By all accounts, things are going great at NICE Systems (NASDAQ:NICE). Management of this Israel-based provider of data, voice, and video analytics solutions continues to sound optimistic on orders and guidance, the company continues to sign up notable customers like General Electric (NYSE:GE) and Home Depot (NYSE:HD), and the reported pace of growth seems quite strong.

But is it really?

After this quarter's report, I have a bee in my bonnet regarding the true pace of growth at this apparently fast-growing company. Reported revenue grew more than 35%, but there was no discussion of an organic growth rate in the press release -- a relevant figure, since the company has made numerous acquisitions. When asked on the conference call, management was somewhat evasive, suggesting that organic growth was on the order of 20%, but that it was somehow difficult to track.

I find that excuse dubious. Industrial companies like Illinois Tool Works (NYSE:ITW) and Dover (NYSE:DOV) have large collections of businesses and seemingly close new acquisitions just about every day of the week. Yet they're able to provide investors an organic growth rate each quarter without even asking. Besides, if NICE's business is about organizing, sorting, analyzing, and interpreting data, isn't it a little strange that it can't provide an upfront answer on a simple question like organic growth?

I wouldn't sell this stock just because of that issue. It's certainly worth discussing in the context of growth modeling and corporate governance, but entities like FedEx (NYSE:FDX) and the Beijing Metro do appear to be ordering and implementing NICE products. Moreover, as the company grows, it becomes an increasingly viable and worthwhile partner for other tech companies like Cisco (NASDAQ:CSCO) or SAP (NYSE:SAP) in producing "total solutions" for customers.

I do like this business and its potential, presuming that organic growth is as good as management suggests. Moreover, investors may be getting an opportunity to buy these shares at a somewhat reduced price, due to conflict between Israel and Lebanon -- something that really doesn't impact the business today, and likely wouldn't unless the Israeli army has to call up reservists (which could include some of NICE's developers and managers).

Keep an eye on organic growth and management's willingness to promptly disclose detailed financial information, but keep an equally sharp eye on the potential of this business's ability to satisfy a lot of needs in both the corporate and government sectors.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).