NiCE (NICE) said Monday it has signed a deal to acquire Cognigy for about $955 million.

The acquisition integrates NiCE's CXone Mpower platform with Cognigy's conversational and agentic artificial intelligence services, according to NiCE.

The company's board has approved the deal, which is expected to be completed in Q4, NiCE said, adding that it will finance the transaction with funds on hand.

NiCE said the transaction value of $955 million includes an approximate $50 million time-bound holdback, comprising of $25 million in cash and 158,000 American depositary shares.

Shares of NiCE were up more than 4% in recent Monday premarket activity.