your ZYPS unless you validly tender and do not properly withdraw your ZYPS on or before the expiration time of the Offer, which is 5:00 p.m., New York City time, on March 30, 2007. You may tender some or all of your ZYPS; however, any ZYPS tendered must be in $1,000 principal amount or an integral multiple thereof. If you do not validly tender your ZYPS on or before the expiration time, your ZYPS will remain outstanding subject to the existing terms of the Indentures and the ZYPS.

All of the ZYPS are held in book-entry form through the facilities of DTC. Accordingly, all ZYPS tendered for purchase in the Offer must be delivered through DTC’s Automatic Tenders over the Participant Terminal System (“ATOP”).

YOU WILL NOT BE ABLE TO TENDER YOUR ZYPS BY NOTICE OF GUARANTEED DELIVERY. IN ORDER TO PARTICIPATE IN THE OFFER, YOU MUST TENDER YOUR ZYPS BY THE EXPIRATION TIME.

If you hold your ZYPS in a brokerage or custodian account through a custodian or nominee, including a broker, dealer, bank, or trust company, you will need to timely instruct your custodian or nominee to tender your ZYPS prior to the expiration time in the manner described below and upon the terms and conditions set forth in this Offer to Purchase. Please refer to any materials forwarded to you by your custodian or nominee to determine how you can timely instruct your custodian or nominee to take these actions.

In order to participate in the Offer, you must instruct your nominee or custodian to participate on your behalf. Your nominee or custodian should arrange for the DTC participant holding the ZYPS through its DTC account to tender those ZYPS in the Offer to the Depositary prior to the expiration of the Offer.

If you hold your ZYPS through a broker or bank, you should ask your broker or bank if you will be charged a fee to tender your ZYPS through the broker or bank.

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The Role of a DTC Participant

A DTC participant may tender the ZYPS only by taking the following actions on or before the expiration time:

• delivering a properly completed and duly executed copy or facsimile of the Letter of Transmittal or transmitting a message to the Depositary through the facilities of DTC, specifying that the relevant participant has received and agrees to be bound by the terms and conditions set forth in this Offer to Purchase and the Letter of Transmittal (the “Agent’s Message”); and

• delivering the ZYPS by means of book-entry transfer into the Depositary’s applicable DTC account.

By taking these actions with respect to the Offer, you and your custodian or nominee will be deemed to have agreed (i) to the terms and conditions of the Offer as set forth in this Offer to Purchase and the Letter of Transmittal and (ii) that we and the Depositary may enforce the terms and conditions against you and your custodian or nominee.

The DTC participants’ Agent’s Message or the Letter of Transmittal should be delivered only to the Depositary. The Depositary will not accept any tender materials other than the Letter of Transmittal or the DTC participants’ Agent’s Message.

General Provisions

The method of delivery of the ZYPS and all other documents or instructions including, without limitation, the Agent’s Message and the Letter of Transmittal, is at your risk. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to assure delivery.

A tender will be deemed to have been received only when the Depositary receives both (i) either a duly completed Agent’s Message through the facilities of DTC at the Depositary’s applicable DTC account or a properly completed Letter of Transmittal and (ii) confirmation of book-entry transfer of the ZYPS into the Depositary’s applicable DTC account in accordance with DTC’s procedures for such transfer.

Comverse shall in its sole discretion resolve all questions as to tenders, including whether the documentation is complete, the date and time of receipt of a tender, the propriety of execution and delivery of any document or instruction, and other questions as to validity, form, eligibility or acceptability of any tender. Comverse reserves the right to reject any tender not in proper form or otherwise not valid or the acceptance of which may, in the opinion of Comverse’s counsel, be unlawful, or to waive any irregularities. Neither Comverse, the Depositary, the Information Agent, nor any other person, will be obligated to give any notice of any defects or irregularities in tenders or incur any liability for failure to give that notice. The ZYPS will not be deemed to have been duly or validly tendered unless and until all defects and irregularities have been cured or waived. All improperly tendered ZYPS will be returned without cost to the tendering holder promptly after the expiration time, unless the irregularities and defects of that tender are timely cured or waived, by book-entry delivery through DTC to the accounts of the DTC participants.

The ZYPS being tendered in the Offer and either (i) the completed DTC participant’s Agent’s Message or (ii) the completed and duly executed Letter of Transmittal, must be received by the Depositary in accordance with the terms and procedures described in this Offer to Purchase on or before the expiration time. You will not be able to tender your ZYPS by notice of guaranteed delivery.

Your Representations and Warranties; Comverse’s Acceptance Constitutes an Agreement

A tender of ZYPS under the procedures described above will constitute your acceptance of the terms and conditions of the Offer. In addition, by instructing your custodian or nominee to tender your ZYPS in the Offer, you are representing, warranting and agreeing that:

• you have received a copy of this Offer to Purchase and the Letter of Transmittal and agree to be bound by all the terms and conditions of the Offer;

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• you have full power and authority to tender, sell and transfer your ZYPS;

• you have assigned and transferred the ZYPS to the Depositary and irrevocably constitute and appoint the Depositary as your true and lawful agent and attorney-in-fact to cause your ZYPS to be tendered in the Offer, that power of attorney being irrevocable and coupled with an interest, subject only to the right of withdrawal described in this Offer to Purchase;

• your ZYPS are being tendered, and will, when accepted by the Depositary, be free and clear of all charges, liens, restrictions, claims, equitable interests and encumbrances, other than the claims of a holder under the express terms of the Offer; and

• you will, upon Comverse’s request or the request of the Depositary, as applicable, execute and deliver any additional documents necessary or desirable to complete the tender of the ZYPS.

Your agent, custodian or nominee, by delivering, or causing to be delivered, the ZYPS and the completed Agent’s Message or a completed Letter of Transmittal to the Depositary, is representing and warranting that you, as owner of the ZYPS, have represented, warranted and agreed to each of the above.

Comverse’s acceptance for payment of ZYPS tendered under the Offer will constitute a binding agreement between you and Comverse upon the terms and subject to the conditions of the Offer described in this Offer to Purchase, the Letter of Transmittal and the related documents.

Return of the ZYPS if the Offer is Not Completed or ZYPS are Not Accepted for Purchase

If any validly tendered ZYPS are not purchased because the ZYPS are not accepted for purchase pursuant to the terms of this Offer to Purchase, such unpurchased ZYPS will be returned without cost to the tendering holder promptly after the earlier of either the termination or expiration of the Offer by book-entry delivery through DTC to the accounts of the applicable DTC participants.

Backup Withholding and Information Reporting

For a discussion of certain U.S. federal income tax consequences to tendering holders, see “—Certain U.S. Federal Income Tax Consequences.”

Withdrawal Rights

The ZYPS tendered in the Offer may be withdrawn at any time until the expiration time, 5:00 pm, New York City time, on March 30, 2007, unless Comverse extends the Offer, in which case you may withdraw your ZYPS at any time prior to the new expiration time. Except as otherwise provided in this section, tenders of ZYPS are irrevocable.

For a withdrawal of the ZYPS to be effective, the withdrawal must be effected through ATOP. The Depositary must timely receive an Agent’s Message specifying the name of the tendering holder, the amount of ZYPS to be withdrawn and the number of the account at DTC to be credited with the withdrawn ZYPS and you must otherwise comply with DTC procedures.

If you tendered your ZYPS through a custodian or nominee and wish to withdraw your ZYPS, you will need to make arrangements for withdrawal with your custodian or nominee. Your ability to withdraw the tender of your ZYPS will depend upon the terms of the arrangements you have made with your custodian or nominee and, if your custodian or nominee is not the DTC participant tendering those ZYPS, the arrangements between your custodian or nominee and such DTC participant, including any arrangements involving intermediaries between your custodian or nominee and such DTC participant.

Through DTC, the Depositary will return to tendering holders all ZYPS in respect of which it has received valid withdrawal instructions promptly after it receives such instructions.

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All questions as to the form and validity (including the time of receipt) of any notice of withdrawal will be determined by Comverse, in its sole discretion, and such determination will be final and binding. Neither Comverse, the Depositary, the Information Agent nor any other person will be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give any such notification.

Withdrawals may not be rescinded, and any ZYPS properly withdrawn will thereafter be deemed not validly tendered for purposes of the Offer unless the withdrawn ZYPS are properly re-tendered before the expiration of the Offer by following the procedures described under “—Procedures for Tendering the ZYPS.”

If Comverse extends the Offer, is delayed in its acceptance for payment of ZYPS, or is unable to accept for payment ZYPS under the Offer for any reason, then, without prejudice to Comverse’s rights under the Offer, the Depositary may, subject to applicable law, retain tendered ZYPS on Comverse’s behalf, and such ZYPS may not be withdrawn except to the extent tendering holders are entitled to withdrawal rights as described in this section.

If you tender your ZYPS in the Offer, you may convert your ZYPS (upon the circumstances described in the applicable Indentures) into our Common Stock and/or cash (as applicable) only if you withdraw your ZYPS prior to the time at which your right to withdraw has expired. The ZYPS are convertible into shares of our Common Stock and/or cash as described in “—Conversion Rights With Respect to the ZYPS.”

Conditions of the Offer

There are no conditions to the Offer except (i) for the timely and proper delivery and tender of ZYPS in accordance with the terms of the Offer to Purchase and (ii) that the Offer must comply with applicable law. We reserve the right to withdraw or terminate the Offer in our sole discretion if either or both of such conditions have not been satisfied. The Offer is not conditioned on our ability to obtain sufficient financing to purchase the ZYPS.

Expiration, Extension, Termination or Amendment of the Offer

The Offer will expire at the expiration time, which is 5:00 p.m., New York City time, on March 30, 2007, unless the term of the Offer is extended by us in our sole discretion or pursuant to a requirement of applicable law, or earlier terminated pursuant to a requirement of applicable law.

We expressly reserve the right, at any time or from time to time, subject to applicable law and the provisions of the Indentures, to amend the Offer in any respect by giving oral or written notice of such amendment to the Depositary.

We also expressly reserve the right, in our sole discretion, to extend or terminate the Offer in order to comply, in whole or in part, with any applicable law, or to withdraw or terminate the Offer if either or both of the conditions specified in the section captioned “—Conditions of the Offer” are not satisfied.

Any extension, amendment, termination or withdrawal of the Offer will be followed as promptly as practicable by public announcement thereof, the announcement in the case of an extension of the Offer to be issued no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled or announced expiration time. Without limiting the manner in which any public announcement may be made, we will have no obligation to publish, advertise or otherwise communicate any such public announcement other than by issuing a press release.

If we make a material change in the terms of the Offer or the information concerning the Offer, we will disseminate additional Offer materials and extend the Offer if required by law.

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If we extend the Offer, or if, for any reason, the acceptance for payment of, or the payment for, ZYPS is delayed or if we are unable to accept for payment or pay for ZYPS pursuant to the Offer, then, without prejudice to our rights under the Offer, the Depositary may retain tendered ZYPS on our behalf, and such ZYPS may not be withdrawn except to the extent tendering holders are entitled to withdrawal rights as described in “—Withdrawal Rights.” However, our ability to delay the payment for ZYPS that we have accepted for payment is limited by Rules 13e-4(f)(5) and 14e-1(c) under the Exchange Act, which require that a bidder pay the consideration offered or return the securities deposited by or on behalf of holders of securities promptly after the termination or withdrawal of a tender offer.

Any ZYPS received by the Depositary that are not properly tendered and as to which the irregularities have not been cured or waived will be returned by the Depositary to the tendering holders promptly following the earlier to occur of the expiration time or the termination of the Offer.

Market Price Information; Other Matters

The ZYPS are not listed on any national securities exchange or authorized to be quoted in any inter-dealer quotation system of any national securities association. Reliable pricing information for the ZYPS may not be available. Comverse believes trading in the ZYPS has been limited and sporadic. Quotations for securities that are not widely traded, such as the ZYPS, may differ from actual trading prices and should be viewed as approximations. To the extent such information is available, holders are urged to contact their brokers or financial advisors or call the Information Agent at the numbers set forth on the back cover of this Offer to Purchase with respect to current information regarding the trading price of the ZYPS.

To the extent that the ZYPS are tendered and accepted in the Offer, such ZYPS will cease to be outstanding. A debt security with a smaller outstanding principal amount available for trading (a smaller “float”) may command a lower price and trade with greater volatility than would a comparable debt security with a greater float. Consequently, any ZYPS that Comverse purchases pursuant to the Offer will reduce the float and may negatively impact the liquidity, market value and price volatility of the ZYPS that remain outstanding following the Offer. Comverse cannot assure you that a trading market will exist for the ZYPS following the Offer. The extent of the market for the ZYPS following the completion of the Offer will depend upon, among other things, the remaining outstanding principal amount of the ZYPS at such time, the number of holders of ZYPS remaining at such time and the interest in maintaining a market in such ZYPS on the part of securities firms.

Comverse’s Common Stock was delisted from The NASDAQ Global Market effective at the open of business on February 1, 2007. Since that date, shares of Comverse’s Common Stock into which the ZYPS are convertible (subject to the satisfaction of certain conversion conditions as set forth in the Indentures) have been traded over-the-counter on the Pink Sheets under the symbol “CMVT.PK.”

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The following table sets forth the high and low sales prices for Comverse’s Common Stock for each of the periods indicated as reported by The NASDAQ Global Market through the date of delisting, and as reported on the Pink Sheets following such date. The quotations shown represent inter-dealer prices without adjustment for retail markups, markdowns or commissions and may not necessarily reflect actual transactions.

	High		Low
Year Ended January 31, 2005
First Quarter	$	20.87	$	16.11
Second Quarter		19.94		15.48
Third Quarter		21.17		15.25
Fourth Quarter		25.07		20.37
Year Ended January 31, 2006
First Quarter	$	26.10	$	21.75
Second Quarter		25.62		21.33
Third Quarter		27.93		23.49
Fourth Quarter		28.47		24.33
Year Ended January 31, 2007
First Quarter	$	29.64	$	22.36
Second Quarter		20.26		17.04
Third Quarter	$	23.34	$	18.78
Fourth Quarter	$	22.60	$	16.95
Year Ended January 31, 2008
First Quarter (through March 1, 2007*)	$	22.26	$	19.35

* Comverse’s Common Stock was delisted from The NASDAQ Global Market effective at the open of business on February 1, 2007. Since that date it has traded over-the-counter on the Pink Sheets.

On March 1, 2007, the closing bid price quoted on the Pink Sheets for the Common Stock was $21.81 per share. On January 31, 2007, there was $419,647,000 aggregate principal amount of the ZYPS outstanding.

Comverse has never paid, and has no present intention of paying dividends on its Common Stock.

Comverse urges you to obtain current trading prices for the ZYPS, to the extent available, and price information for its Common Stock prior to making any decisions with respect to the Offer.

Source and Amount of Funds

Comverse is using cash on hand to purchase the ZYPS in the Offer. The total amount of funds Comverse needs to purchase all of the ZYPS pursuant to the Offer and to pay related fees and expenses is estimated to be approximately $419,800,000 (assuming 100% of the outstanding ZYPS are tendered and accepted for payment). Comverse has sufficient funds on hand to purchase all ZYPS validly tendered and accepted in the Offer and to pay all related fees and expenses.

Future Purchases

Following completion of the Offer, Comverse may repurchase additional ZYPS that remain outstanding in the open market, in privately negotiated transactions or otherwise. Future purchases of the ZYPS that remain outstanding after the Offer may be on terms that are more or less favorable than the Offer.

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Rights of ZYPS Holders as a Result of the Offer

Effects on the Holders of ZYPS Tendered and Accepted in the Offer

If your ZYPS are tendered and accepted in the Offer, you will receive $1,000 per $1,000 principal amount of ZYPS tendered and accepted, but will give up rights and obligations associated with ownership of such ZYPS. Please refer to the applicable Indenture for the rights that you will forgo and obligations of which you will be relieved if you tender your ZYPS and the tender is accepted.

Effects on the Holders of ZYPS Not Tendered in the Offer

Any ZYPS that remain outstanding after the Offer will continue to be the obligation of Comverse and will be entitled to the benefits of the Indentures. You may also have certain rights to convert, or require Comverse to repurchase, your ZYPS. You should refer to the applicable Indenture to determine your rights thereunder, as well as any notices issued by Comverse in respect of your rights under such Indenture.

See also “—Market Price Information; Other Matters.”

Retirement and Cancellation

Any ZYPS not tendered or tendered but not accepted in accordance with the terms set forth in the Offer to Purchase or because they were not validly tendered shall remain outstanding upon completion of the Offer. All ZYPS validly tendered and accepted in the Offer will be cancelled.

Certain U.S. Federal Income Tax Consequences

The following discussion is a summary of the certain U.S. federal income tax consequences of the sale of ZYPS pursuant to the Offer. This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations promulgated thereunder, rulings, administrative pronouncements and decisions, each as in effect as of the date hereof. The foregoing authorities are subject to change or differing interpretations at any time with possible retroactive effect. No advance tax ruling has been sought or obtained from the Internal Revenue Service (the “IRS”) regarding the U.S. federal income tax consequences of any of the transactions described herein. If the IRS contests a conclusion set forth herein, no assurance can be given that a holder would ultimately prevail in a final determination by a court. This discussion is general in nature, and does not discuss all aspects of U.S. federal income taxation that may be relevant to a particular holder in light of the holder’s particular circumstances, or to certain types of holders subject to special treatment under U.S. federal income tax laws (such as financial institutions, real estate investment trusts, regulated investment companies, grantor trusts, insurance companies, tax-exempt organizations, brokers, dealers or traders in securities or currencies, or persons holding ZYPS as part of a position in a “straddle” or as part of a “hedging,” “conversion” or “integrated” transaction for U.S. federal income tax purposes), or U.S. Holders (as defined below) that have a “functional currency” other than the U.S. dollar. In addition, this discussion does not consider the effect of any foreign, state, local or other tax laws, or any U.S. tax considerations (e.g., estate or gift tax), other than U.S. federal income tax considerations, that may be applicable to particular holders. Further, this discussion assumes that holders hold their ZYPS as “capital assets” (generally, property held for investment) within the meaning of section 1221 of the Code.

For purposes of this discussion, a “U.S. Holder” is a beneficial owner of ZYPS that for U.S. federal income tax purposes is (i) a citizen or resident of the United States; (ii) a corporation (or other entity taxable as a corporation) created or organized in or under the laws of the United States or any of its political subdivisions or the District of Columbia; (iii) an estate the net income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a court within the United States and which has one or more United States persons (as defined in the Code) with authority to control all substantial decisions of such trust, or (B) that has a valid election in effect under

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applicable Treasury regulations to be treated as a United States person. A “non-U.S. Holder” is any holder of ZYPS that is neither, for U.S. federal income tax purpose, an entity treated as a partnership nor a U.S. Holder. If a foreign or domestic partnership (including for this purpose any entity treated as a partnership for U.S. federal income tax purposes) holds ZYPS, the tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership. A partner in a partnership holding ZYPS should consult its own tax advisors.

Internal Revenue Service Circular 230

To ensure compliance with treasury department circular 230, each holder of ZYPS is hereby notified that: (a) any discussion of tax issues in this Offer to purchase is not intended or written to be relied upon, and cannot be relied upon, by a holder for the purpose of avoiding penalties that may be imposed on such holder under applicable tax law; (b) such discussion is included herein in connection with the promotion or marketing (within the meaning of circular 230) of the Offer by Comverse; and (c) a holder of a note should seek advice based on its particular circumstances from an independent tax advisor.

U.S. Holders

Sale of ZYPS Pursuant to the Offer

If you are a U.S. Holder, a sale of ZYPS pursuant to the Offer will be a taxable transaction to you. You will generally recognize capital gain (subject to the market discount rules discussed below) or loss on the sale of ZYPS in an amount equal to the difference between (i) the total consideration received for such ZYPS, and (ii) your “adjusted tax basis” for such ZYPS at the time of the sale. Gain or loss will be separately computed for each block of ZYPS tendered by you. Such capital gain or loss will generally be long-term if you held the ZYPS for more than one year at the time of such sale. In the case of a non-corporate U.S. Holder, the maximum marginal U.S. federal income tax rate applicable to such gain will generally be lower than the maximum marginal U.S. federal income tax rate applicable to ordinary income. The ability to offset capital losses against ordinary income is limited.

Generally, your adjusted tax basis for ZYPS will be equal to your purchase price of the ZYPS. If applicable, your tax basis in ZYPS also would be increased by any market discount previously included in income by you, and would be reduced by the accrual of amortizable bond premium which you have previously elected to deduct from gross income.

Market Discount

An exception to the capital gain treatment described above may apply to you if you purchased ZYPS at a “market discount.” Subject to a de minimis exception, ZYPS generally have a market discount if your initial tax basis in the ZYPS was less than the redemption amount of the ZYPS. In general, unless you have elected to include market discount in income currently as it accrues, any gain realized by you on the sale of ZYPS having market discount in excess of a de minimis amount will be treated as ordinary income to the extent of the market discount that has accrued (on a straight-line basis or, at your election, on a constant-yield basis) while such ZYPS were held by you. Gains in excess of such accrued market discount will generally be capital gains as discussed above.

Under the straight line method, the amount of market discount is equal to the product of the total market discount and the ratio of the number of days the ZYPS were held by you to the total number of days after the date of acquisition and up to (and including) the date of “maturity”. For this purpose, the date of maturity should be the next put date. Under the constant-yield basis method, the market discount is calculated as if the ZYPS had been originally issued on the date of their acquisition by you for a price equal to your basis in the ZYPS immediately after their acquisition.

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Information Reporting and Backup Withholding

Sales of ZYPS pursuant to the Offer by U.S. Holders generally will be subject to information reporting requirements. In addition, you may be subject to backup withholding at a rate of 28% with respect to payments that you receive pursuant to the Offer unless you (a) come within certain exempt categories and (b) when required certify that you are not currently subject to backup withholding and otherwise comply with applicable requirements of the backup withholding rules. Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules may be credited against your U.S. federal income tax, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS in a timely manner.

Non-U.S. Holders

Sale of ZYPS Pursuant to the Tender Offer

If you are a non-U.S. Holder, you generally will not be subject to U.S. federal income tax on any gain realized on the sale of ZYPS pursuant to the Offer. This general rule, however, is subject to several exceptions. For example, the gain would be subject to U.S. federal income tax if:

• the gain is effectively connected with the conduct by you of a U.S. trade or business, in which case it would be subject to tax as described below under “—Income or Gains Effectively Connected with a U.S. Trade or Business”,

• you are subject to special rules that apply to expatriates as a result of having previously been a citizen or resident of the United States, or

• you are an individual who is present in the United States for 183 days or more in the taxable year of the sale and certain other conditions are satisfied, in which case the gain would be subject to a flat 30% tax, which may be offset by U.S. source capital losses, even though you are not considered a resident of the United States.

Income or Gains Effectively Connected with a U.S. Trade or Business

The preceding discussion of the tax consequences of the sale of ZYPS pursuant to the Offer by a non-U.S. Holder assumes that the holder is not engaged in a U.S. trade or business. If any gain from the sale, exchange or other disposition of the ZYPS is effectively connected with a U.S. trade or business conducted by you, then the income or gain will be subject to U.S. federal income tax at regular graduated rates in the same manner as the income or gain of a U.S. Holder. If you are eligible for the benefits of a tax treaty between the United States and your country of residence, any “effectively connected” income or gain will generally be subject to U.S. federal income tax only if it is also attributable to a permanent establishment maintained by you in the United States. To claim exemption from withholding in the case of U.S. trade or business income, or to claim the benefits of a treaty, you must certify your qualification, which can be done by filing a properly completed and executed Form W-8ECI (in the case of a U.S. trade or business income) or properly completed and executed IRS Form W-8BEN (in the case of a treaty), as applicable, prior to the payment made pursuant to the Offer. If the non-U.S. Holder is a corporation, that portion of its earnings and profits that is effectively connected with its U.S. trade or business would generally be subject to a “branch profits tax.” The branch profits tax rate is generally 30%, although an applicable tax treaty might provide for a lower rate.

Information Reporting and Backup Withholding

If you receive cash for ZYPS pursuant to the Offer through a U.S. broker (including certain brokers owned or controlled by U.S. persons or engaged in a U.S. trade or business), the payment by the broker to you may be subject to information reporting and backup withholding. You generally will not be subject to information reporting or backup withholding, however, if you certify your nonresident status. In general, you may claim an exemption from backup withholding by filing IRS Form W-8BEN. Backup withholding is not an additional tax.

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Amounts withheld under the backup withholding rules may be credited against your U.S. federal income tax, and a you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS in a timely manner.

Non-Tendering Holders

A holder who does not tender ZYPS pursuant to the Offer generally will not recognize gain or loss for U.S. federal income tax purposes and will maintain the same adjusted tax basis and holding period for the ZYPS.

COMVERSE URGES YOU TO CONSULT YOUR OWN TAX ADVISORS TO DETERMINE THE TAX CONSIDERATIONS OF PARTICIPATING IN THE OFFER IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICATION AND EFFECT OF ANY APPLICABLE GIFT, ESTATE, U.S. FEDERAL, STATE, LOCAL OR OTHER FOREIGN TAX LAWS.

Persons Employed in Connection with the Offer

Depositary

The Bank of New York Trust Company, N.A. has been appointed as the Depositary for the Offer. The Bank of New York Trust Company, N.A. is also the trustee under the Indentures. Comverse has agreed to pay the Depositary reasonable and customary fees for its services. All documents, if any, required to be delivered to the Depositary should be sent or delivered to the Depositary at the address set forth on the back cover of this Offer to Purchase. Delivery of the Letter of Transmittal to an address or transmission of instructions via facsimile other than as set forth on the back cover of this Offer to Purchase does not constitute a valid delivery of the Letter of Transmittal or such instructions. See “—Procedures for Tendering the ZYPS.”

Information Agent

D.F. King & Co., Inc. has been appointed as the Information Agent for the Offer. Comverse has agreed to pay the Information Agent reasonable and customary fees for its services and will reimburse the Information Agent for its reasonable out-of-pocket expenses. Any questions and requests for assistance or requests for additional copies of this Offer to Purchase or of the Letter of Transmittal should be directed to the Information Agent at the address or telephone number set forth on the back cover of this Offer to Purchase.

Miscellaneous

This Offer to Purchase and the Letter of Transmittal will be disseminated to record holders of the ZYPS and will be furnished to brokers, dealers, commercial banks and trust companies whose names, or the names of whose nominees, appear on Comverse’s list of holders of ZYPS or, if applicable, who are listed as participants in a clearing agency’s security position listing for subsequent transmittal to beneficial owners of ZYPS.

Comverse is not aware of any jurisdiction where the making of the Offer is not in compliance with applicable law. If it becomes aware of any jurisdiction where the making of the Offer or the acceptance of ZYPS pursuant thereto is not in compliance with applicable law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of ZYPS in such jurisdiction.

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CERTAIN RISKS AND UNCERTAINTIES

This Offer to Purchase 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. Important factors that could affect the Company include: the risk that Comverse will fail to complete the Offer, including the failure of the Offer to close for any reason; the results of the investigation of the Special Committee, appointed by the Board of Directors on March 14, 2006, of matters relating to Comverse’s stock option grant practices and other accounting matters, including errors in revenue recognition, errors in the recording of deferred tax accounts, expense misclassification, the possible misuse of accounting reserves and the understatement of backlog; the impact of any restatement of financial statements of Comverse or other actions that may be taken or required as a result of such reviews; Comverse’s inability to file reports with the Securities and Exchange Commission; the effects of the delisting of Comverse’s Common Stock from NASDAQ and the quotation of Comverse’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 of litigation and of governmental investigations or proceedings arising out of or related to Comverse’s stock option grants or any other accounting irregularities or any restatement of the financial statements of Comverse, including the direct and indirect costs of such investigations and restatement; risks associated with integrating the businesses and employees of the Global Software Services division acquired from CSG Systems International, Netcentrex S.A. and Netonomy, Inc.; changes in the demand for Comverse’s products; changes in capital spending among Comverse’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 Comverse or its competition; risks associated with rapidly changing technology and the ability of Comverse to introduce new products on a timely and cost-effective basis; aggressive competition may force Comverse to reduce prices; a failure to compensate any decrease in the sale of Comverse’s traditional products with a corresponding increase in sales of new products; risks associated with changes in the competitive or regulatory environment in which Comverse 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, interest rates, and valuations of public and private equity; the volatility of macroeconomic and industry conditions and the international marketplace; risks associated with Comverse’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 discussed above, as well as others, are discussed in greater detail in the filings of Comverse with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available through Comverse, or its website, www.cmvt.com, or through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Comverse 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.

Unless otherwise indicated, all information in this Offer to Purchase is as of March 2, 2007.

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The Depositary for the Offer is:

The Bank of New York Trust Company, N.A.

2 North LaSalle Street

Suite 1020

Chicago, IL 60602

Attention: Corporate Trust Division

Phone: (312) 827-8618

Fax: (312) 827-8542

The Information Agent for the Offer is:

D.F. King & Co., Inc.

48 Wall Street

New York, NY 10005

Banks and Brokers call Collect:

(212) 269-5550

All Others Call Toll Free:

(800) 829-6551

Additional copies of this Offer to Purchase, the Letter of Transmittal or other tender offer materials may be obtained from the Information Agent and will be furnished at the expense of Comverse.

Questions and requests for information regarding the terms of the Offer and other assistance should be directed to the Information Agent.

EX-99.(A)(1)(B)

Exhibit (a)(1)(B)

COMVERSE TECHNOLOGY, INC.

LETTER OF TRANSMITTAL

With Respect To

Notice of Designated Event and Offer to Purchase For Cash Any and All of the Outstanding:

Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (“Old ZYPS”)

(CUSIP Nos. 205862AK1* and 205862AL9*) (ISIN No. US205862AL98*)

and

New Zero Yield Puttable Securities (ZYPS^SM) due May 15, 2023 (“New ZYPS”)

(CUSIP No. 205862AM7*) (ISIN No. US205862AM71*)

(The Old ZYPS and the New ZYPS are referred to herein collectively as the “ZYPS”)

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 PM, NEW YORK CITY TIME, ON FRIDAY, MARCH 30, 2007, UNLESS THE OFFER IS EXTENDED BY COMVERSE TECHNOLOGY, INC. IN ITS SOLE DISCRETION OR PURSUANT TO A REQUIREMENT OF APPLICABLE LAW, OR TERMINATED BY COMVERSE TECHNOLOGY, INC. PURSUANT TO A REQUIREMENT OF APPLICABLE LAW (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED, REFERRED TO AS THE “EXPIRATION TIME”). COMVERSE TECHNOLOGY, INC. MAY EXTEND THE OFFER PERIOD, SUBJECT TO THE REQUIREMENTS DESCRIBED HEREIN. HOLDERS MUST TENDER THEIR SECURITIES IN THE MANNER DESCRIBED BELOW ON OR PRIOR TO THE EXPIRATION TIME TO RECEIVE THE PURCHASE PRICE. SECURITIES TENDERED IN THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION TIME.

The Depositary for the Offer is:

The Bank of New York Trust Company, N.A.

2 North LaSalle Street

Suite 1020

Chicago, IL 60602

Attention: Corporate Trust Division

Phone: (312) 827-8618

Fax: (312) 827-8542

DELIVERY OF THIS LETTER OF TRANSMITTAL OTHER THAN AS PROVIDED HEREIN WILL NOT CONSTITUTE A VALID DELIVERY. THE INSTRUCTIONS SET FORTH HEREIN SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.

All capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Notice of Designated Event and Offer to Purchase, dated March 2, 2007 (the “Offer to Purchase”).

Any questions related to the procedure for tendering the Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “Old ZYPS”) and New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “New ZYPS” and collectively with the Old ZYPS, the “ZYPS”) and requests for assistance may be directed to the Information Agent or the Depositary at their respective addresses and telephone numbers set forth on the back cover of this Letter of Transmittal. Requests for additional copies of the Offer to Purchase, this Letter of Transmittal, or any other documents may be directed to the Information Agent at the address and telephone

* No representation is made as to the accuracy of any CUSIP or ISIN numbers.

number set forth on the back cover of this Letter of Transmittal. The offer to purchase the ZYPS, on the terms and conditions set forth in the Offer to Purchase and this Letter of Transmittal, is referred to herein as the “Offer.”

HOLDERS WHO WISH TO BE ELIGIBLE TO RECEIVE THE PURCHASE PRICE PURSUANT TO THE OFFER MUST VALIDLY TENDER (AND NOT PROPERLY WITHDRAW) THEIR ZYPS TO THE DEPOSITARY BY THE EXPIRATION TIME.

Holders tendering by book-entry transfer to the Depositary’s account at The Depository Trust Company (“DTC”) should arrange for the DTC participant holding the ZYPS through its DTC account to tender those ZYPS in the Offer to the Depositary prior to the expiration time. In the event one or more brokers, dealers, banks, trust companies, custodians or other nominees acts as an intermediary between your agent and that DTC participant, your agent should arrange to deliver the tender instructions for the ZYPS to the appropriate DTC participant. See “THE OFFER—Procedures for Tendering the ZYPS” in the Offer to Purchase.

YOU WILL NOT BE ABLE TO TENDER YOUR ZYPS BY NOTICE OF GUARANTEED DELIVERY. IN ORDER TO PARTICIPATE IN THE OFFER, YOU MUST TENDER YOUR ZYPS BY THE EXPIRATION TIME.

A tender will be deemed to have been received only when the Depositary receives both (i) either a properly completed and duly executed copy or facsimile of the Letter of Transmittal or a duly completed Agent’s Message through the facilities of DTC at the Depositary’s applicable DTC account and (ii) confirmation of book-entry transfer of the ZYPS into the Depositary’s applicable DTC account in accordance with DTC’s procedures for such transfer. You may submit only one Agent’s Message or Letter of Transmittal for the ZYPS tendered.

Notwithstanding any other provision of the Offer, the obligation of Comverse Technology, Inc., a New York corporation (“Comverse”), to accept for purchase, and to pay the purchase price for, any ZYPS validly tendered (and not properly withdrawn) pursuant to the Offer is subject to and conditioned upon the satisfaction of or, where applicable, waiver by Comverse of, all conditions of the Offer described under “THE OFFER—Conditions of the Offer” in the Offer to Purchase.

Tendering of ZYPS

List below the ZYPS to which this Letter of Transmittal relates. If the space provided is inadequate, list the principal amounts on a separately executed schedule and affix the schedule to this Letter of Transmittal. Tenders of ZYPS will be accepted only in principal amounts equal to $1,000 or integral multiples thereof. No alternative, conditional or contingent tenders will be accepted.

DESCRIPTION OF ZYPS TENDERED
Name(s) and Address(es) of Registered Holder(s) or Name of DTC Participant and Participant’s DTC Account Number in which the ZYPS are Held (Please fill in blank)	ZYPS TENDERED (Attach additional signed list, if necessary)
	CUSIP No.	Aggregate Principal Amount Represented	Principal Amount Tendered*
*  Unless otherwise specified, it will be assumed that the entire aggregate principal amount represented by the ZYPS described above is being tendered.

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Payment of Purchase Price for ZYPS

All ZYPS purchased in the Offer will be purchased by Comverse. Upon the terms and conditions of the Offer, promptly following the expiration time, Comverse will either accept for payment and pay for, and thereby purchase, the ZYPS validly tendered and not properly withdrawn in accordance with the terms of the Offer to Purchase.

For purposes of the Offer, Comverse will be deemed to have accepted for payment and therefore purchased the ZYPS that are validly tendered and not properly withdrawn only when, as and if Comverse gives notice to the Depositary of Comverse’s acceptance of the ZYPS for payment. Comverse will pay the purchase price to the Depositary, which will act as your custodian or nominee for the purpose of receiving payment from Comverse and transmitting payment to you. Receiving the purchase price in connection with the Offer may result in tax consequences. See “THE OFFER—Purchase of the ZYPS; Payment of Purchase Price” and “THE OFFER—Certain U.S. Federal Income Tax Consequences” in the Offer to Purchase.

PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.

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To Depositary:

The undersigned hereby tenders to Comverse the above-described ZYPS upon the terms and subject to the conditions set forth in the Offer to Purchase, receipt of which is hereby acknowledged, and this Letter of Transmittal, which, as amended or supplemented from time to time, together constitute the Offer.

Subject to, and effective upon, acceptance for payment of the ZYPS tendered in accordance with the terms and subject to the conditions of the Offer, including, if the Offer is extended or amended, the terms and conditions of the extension or amendment, the undersigned agrees to sell, assign and transfer to, or upon the order of, Comverse all right, title and interest in and to all ZYPS tendered and irrevocably constitutes and appoints the Depositary as the true and lawful agent and attorney-in-fact of the undersigned with respect to such ZYPS with full knowledge that the Depositary also acts as the agent of Comverse with full power of substitution (the power of attorney being deemed to be an irrevocable power coupled with an interest), to receive all benefits and otherwise exercise all rights of beneficial ownership of such ZYPS, subject to the next paragraph, all in accordance with the terms and subject to the conditions of the Offer.

The undersigned covenants, represents and warrants to Comverse that, in connection with its tender of the ZYPS pursuant hereto:

1. the undersigned has received a copy of this Letter of Transmittal and the Offer to Purchase and agrees to be bound by all the terms and conditions of the Offer;

2. the undersigned has full power and authority to tender, sell and transfer the ZYPS;

3. the undersigned has assigned and transferred the ZYPS to the Depositary and irrevocably constitutes and appoints the Depositary as its, his or her true and lawful agent and attorney-in-fact to cause the ZYPS to be tendered in the Offer, that power of attorney being irrevocable and coupled with an interest, subject only to the right of withdrawal described in the Offer to Purchase;

4. the undersigned’s ZYPS are being tendered, and will, when accepted by the Depositary, be free and clear of all charges, liens, restrictions, claims, equitable interests and encumbrances, other than the claims of a holder under the terms of the Offer; and

5. the undersigned will, upon Comverse’s request or the request of the Depositary, as applicable, execute and deliver any additional documents necessary or desirable to complete the tender of the ZYPS.

Your agent, custodian or nominee, by delivering, or causing to be delivered, those ZYPS and the completed Agent’s Message or a completed Letter of Transmittal, to the Depositary is representing and warranting that you, as owner of the ZYPS, have represented, warranted and agreed to each of the above. The undersigned understands that Comverse’s acceptance for payment of the ZYPS tendered pursuant to any one of the procedures described in the section captioned “THE OFFER—Procedures for Tendering the ZYPS” of the Offer to Purchase and in the instructions to this Letter of Transmittal will constitute a binding agreement between the undersigned and Comverse upon the terms and subject to the conditions of the Offer described in the Offer to Purchase, this Letter of Transmittal and related documents. The undersigned acknowledges that under no circumstances will Comverse pay interest on the purchase price, including without limitation, by reason of any delay in making payment on the part of the Depositary.

The name(s) and address(es) of the DTC participant should be printed, if they are not already printed above, exactly as they appear on a security position listing as the owner of the ZYPS.

The undersigned understands that all ZYPS validly tendered and not properly withdrawn on or before the expiration time will be purchased at a price of $1,000 per $1,000 principal amount upon the terms and subject to the conditions of the Offer.

Comverse will pay the purchase price to the Depositary, which will act as your custodian or nominee for the purpose of receiving payment from Comverse and transmitting payment to you.

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All authority conferred or agreed to be conferred by this Letter of Transmittal will survive the death or incapacity of the undersigned, and any obligation of the undersigned will be binding on the heirs, personal representatives, executors, administrators, successors, assigns, trustees in bankruptcy and legal representatives of the undersigned. Except as stated in the Offer to Purchase, this tender is irrevocable.

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PLEASE SIGN HERE

(Please complete and return with a completed Form W-9 (or, if foreign person or entity, the applicable Form W-8) unless an Agent’s Message is delivered through the facilities of DTC)

This Letter of Transmittal must be signed, if tendered by a DTC participant, exactly as such DTC participant’s name appears on a security position listing as the owner of the ZYPS. If the signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer or other person acting in a fiduciary or representative capacity, such person must set forth his or her full title below under “Capacity” and submit evidence satisfactory to Comverse of such person’s authority to act.

Dated:             , 2007

(Signature(s) of Holder(s))

Name (s) 

(Please Print)

Capacity (Full Title) 

Address 

(Include Zip Code)

Area Code and Telephone Number 

Tax Identification Number, Social Security Number or Employer Identification Number:

(If a holder is tendering any ZYPS, this Letter of Transmittal must be signed by the registered holder(s) exactly as name(s) appear(s) on security position listing. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other person acting in a fiduciary or representative capacity, please set forth full title and see Instruction 5 “Signatures on Letter of Transmittal.”)

GUARANTEE OF SIGNATURE(S)

(See Instruction 1 to determine if required)

Dated:             , 2007

Name of Medallion Signature: 

Name (s) 

(Please Print)

Title:  

Name of Firm: 

Address 

(Include Zip Code)

Area Code and Telephone Number 

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SPECIAL PAYMENT AND DELIVERY INSTRUCTIONS

(See Instructions 4, 5, 6 and 7)

To be completed ONLY if the payment check for the purchase price is to be issued to the order of, someone other than the person or persons whose signature(s) appears within this Letter of Transmittal, or issued to an address different from that shown in the box titled “Description of ZYPS” within this Letter of Transmittal.

Issue: ¨ ZYPS ¨ Payment Check(s)

(Check as Applicable)

Name (s) 

(Please Print)

Address 

(Include Zip Code)

Area Code and Telephone Number 

Taxpayer Identification or Security Number (See Form W-9 or applicable Form W-8)

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Instructions

Forming Part of the Terms and Conditions of the Offer

1.    Guarantee of Signatures. No signature guarantee is required if either:

• this Letter of Transmittal is signed by the DTC participant in the book-entry transfer facility whose name appears on a security position listing as the owner of the ZYPS; or

• the ZYPS are tendered for the account of a bank, broker, dealer, credit union, savings association or other entity that is a member in good standing of the Securities Transfer Agents Medallion Program or a bank, broker, dealer, credit union, savings association or other entity that is an “eligible guarantor institution,” as that term is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.

In all other cases an eligible guarantor institution must guarantee all signatures on this Letter of Transmittal.

2.    Delivery of this Letter of Transmittal, ZYPS and All Other Required Documents; Withdrawal Rights. To tender the ZYPS, a properly completed and duly executed copy or facsimile of this Letter of Transmittal or a duly completed Agents’ Message and a confirmation of a book-entry transfer into the Depositary’s applicable account with the book-entry transfer facility of such ZYPS tendered electronically and any other documents required by this Letter of Transmittal, must be received by the Depositary prior to the expiration time.

Pursuant to authority granted by DTC, any DTC participant that has ZYPS credited to its DTC account at any time (and thereby held of record by DTC’s nominee) may directly tender such ZYPS as though it were the registered holder by so completing, executing and delivering the Letter of Transmittal. Tenders of the ZYPS will be accepted in accordance with the procedures described in the preceding sentence and otherwise in compliance with this Letter of Transmittal.

THE METHOD OF DELIVERY OF THIS LETTER OF TRANSMITTAL, THE ZYPS AND ALL OTHER REQUIRED DOCUMENTS TO THE DEPOSITARY IS AT THE ELECTION AND RISK OF THE HOLDERS. IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED, IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE DELIVERY.

No alternative, conditional or contingent tenders of the ZYPS will be accepted. Except as otherwise provided below, the delivery will be deemed made when the delivery is actually received or confirmed by the Depositary. This Letter of Transmittal should be sent only to the Depositary. The Depositary will not accept any tender materials other than Letters of Transmittal and the DTC participants’ Agents’ Messages.

The ZYPS tendered may be withdrawn at any time before the expiration time of the Offer. Except as otherwise provided in this Instruction 2, tenders of the ZYPS are irrevocable.

For a withdrawal of the ZYPS to be effective, a written notice of withdrawal must be timely received by the Depositary at its address appearing on the back page of this document. Any notice of withdrawal must specify the name of the tendering holder, the aggregate principal amount of ZYPS to be withdrawn and the name of the registered holder of the ZYPS. If you tender your ZYPS through an agent and then wish to withdraw your ZYPS, you will need to make arrangements for withdrawal with your agent. Your ability to withdraw the tender of your ZYPS will depend upon the terms of the arrangements you have made with your agent and, if your agent is not the DTC participant tendering those ZYPS, the arrangements between your agent and such DTC participant, including any arrangements involving intermediaries between your agent and such DTC participant.

If you tendered your ZYPS in book-entry form and wish to withdraw your ZYPS, you will need to deliver to the Depositary a signed notice of withdrawal specifying the name of the registered holder and the name and the number of the account at DTC to be credited with the withdrawn ZYPS, and otherwise comply with DTC procedures.

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The Depositary will require that your signature on a notice of withdrawal be guaranteed by an eligible guarantor institution.

The Depositary will return to tendering holders all ZYPS in respect of which it has received valid withdrawal instructions as soon as practicable after it receives such instructions. See also “THE OFFER—Withdrawal Rights” section of the Offer to Purchase.

All questions as to the form and validity (including the time of receipt) of any notice of withdrawal will be determined by Comverse, and Comverse’s determination will be final and binding. Neither Comverse, the Depositary, the Information Agent nor any other person will be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give any such notification.

Withdrawals may not be rescinded, and any ZYPS properly withdrawn will thereafter be deemed not validly tendered for purposes of the Offer unless the withdrawn ZYPS are validly re-tendered before the expiration time.

All tendering ZYPS holders, by execution of this Letter of Transmittal or a manually signed facsimile of this Letter of Transmittal, waive any right to receive any notice of the acceptance of their tender.

3.    Inadequate Space. If the space provided in the box entitled “Description of ZYPS” above is inadequate, the aggregate principal amount of ZYPS should be listed on a separate signed schedule and attached to this Letter of Transmittal.

4.    Partial Tenders and Unpurchased ZYPS. Tenders of the ZYPS in response to the Offer will be accepted only in minimum principal amounts of $1,000 and integrals of $1,000 in excess thereof. If fewer than all of the ZYPS owned by a holder are tendered, the holder must fill in the aggregate principal amounts of such ZYPS tendered in the last column of the box titled “Description of ZYPS” herein. The entire aggregate principal amount represented by the ZYPS delivered to the Depositary will be deemed to have been tendered, unless otherwise indicated. If less than the entire aggregate principal amount of ZYPS is tendered or accepted for purchase or if none of the ZYPS tendered are accepted for purchase, the aggregate principal amount of ZYPS representing such unaccepted amount will be, if tendered by book-entry transfer, returned by credit to the account at the book-entry transfer facility designated herein unless otherwise provided in the appropriate box on this Letter of Transmittal (see Instruction 7), promptly after the ZYPS are accepted for purchase.

5.    Signatures on Letter of Transmittal.

• Exact Signature. If this Letter of Transmittal is signed by a DTC participant in the book-entry transfer facility whose name is shown as the owner of the ZYPS tendered hereby, the signature must correspond with the name shown on the security position listing as the owner of such ZYPS.

• Joint Holders. If the ZYPS tendered are registered in the names of two or more joint holders, each holder must sign this Letter of Transmittal.

• Signatures of Fiduciaries. If this Letter of Transmittal is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or any other person acting in a fiduciary or representative capacity, that person should so indicate when signing and must submit proper evidence satisfactory to Comverse of his or her authority to so act.

6.    Transfer Taxes. Comverse will pay all transfer taxes applicable to the purchase and transfer of the ZYPS, except in the case of deliveries of ZYPS for ZYPS not tendered or not accepted for payment that are registered or issued in the name of any person other than the DTC participant in the book-entry transfer facility whose name is shown as the owner of the ZYPS tendered thereby.

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7.    Special Payment and Delivery Instructions. Tendering holders should indicate in the applicable box or boxes the name and address to which the ZYPS for principal amounts not tendered or not accepted for purchase or checks constituting payments for the ZYPS to be purchased in the Offer are to be issued or sent, if different from the name and address of the registered or acting holder signing this Letter of Transmittal. In the case of issuance in a different name, the taxpayer identification number or social security number of the person named must also be indicated. If no instructions are given, the ZYPS not tendered or not accepted for purchase will be returned to the registered or acting holder of the ZYPS tendered. Any holder tendering by book-entry transfer may request that the ZYPS not tendered or not accepted for purchase be credited to such account at the book- entry transfer facility as such holder may designate under the caption “Special Payment and Delivery Instructions.” If no such instructions are given, ZYPS not tendered or not accepted for purchase will be returned by crediting the account at the book-entry transfer facility designated above.

8.    Irregularities. All questions as to the form of all documents and the validity (including time of receipt) and acceptance of tenders and withdrawals of ZYPS will be determined by Comverse, in its sole discretion, the determination of which shall be final and binding. ALTERNATIVE, CONDITIONAL OR CONTINGENT TENDERS OF ZYPS WILL NOT BE CONSIDERED VALID. Comverse reserves the absolute right, in its sole discretion, to reject any or all tenders of ZYPS that are not in proper form or the acceptance of which would, in Comverse’s opinion, be unlawful. Comverse also reserves the right to waive any defects, irregularities or conditions of tender as to particular ZYPS.

Comverse’s interpretations of the terms and conditions of the Offer (including the instructions in this Letter of Transmittal) will be final and binding. Neither Comverse, the Depositary, the Information Agent nor any other person, will be obligated to give any notice of any defects or irregularities in tenders or incur any liability for failure to give that notice.

Any defect or irregularity in connection with tenders of ZYPS must be cured within such time as Comverse determines, unless waived by Comverse. Tenders of ZYPS shall not be deemed to have been made until all defects or irregularities have been waived by Comverse or cured.

9.    Questions and Requests for Assistance and Additional Copies. Questions and requests for additional copies of the Offer to Purchase or the Letter of Transmittal may be directed to the Information Agent at its telephone numbers and address set forth on the back cover of the Offer to Purchase and of this Letter of Transmittal.

10.    Tax Identification Number and Backup Withholding. Under current U.S. federal income tax law, the Depositary (as payor) may be required under the backup withholding rules to withhold a portion of any payments made to certain holders (or other payees) pursuant to the Offer. To avoid such backup withholding, each tendering holder (or other payee) must, unless an exception applies (as described below), provide the Depositary with its correct taxpayer identification number (“TIN”) and certify that it is not subject to backup withholding by completing the Internal Revenue Service (“IRS”) Form W-9, which may be requested from the Information Agent or obtained from the IRS website at http://www.irs.gov. For an individual, the TIN is such individual’s social security number. If the Depositary is not provided with the correct TIN, the holder (or other payee) may be subject to a $50 penalty imposed by the IRS, and any reportable payments made to such person may be subject to backup withholding at the applicable rate, currently 28%. Such reportable payments generally will be subject to information reporting, even if the Depositary is provided with a TIN. For further information concerning backup withholding and instructions for completing Form W-9 (including how to obtain a TIN if you do not have one and how to complete the W-9 if ZYPS are held in more than one name), consult the Form W-9 instructions, which may be requested from the Information Agent or obtained from the IRS website at http://www.irs.gov.

Certain persons (including, among others, all corporations and certain foreign persons) are not subject to these backup withholding and reporting requirements. Exempt persons should indicate their exempt status on Form W-9.

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A foreign individual or entity may qualify as an exempt recipient by submitting the appropriate IRS Form W-8 (W-8BEN, Form W-8ECI or Form W-8IMY), properly completed and signed under penalty of perjury, attesting to foreign status prior to the time payment is made. To obtain an exemption from withholding based on foreign status a foreign person must certify that fact to the Depositary by providing to the Depositary a properly executed IRS Form W-8 BEN or other appropriate form, prior to the time payment is made. To obtain an exemption from withholding based on the grounds that the gross income is effectively connected with the conduct of a trade or business within the U.S., the foreign person must furnish the Depositary with a properly executed IRS Form W-8ECI prior to the date of payment. A foreign person may be eligible to obtain from the IRS a refund of tax withheld if the foreign holder is able to establish that no tax is due. Foreign holders are urged to consult their tax advisors regarding the application of U.S. federal income tax withholding, including eligibility for a withholding tax exemption, and the refund procedure.

A person’s failure to complete the Form W-9 will not, by itself, cause such person’s ZYPS to be deemed invalidly tendered, but may require the Depositary to withhold a portion of any payments made to such person pursuant to the Offer. Backup withholding is not an additional U.S. federal income tax. Rather, the U.S. federal income tax liability of a person subject to backup withholding will be reduced by the amount of U.S. federal income tax withheld. If backup withholding results in an overpayment of U.S. federal income tax, a refund may be obtained provided that the required information is furnished to the IRS.

TO ENSURE COMPLIANCE WITH TREASURY DEPARTMENT CIRCULAR 230, TENDERING HOLDERS ARE HEREBY NOTIFIED THAT: (A) ANY DISCUSSION OF TAX ISSUES IN THIS LETTER OF TRANSMITTAL IS NOT INTENDED OR WRITTEN TO BE RELIED UPON, AND CANNOT BE RELIED UPON BY HOLDERS FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON HOLDERS UNDER APPLICABLE LAWS; (B) SUCH DISCUSSION IS INCLUDED HEREIN BY COMVERSE IN CONNECTION WITH THE PROMOTION OR MARKETING (WITHIN THE MEANING OF CIRCULAR 230) BY COMVERSE OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN; AND (C) NOTE HOLDERS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

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The Depositary for the Offer is:

The Bank of New York Trust Company, N.A.

2 North LaSalle Street

Suite 1020

Chicago, IL 60602

Attention: Corporate Trust Division

Phone: (312) 827-8618

Fax: (312) 827-8542

The Information Agent for the Offer is:

D.F. King & Co., Inc.

48 Wall Street

New York, NY 10005

Banks and Brokers call Collect:

(212) 269-5550

All Others Call Toll Free:

(800) 829-6551

EX-99.(A)(1)(C)

Exhibit (a)(1)(C)

COMVERSE TECHNOLOGY, INC.

Notice of Designated Event and Offer to Purchase For Cash Any and All of the Outstanding:

Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (“Old ZYPS”)

(CUSIP Nos. 205862AK1* and 205862AL9* (ISIN No. US205862AL98*)

and

New Zero Yield Puttable Securities (ZYPS^SM) due May 15, 2023 (“New ZYPS”)

(CUSIP No. 205862AM7*) (ISIN No. US205862AM71*)

(The Old ZYPS and the New ZYPS are referred to herein collectively as the “ZYPS”)

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 PM, NEW YORK CITY TIME, ON FRIDAY, MARCH 30, 2007, UNLESS THE OFFER IS EXTENDED BY COMVERSE TECHNOLOGY, INC. IN ITS SOLE DISCRETION OR PURSUANT TO A REQUIREMENT OF APPLICABLE LAW, OR TERMINATED BY COMVERSE TECHNOLOGY, INC. PURSUANT TO A REQUIREMENT OF APPLICABLE LAW (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED, REFERRED TO AS THE “EXPIRATION TIME”). COMVERSE TECHNOLOGY, INC. MAY EXTEND THE OFFER PERIOD, SUBJECT TO THE REQUIREMENTS DESCRIBED HEREIN. HOLDERS MUST TENDER THEIR SECURITIES IN THE MANNER DESCRIBED BELOW ON OR PRIOR TO THE EXPIRATION TIME TO RECEIVE THE PURCHASE PRICE. SECURITIES TENDERED IN THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION TIME.

March 2, 2007

TO BROKERS, DEALERS, COMMERCIAL BANKS, TRUST COMPANIES AND OTHER NOMINEES:

In connection with the offer by Comverse Technology, Inc., a New York corporation (“Comverse”), to purchase for cash all of its outstanding Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “Old ZYPS”) and New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “New ZYPS” and collectively with the Old ZYPS, the “ZYPS”) upon the terms and subject to the conditions set forth in the Notice of Designated Event and Offer to Purchase, dated March 2, 2007 (the “Offer to Purchase”), and the related letter of transmittal (the “Letter of Transmittal”), The Bank of New York Trust Company, N.A. has been appointed as the Depositary by Comverse. The Offer to Purchase is being furnished to you as the holder of the ZYPS.

Comverse is offering to purchase all of its outstanding ZYPS. The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase and in the Letter of Transmittal which, as each may be amended and supplemented from time to time, together constitute the Offer.

Only ZYPS validly tendered and not properly withdrawn will be purchased. The Offer is not conditioned on any minimum number of ZYPS being tendered. However, the Offer is subject to those conditions described in the Offer to Purchase and the Letter of Transmittal. See “THE OFFER—Conditions of the Offer” in the Offer to Purchase.

YOUR PROMPT ACTION IS REQUESTED. WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE TO OBTAIN THEIR INSTRUCTIONS. THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 PM, NEW YORK CITY TIME, ON FRIDAY, MARCH 30, 2007, UNLESS THE OFFER IS EXTENDED OR TERMINATED.

YOU WILL NOT BE ABLE TO TENDER YOUR ZYPS BY NOTICE OF GUARANTEED DELIVERY. IN ORDER TO PARTICIPATE IN THE OFFER, YOU MUST TENDER YOUR ZYPS BY THE EXPIRATION TIME.

* No representation is made as to the accuracy of any CUSIP or ISIN numbers.

A tender will be deemed to have been received only when the Depositary receives both (i) either a properly completed and duly executed copy or facsimile of the Letter of Transmittal or a duly completed Agent’s Message through the facilities of DTC at the Depositary’s applicable DTC account and (ii) confirmation of book-entry transfer of the ZYPS into the Depositary’s applicable DTC account in accordance with DTC’s procedures for such transfer.

For your information and for forwarding to your clients for whom you hold ZYPS registered in your name or in the name of your nominee, we are enclosing the following documents:

1. The Offer to Purchase;

2. A letter that you may send to your clients for whose accounts you hold the ZYPS registered in your name or in the name of your nominee, with an instruction form for obtaining such clients’ instructions with regard to the Offer; and

3. The Letter of Transmittal for your use and for the information of your clients.

Comverse will not pay any fees or commissions to any broker, dealer, commercial bank, trust company or other nominee, other than D.F. King & Co., Inc. (the “Information Agent”) and the Depositary, in connection with the Offer. However, Comverse will, upon request, reimburse you for customary mailing and handling expenses incurred by you in forwarding any of the enclosed materials to the beneficial owners of ZYPS held by you as a nominee or in a fiduciary capacity. Comverse will pay or cause to be paid any transfer taxes applicable to its purchase of the ZYPS except as otherwise provided in the Offer to Purchase and the Letter of Transmittal.

None of Comverse (or its management or board of directors), the Information Agent, the Depositary or their respective affiliates makes any recommendation to any holder of any of the ZYPS as to whether to tender any such ZYPS. Comverse has not authorized any person to make any such recommendation. Holders of the ZYPS should carefully evaluate all information in the Offer, consult their own investment and tax advisors, and make their own decisions about whether to tender such ZYPS and, if so, how many ZYPS to tender. Any questions related to the Offer and requests for assistance may be directed to the Information Agent identified on and at its address and telephone number set forth on the back page of the Offer to Purchase.

Additional copies of the enclosed material may be obtained from the Information Agent by calling it at the number set forth on the back page of the Offer to Purchase.

Very truly yours,

D.F. KING & CO., INC.

NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY OTHER PERSON THE AGENT OF COMVERSE, THE INFORMATION AGENT, THE DEPOSITARY OR ANY AFFILIATE OF THE FOREGOING, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN CONNECTION WITH THE OFFER OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS CONTAINED THEREIN.

Encls.

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EX-99.(A)(1)(D)

Exhibit (a)(1)(D)

COMVERSE TECHNOLOGY, INC.

Notice of Designated Event and Offer to Purchase For Cash Any and All of the Outstanding:

Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (“Old ZYPS”)

(CUSIP Nos. 205862AK1* and 205862AL9*) (ISIN No. US205862AL98*)

and

New Zero Yield Puttable Securities (ZYPS^SM) due May 15, 2023 (“New ZYPS”)

(CUSIP No. 205862AM7*) (ISIN No. US205862AM71*)

(The Old ZYPS and the New ZYPS are referred to herein collectively as the “ZYPS”)

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 PM, NEW YORK CITY TIME, ON FRIDAY, MARCH 30, 2007, UNLESS THE OFFER IS EXTENDED BY COMVERSE TECHNOLOGY, INC. IN ITS SOLE DISCRETION OR PURSUANT TO A REQUIREMENT OF APPLICABLE LAW, OR TERMINATED BY COMVERSE TECHNOLOGY, INC. PURSUANT TO A REQUIREMENT OF APPLICABLE LAW (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED, REFERRED TO AS THE “EXPIRATION TIME”). COMVERSE TECHNOLOGY, INC. MAY EXTEND THE OFFER PERIOD, SUBJECT TO THE REQUIREMENTS DESCRIBED HEREIN. HOLDERS MUST TENDER THEIR SECURITIES IN THE MANNER DESCRIBED BELOW ON OR PRIOR TO THE EXPIRATION TIME TO RECEIVE THE PURCHASE PRICE. SECURITIES TENDERED IN THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION TIME.

March 2, 2007

TO OUR CLIENTS:

Enclosed for your consideration is the Notice of Designated Event and Offer to Purchase for Cash, dated March 2, 2007 (the “Offer to Purchase”), and a related letter of transmittal (the “Letter of Transmittal” which, together with any amendments or supplements thereto, collectively constitute the “Offer”) in connection with the offer by Comverse Technology, Inc., a New York corporation (“Comverse”), to purchase for cash all of its outstanding Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “Old ZYPS”) and New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023 (the “New ZYPS” and collectively with the Old ZYPS, the “ZYPS”) upon the terms and subject to the conditions set forth in the Offer to Purchase and the Letter of Transmittal. Only ZYPS validly tendered and not properly withdrawn will be purchased.

A TENDER OF YOUR ZYPS CAN BE MADE ONLY BY US AS THE HOLDER OF RECORD AND PURSUANT TO YOUR INSTRUCTIONS. THE LETTER OF TRANSMITTAL IS FURNISHED TO YOU FOR YOUR INFORMATION ONLY AND CANNOT BE USED BY YOU TO TENDER YOUR ZYPS HELD BY US FOR YOUR ACCOUNT. YOU WILL NOT BE ABLE TO TENDER YOUR ZYPS BY NOTICE OF GUARANTEED DELIVERY. IN ORDER TO PARTICIPATE IN THE OFFER, YOU MUST TENDER YOUR ZYPS BY THE EXPIRATION TIME.

Accordingly, please use the attached Instruction Form to instruct us as to whether you wish us to tender any or all of the ZYPS we hold for your account on the terms and subject to the conditions of the Offer.

We call your attention to the following:

1. The Offer and your withdrawal rights will expire at 5:00 pm, New York City time, on Friday, March 30, 2007, unless Comverse extends the Offer.

2. Comverse is offering to purchase all of its outstanding ZYPS at a purchase price of $1,000 per $1,000 principal amount.

* No representation is made as to the accuracy of any CUSIP or ISIN numbers.

3. None of Comverse (or its management or board of directors), the Information Agent, the Depositary or their respective affiliates makes any recommendation to any holder of any of the ZYPS as to whether to tender any such ZYPS. Comverse has not authorized any person to make any such recommendation. You should carefully evaluate all information in the Offer, consult your own investment and tax advisors, and make your own decisions about whether to tender such ZYPS and, if so, how many ZYPS to tender.

4. If you wish to have us tender any or all of your ZYPS, please so instruct us by completing, executing, detaching and returning to us the attached Instruction Form. If you authorize us to tender your ZYPS, we will tender all such ZYPS unless you specify otherwise on the attached Instruction Form.

IF YOU WISH TO HAVE US TENDER ANY OR ALL OF YOUR ZYPS, PLEASE FORWARD YOUR INSTRUCTION FORM TO US AS SOON AS POSSIBLE TO ALLOW US AMPLE TIME TO TENDER YOUR ZYPS ON YOUR BEHALF PRIOR TO THE EXPIRATION TIME OF THE OFFER.

The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of ZYPS residing in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

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Instruction Form

By signing this instruction form you acknowledge receipt of our letter and the enclosed Offer to Purchase and the Letter of Transmittal in connection with the Offer by Comverse to purchase the ZYPS in such amount and for such price as is described in the Offer to Purchase. The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase and in the Letter of Transmittal, which, as each may be amended or supplemented from time to time, together constitute the Offer.

This will instruct us to tender to Comverse on your behalf the aggregate principal amount of the ZYPS indicated below (or if no number is indicated below, all ZYPS) which are beneficially owned by you but registered in our name, upon the terms and subject to the conditions of the Offer.

Aggregate principal amount to be tendered (fill in amount):

$                                 

of its Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023

Aggregate principal amount to be tendered (fill in amount):

$                                 

of its New Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023

The method of delivery of this document is at the option and risk of the tendering owner of the ZYPS. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to assure delivery.

PLEASE SIGN HERE

Name (s): 

Signature(s): 

Printed Name (if signatory is not the beneficial owner): 

Title or Capacity (if signatory is not the beneficial owner): 

Address: 

Area Code and Telephone No.: 

Tax Identification or Social Security No.: 

Date Executed: 

THIS FORM MUST BE RETURNED TO THE BENEFICIAL OWNER’S BANK OR BROKER, AND NOT TO THE DEPOSITARY, WITH SUFFICIENT TIME FOR THE BENEFICIAL OWNER’S BANK OR BROKER TO INSTRUCT THE DEPOSITARY TO EXECUTE THE ABOVE TRANSACTIONS PRIOR TO THE EXPIRATION TIME.

EX-99.(A)(1)(E)

Exhibit  (a)(1)(E)

CONTACT: Paul D. Baker Comverse Technology, Inc. One Huntington Quadrangle Melville, New York 11747 (516) 677-7226

Comverse Technology Announces the Commencement of a Tender Offer for Its Zero Yield Puttable Securities (ZYPS^SM) Due May 15, 2023; Unaudited Financial Results Expected to be Issued on or about March 19, 2007

NEW YORK, NY, March 2, 2007 — Comverse Technology, Inc. (Pink Sheets: CMVT.PK) today announced that it is commencing a 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 March 2, 2007.

The delisting of Comverse Technology’s Common Stock from The NASDAQ Global Market was a Designated Event under the Indentures governing the ZYPS, and in order to satisfy its obligations under the Indentures, Comverse Technology is offering to purchase all of its outstanding ZYPS at a purchase price of $1,000 in cash for each $1,000 principal amount of ZYPS tendered. The Offer is scheduled to expire at 5:00 p.m., New York City time, on March 30, 2007, unless extended by Comverse Technology. As of January 31, 2007, there was $419,647,000 aggregate principal amount of ZYPS outstanding.

Comverse Technology has retained The Bank of New York Trust Company, N.A. to serve as the Depositary and D.F. King & Co., Inc. as the Information Agent for the Offer. Questions regarding the Offer and requests for documents in connection with the Offer may be directed to D.F. King & Co., Inc. at (800) 829-6551 (toll free) or, for banks and brokers, (212) 269-5550 (call collect).

This announcement is not an offer to buy or the solicitation of an offer to sell any ZYPS. The Offer for the ZYPS will be made solely by, and subject to the terms and conditions set forth in, a Schedule TO (including the Offer to Purchase, related Letter of Transmittal and other Offer documents) that is being filed by Comverse Technology today with the Securities and Exchange Commission. The Schedule TO will contain important information and should be read carefully before any decision is made with respect to the Offer. The Offer to Purchase, Letter of Transmittal and other Offer documents are being delivered to holders of the ZYPS. Once the Schedule TO and other documents are filed with the SEC, they will be available free of charge on the SEC’s website at www.sec.gov.

In addition, Comverse Technology announced that it intends to issue a press release on or about March 19, 2007, which will announce its unaudited financial results for the fiscal year ended January 31, 2007.

Comverse Technology

March 2, 2007

As a result of Comverse Technology’s ongoing investigation of past stock option grants, including its evaluation of actual dates of measurement for certain grants which differ from the recorded grant dates, and of additional accounting issues, including errors in the recognition of revenue related to certain contracts, errors in the recording of certain deferred tax accounts and the misclassification of certain expenses in earlier periods as well as the possible misuse of accounting reserves and the understatement of backlog, Comverse Technology did not release earnings for fiscal 2005, ended January 31, 2006, or for any subsequent fiscal quarter. In addition, Comverse Technology previously announced that its prior financial statements and any related reports of its independent registered public accounting firm should no longer be relied upon.

About Comverse Technology, Inc.

Comverse Technology, Inc., through its Comverse, Inc. subsidiary, 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, and real-time converged billing solutions. Over 450 communication and content service providers in more than 120 countries use Comverse products to generate revenues, strengthen customer loyalty and improve operational efficiency. Other Comverse Technology subsidiaries include: Verint Systems (Pink Sheets: VRNT.PK), a leading provider of analytic software-based solutions for communications interception, networked video security and business intelligence; and Ulticom (Pink Sheets: ULCM.PK), a leading provider of service enabling signaling software for wireline, wireless and Internet communications.

For additional information, visit the Comverse website at www.comverse.com or 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).

Note: 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 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: the results of the investigation of the Special Committee, appointed by the Board of Directors on March 14, 2006, of matters relating to the company’s stock option grant practices and other accounting matters, including errors in revenue recognition, errors in the recording of deferred tax accounts, expense misclassification, the possible misuse of accounting reserves and the understatement of backlog; 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 reviews; 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; the right of holders of the company’s ZYPS to require the company to repurchase their ZYPS as a result of the delisting of

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Comverse Technology

March 2, 2007

the company’s shares from NASDAQ at a repurchase price equal to 100% of the principal amount of ZYPS to be purchased; risks of litigation and of governmental investigations or proceedings arising out of or related to the company’s stock option grants 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; risks associated with integrating the businesses and employees of the Global Software Services division acquired from CSG Systems International, Netcentrex S.A. and Netonomy, Inc.; 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, 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 discussed above, 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 subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available through the company, or its website, www.cmvt.com, 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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