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Verint Systems

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Verint Systems Inc. is a Melville, New York–based technology company that sells products and services for customer experience (CX) automation.[2] The company offers an open platform, applications, and bots that incorporate artificial intelligence (AI), advanced analytics, large language models, and automated workflows to analyze business intelligence from customer interactions in the contact center, back office, branch, web sites, and mobile apps.[3][4] This information is used by organizations to achieve a variety of business outcomes, such as increasing productivity and service quality without hiring additional workers, lowering costs, improving the customer experience, and enhancing products, services, and competitive differentiation.[5]

Verint Systems Inc.
Company typePublic
Nasdaq: VRNT
Industry
Founded1994; 30 years ago (1994)
Headquarters
Melville, New York, US
Key people
RevenueIncrease US$900+ million (2023)
Increase US$65+ million (2023)
Total assetsIncrease US$2.36 billion (2023)
Total equityIncrease US$1.26 billion (2023)
Number of employees
c. 4,000 (Jan 2024)
Websiteverint.com
Footnotes / references
[1]

In 2024, Verint has approximately 10,000 clients in more than 175 countries, and approximately 3,700 employees around the globe, plus a few hundred contractors in various locations internationally.[6] The company was previously a majority-owned subsidiary of Comverse Technology[7] and it was formerly known as Comverse Infosys.[8] In February 2013, Verint Systems became independent of Comverse, having bought out the latter's stake in it.[9]

History

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Founding, early years

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Verint started as Comverse Technology's Comverse Infosys business unit, which was created in 1999[10] although it was also incorporated in Delaware in February 1994 as a wholly owned subsidiary of Comverse Technology.[dubious – discuss] Verint's initial focus was on the commercial call recording market, which at the time was transitioning from analog tape to digital recorders. On June 7, 1999, the company released an Internet Call Waiting service.[11]

Expansion and name change

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In 1999, Comverse Infosys was combined with another division of Comverse focused on security and the communications interception market. In 2001, Verint expanded into video security by combining with Loronix Information Systems, Inc., which had been previously acquired by Comverse.[12] In 2002, Comverse Infosys changed its name to Verint Systems Inc.[13]

IPO, acquisitions

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In May 2002, Verint completed an IPO and became a public company, although it was still majority owned by Comverse Technology. Since 2006 Verint has acquired several other companies such as MultiVision Intelligent Surveillance Limited, a networked video security business; CM Insight Limited, a UK-based, customer management company; Mercom Systems Inc., an interaction recording and performance evaluation company; ViewLinks Euclipse Ltd., a provider of data mining and link analysis software; and Witness Systems, Inc. a workforce optimization company.[14]

In July 2008[15] Amit Bohensky founded Focal-Info,[16] a software company focused on web data extraction and analytics. The following month Focal-Info had been bought by Verint for an undisclosed amount, with Bohensky hired back on to lead Focal-Info's "extended activity" within Verint.[17][18] A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.[14]

Beginning with a stock options backdating scandal in 2006, parent company Comverse Technology suffered a series of financial reporting problems, losses and layoffs, with one consequence that both Comverse and Verint were delisted from the NASDAQ stock market in 2007 and ended up on the Pink Sheets.[19] In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT.[20] By that year, there was considerable talk that Comverse Technology would sell its remaining interest in Verint, with some private equity firms mentioned as possible buyers.[7][21] In September 2011, Verint acquired Global Management Technologies Corporation, paying around $25 million for it.[22]

Full independence

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In August 2012, Verint announced that it would buy out Comverse Technology's stake in it, in a transaction valued at around $800 million.[23] An FBR Capital Markets analyst said the move "finally eliminates a major overhang on the name by removing Comverse's majority ownership stake."[23] The deal was finalized in February 2013.[9]

In January 2014, the Swiss Federal Department of Justice and Police awarded Verint a contract worth $14.2 million to develop the new Interception System Switzerland ISS 2 wiretapping system.[24][25]

On February 3, 2014, Verint Systems completed acquisition of KANA Software Inc. from Accel-KKR for $514.2 million.[26]

On November 16, 2016, Verint Systems completed acquisition of the customer experience software company OpinionLab for an undisclosed amount.[27]

On December 19, 2017, Verint Systems completed acquisition of the intelligent virtual assistant company Next IT for $30 million cash plus up to $21 million in future payments.[28][29]

On February 1, 2021, Verint spun off its cyber intelligence division as Cognyte, an independent company catering to governments, to become a pure-play customer engagement vendor.[30] [31] Having divested its cyber intelligence and defense offerings, Verint now focused on developing customer engagement and CX automation solutions for the civilian market, including banking, insurance, public safety/sector, retail, and telecommunications organizations.[32]

Controversy

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An article published in Haaretz alleges Verint had "faced backlash" for selling surveillance technology to "repressive regimes" for several years.[33]

On February 2, 2021, Amnesty International reported that an Israeli subsidiary of Verint had "provided the South Sudanese authorities, including the NSS [National Security Services], with communications interception equipment and annual support services" between 2015 and 2017. The NSS has a record of "harassing, intimidating, threatening, arbitrarily detaining and, in some cases, forcibly disappearing and extra-judicially killing" critics of the government. In its report, Amnesty said it "believes that this [sale] goes against Israel’s obligation to protect human rights."[34][33]

Products

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Verint's products include the Verint Open Platform, which incorporates AI and behavioral data from customer interactions, along with numerous AI-powered bots and applications for customer engagement. The platform is modular, allowing organizations to selectively implement bots to align with specific business priorities. The platform supports traditional contact centers as well as contact center as a service (CCaaS) models. [35] Automated workflows support the sharing of customer interaction analysis among the contact center, back office, branch, web sites, and mobile apps. [36]

In June 2024, Verint was named “Best Virtual Agent Solution” in the AI Breakthrough Awards program.[37] The company’s open platform was named a winner in the “Best Use of Artificial Intelligence (AI)” category at the 2024 CX Awards hosted by CX Today.[38]

See also

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References

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  1. ^ "Verint Systems Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 29, 2022.
  2. ^ "Verint Systems Inc. 2023 Annual Report (Form 10-K) Year ending January 31, 2024". U.S. Securities and Exchange Commission. March 27, 2024.
  3. ^ "Verint Systems Inc. (VRNT)". Yahoo Finance. Retrieved July 1, 2024.
  4. ^ "There's More to the Verint Open CCaaS Platform than Meets the Eye". CX Today. July 6, 2023. Retrieved June 28, 2024.
  5. ^ Pleasant, Blair (May 28, 2024). "Verint Analyst Days – All About CX Automation". BC Strategies: An Essential Buyer's Resource. Retrieved June 28, 2024.
  6. ^ "Verint Systems Inc. 2023 Annual Report (Form 10-K)"". U.S. Securities and Exchange Commission. March 27, 2024. Retrieved July 1, 2024.
  7. ^ a b Eric Savitz (September 30, 2010). "Buyers Eye Comverse Assets, Including Verint; Shares Spike" (PDF). Barron's.
  8. ^ "Verint to raise $75m. in Nasdaq IPO" Archived 2012-11-05 at the Wayback Machine, The Jerusalem Post, 8 February 2002.
  9. ^ a b Ron Steinblatt (7 February 2013). "Verint completes separation from Comverse". Globes.
  10. ^ Mark Harrington (3 June 1999). "Comverse Technology Boasts Surge in Profits". Newsday. Dow Jones News Service. p. A52. Archived from the original (fee required) on 5 November 2012. Retrieved 7 July 2017.
  11. ^ "Comverse Network Systems Unveils Internet Call Waiting Service".
  12. ^ "Company News; Comverse to Buy Loronix for $232 Million in Stock". The New York Times. 2000-03-07. ISSN 0362-4331. Retrieved 2020-05-14.
  13. ^ "Comverse Infosys Changes Name to Verint Systems Inc" (Press release). Comverse Technology. February 1, 2002. Archived from the original on June 12, 2011. Retrieved February 26, 2011.
  14. ^ a b "Iontas Acquisition" (Press release). Archived from the original on 2011-07-19. Retrieved 2011-05-18.
  15. ^ "Amit Bohensky". LinkedIn. Archived from the original on 2014-06-28. Retrieved 2014-03-16.
  16. ^ "Leadership: Amit Bohensky – Member of the Board and investor". Support Machines: Understanding People. Retrieved 2014-03-16.
  17. ^ Udi, Mishel (January 16, 2012). "Verint buys Focal Info". QlikQ. Retrieved 2014-03-16.
  18. ^ "About Us: Amit Bohensky - Investor, Board Member". Clinch. Archived from the original on 2014-03-31. Retrieved 2014-03-16.
  19. ^ "Verint Systems Announces Completion of Independent Investigation - SYS-CON MEDIA". www.sys-con.com. Retrieved 17 April 2019.
  20. ^ "Verint to be Relisted on NASDAQ July 6, 2010". Archived from the original on 9 March 2012. Retrieved 17 April 2019.
  21. ^ Nir Zalik (10 October 2010). "Comverse unloads Ulticom to Platinum Equity for $90m". Haaretz.
  22. ^ John Callegari, Long Island Business News. "Verint to acquire Atlanta-based GMT Corp.." September 27, 2011. Retrieved September 27, 2011.
  23. ^ a b "Verint to buy Comverse Technology". Reuters. 13 August 2012.
  24. ^ Atmani, Mehdi (14 January 2014). "Les oreilles de la Confédération seront israéliennes". Le Temps (in French). Archived from the original on 16 January 2014. Retrieved 13 October 2024.
  25. ^ "Prüfung des IKT- Schlüsselprojektes Interception System Schweiz 2" (PDF) (in German). Swiss Federal Audit Office. 29 July 2014. p. 9. Retrieved 13 October 2024.
  26. ^ "Accel-KKR Completes Sale of KANA Software, Inc. to Verint Systems Inc. for $514.2 Million in Cash" (Press release). Accel-KKR. 3 February 2014. Archived from the original on 2 March 2014 – via Yahoo! Finance.
  27. ^ "Verint Systems Acquires Opinion Lab". 16 November 2016.
  28. ^ "Verint Accelerates Automation Innovation and Expands Cloud Self-Service Solutions". 19 December 2017.
  29. ^ "Next IT Corp., a Spokane Valley artificial intelligence company, sold for $30 million". 21 December 2017.
  30. ^ "Verint Celebrates 'Day One' as a Company Focused on Enabling Brands to Achieve Boundless Customer Engagement Following Completion of Cognyte Software Spin-Off". 1 February 2021.
  31. ^ Hazani, Golan (February 2, 2021). "Verint completes spin-off of its defense activities into new company Cognyte Software". CTECH. Retrieved July 1, 2024.
  32. ^ "Verint Systems Inc. (VRNT)". Yahoo Financie. Retrieved July 1, 2024.
  33. ^ a b Yaron, Oded (2 February 2021). "Israeli Cyber Firm Sold Spytech to South Sudan, Investigation Finds". Haaretz. Retrieved 13 October 2024.
  34. ^ ""These walls have ears": The chilling effect of surveillance in South Sudan". Amnesty International. 2 February 2021. Retrieved 13 October 2024.
  35. ^ "There's More to the Verint Open CCaaS Platform Than Meets the Eye". CX Today. July 6, 2023. Retrieved June 28, 2024.
  36. ^ "Verint Systems Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 27, 2024. Retrieved July 1, 2024.
  37. ^ "2024 Award Winners: Virtual Agents and Bots". AI Breakthrough Awards. AMR Research. Retrieved June 28, 2024.
  38. ^ "Champions Take the Stage: Announcing the CX Awards 2024 Winners!". CX Today. February 29, 2024. Retrieved July 1, 2024.
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