NICE Systems, the Israeli based provider of workforce optimization solutions, announced the acquisition of inContact, the Salt Lake City based provider of cloud contact center software on Wednesday. inContact stockholders will receive $14.00 per share in cash under the terms of the agreement.

The acquisition will allow NICE to combine their widely used work-force optimization and analytics solutions with inContact’s contact center cloud offerings to enable businesses to transition customer-service applications to the cloud and maintain a high level of service.

“Today, we are embarking on the most transformative move within our industry in decades, for both NICE and the customer service market,” Barak Eilam, CEO of NICE, said. “Together, inContact and NICE are making history by re-inventing customer service as we know it, combining our best-in-class contact center applications and analytics with cloud contact center. This unprecedented integration is at the core of our vision for the transformation of the legacy contact center into the new era of the Experience Center. “

This is an important move for NICE – who is recognized as a global market leader in analytics-based customer service applications, and continues a decade long trend of acquisitions. The transaction values inContact at approximately $940 million, and is the largest the software provider has engaged in. Together the companies will offer a full range products and solutions for the growing Contact Center as a Service solutions space, one markedly larger than NICE’s current market.

NICE can now leverage their existing edge with inContact’s established solutions to reach all available market segments from start-ups to Fortune 100 businesses. inContact will also now reach a more widespread customer base with their established cloud offering, and allow existing customers to benefit from NICE’s WFO solutions.

With a unique combination of contact center applications and platform, the companies will transform the “contact center to the Experience Center,” according to the announcement. The Experience Center will connect customers, employees and omni-channel by using advanced analytics to drive “personalization and smart action into real time.”

Paul Jarman, inContact’s CEO will continue to lead the provider as it becomes part of NICE . Jarman said he is looking forward to the unique opportunities these companies can bring to the market now that they will be working together.

“Together with NICE, we will accelerate the move to contact center in the cloud for organizations of any size,” he said. “Our current customers will be able to enjoy the benefits of the most complete suite of contact center applications, and we will continue to work closely with our large partner network and outstanding dedicated employees to enable this re-invention of customer service.”

NICE will finance the acquisition with cash on hand as well as debt of up to $475 million. The transaction is expected to close before the end of 2016.