Verint Systems: Difference between revisions - Wikipedia
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{{Short description|American analytics company}}
{{Infobox company
| name = Verint Systems Inc.
| logo = Verint-logo-may-2019.png
|logo_caption logo_caption =
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NASDAQ|VRNT}}|[[Russell 2000 Index|Russell 2000 component]]}}
|key_people key_people = {{ubl|Dan Bodner| ([[President (corporate title)|president]] and [[Chief executive officer|CEO]])}}
| industry = {{ubl|[[Software]]|[[Business intelligence]]|[[Speech analytics]]|[[Video analytics]]|[[Business consulting]]|[[IT consulting]]}}
| revenue = {{nowrap|{{increase}} {{US$|875900+ million|link=yes}} (20212023)}}
| net_income = {{increase}} US$1465+ million (20212023)
| assets = {{decreaseincrease}} US$2.36 billion (20212023)
| equity = {{decreaseincrease}} US$9521.26 millionbillion (20212023)
| num_employees = {{circa|4,400000}} (Jan 20222024)
| founded = {{Start date and age|1994}}
| location_city = [[Melville, New York]], US
| homepage = {{URL|verint.com}}
| footnotes = <ref>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1166388/000116638822000019000116638824000015/vrnt-2022013120240131.htm |title=Verint Systems Inc. 2021 Annual Report )Form 10-K) |date=March 29, 2022 |publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}
'''Verint Systems Inc.''' is a [[Melville, New York|Melville]], New York–based technology company that sells products and services for customer experience (CX) automation.<ref>{{cite book |last= |first= |url="https://www.sec.gov/ix?doc=/Archives/edgar/data/1166388/000116638824000015/vrnt-20240131.htm |title=Verint Systems Inc. 2023 Annual Report (Form 10-K) Year ending January 31, 2024 |date= |publisher=U.S. Securities and Exchange Commission |yeardate=March 727, 2024 |isbn= |publication-date=March 727, 2024 |quote=}}</ref> 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.<ref>{{Cite web |title=Verint Systems Inc. (VRNT) |url=https://finance.yahoo.com/quote/VRNT/profile/ |url-status=live |access-date=July 1, 2024 |website=Yahoo Finance}}</ref><ref>{{Cite web |date=July 6, 2023 |title=There's More to the Verint Open CCaaS Platform than Meets the Eye |url=https://www.cxtoday.com/contact-centre/theres-more-to-the-verint-open-ccaas-platform-than-meets-the-eye/ |url-status=live |access-date=June 28, 2024 |website=CX Today}}</ref> 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.<ref>{{Cite web |last=Pleasant |first=Blair |date=May 28, 2024 |title=Verint Analyst Days – All About CX Automation |url=https://www.bcstrategies.com/content/verint-analyst-days-all-about-cx-automation |url-status=live |access-date=June 28, 2024 |website=BC Strategies: An Essential Buyer's Resource}}</ref>
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.<ref>{{Cite web |date=March 27, 2024 |title=Verint Systems Inc. 2023 Annual Report (Form 10-K)". |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1166388/000116638824000015/vrnt-20240131.htm |url-status=live |access-date=July 1, 2024 |website=U.S. Securities and Exchange Commission |language=en-US}}</ref> The company was previously a majority-owned subsidiary of [[Comverse Technology]]<ref name="b-ver">{{cite news | url=http://www.verint.com/corporate/misc/Form_10-K_for_the_Year_Ended_January_31_2012_.pdf | title=Buyers Eye Comverse Assets, Including Verint; Shares Spike | author=Eric Savitz | newspaper=[[Barron's (newspaper)|Barron's]] | date=September 30, 2010}}</ref> and it was formerly known as Comverse Infosys.<ref name="ver-ipo">[https://pqasb.pqarchiver.com/jpost/access/118108330.html?dids=118108330:118108330&FMT=ABS&FMTS=ABS:FT&date=Feb+08%2C+2002&author=SHARON+BERGER&pub=Jerusalem+Post&desc=Verint+to+raise+%2475m.+in+Nasdaq+IPO&pqatl=google "Verint to raise $75m. in Nasdaq IPO"] {{Webarchive|url=https://web.archive.org/web/20121105191233/http://pqasb.pqarchiver.com/jpost/access/118108330.html?dids=118108330%3A118108330&FMT=ABS&FMTS=ABS%3AFT&date=Feb%2008%2C%202002&author=SHARON%20BERGER&pub=Jerusalem%20Post&desc=Verint%20to%20raise%20%2475m.%20in%20Nasdaq%20IPO&pqatl=google |date=2012-11-05 }}, ''[[The Jerusalem Post]]'', 8 February 2002.</ref> In February 2013, Verint Systems became independent of Comverse, having bought out the latter's stake in it.<ref name="globes0213"/>
==History==
===Founding, early years===
Verint started as [[Comverse Technology]]'s Comverse Infosys business unit, which was created in 1999<ref name="1999-subs">{{cite news | url=https://pqasb.pqarchiver.com/newsday/access/42086235.html?dids=42086235:42086235&FMT=ABS&FMTS=ABS:FT | title=Comverse Technology Boasts Surge in Profits | author=Mark Harrington | agency=[[Dow Jones News Service]] | newspaper=[[Newsday]] | date=3 June 1999 | page=A52 | format=fee required | access-date=7 July 2017 | archive-date=5 November 2012 | archive-url=https://web.archive.org/web/20121105191145/http://pqasb.pqarchiver.com/newsday/access/42086235.html?dids=42086235:42086235&FMT=ABS&FMTS=ABS:FT | url-status=dead }}</ref> although it was also incorporated in Delaware in February 1994 as a wholly owned subsidiary of [[Comverse Technology]].{{Dubious|date=February 2011}} 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.<ref>{{cite web |url=https://www.lexis.com/research/retrieve?_m=050915d0ce8e0fa8d213a566a5d33546&docnum=38&_fmtstr=FULL&_startdoc=1&wchp=dGLzVzB-zSkAz&_md5=8fa0ba5b401873941efc6bbdf9b1fb26 |title= Comverse Network Systems Unveils Internet Call Waiting Service
}}</ref>
===Expansion and name change===
In 1999, Comverse Infosys was combined with another division of Comverse focused on security and the [[Lawful interception|communications interception]] market. In 2001, Verint expanded into video security by combining with Loronix Information Systems, Inc., which had been previously acquired by Comverse.<ref>{{Cite news |date=2000-03-07 |title=Company News; Comverse to Buy Loronix for $232 Million in Stock |url=https://www.nytimes.com/2000/03/07/business/company-news-comverse-to-buy-loronix-for-232-million-in-stock.html |access-date=2020-05-14 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> In 2002, Comverse Infosys changed its name to Verint Systems Inc.<ref>{{cite press release | url=http://verint.com/corporate/releases_view.cfm?article_level1_category_id=7&article_level1_id=282&pageno=3&year=2002 | title=Comverse Infosys Changes Name to Verint Systems Inc. | publisher=Comverse Technology | date=February 1, 2002 | access-date=February 26, 2011 | archive-date=June 12, 2011 | archive-url=https://web.archive.org/web/20110612082912/http://verint.com/corporate/releases_view.cfm?article_level1_category_id=7&article_level1_id=282&pageno=3&year=2002 | url-status=dead }}</ref>
===IPO, acquisitions===
In May 2002, Verint completed an [[Initial public offering|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.<ref name="iontas"/>
In July 2008<ref name="ablinkedin"/> [[Amit Bohensky]] founded Focal-Info,<ref name="absmachines"/> 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 "extendend activity" within Verint.<ref name="abqlik"/><ref name="clinchab"/> A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.<ref name="iontas">{{cite press release | url=http://verint.com/corporate/section2a.cfm?article_level2_category_id=1000&article_level2a_id=289 |title title=Iontas Acquisition | access-date=2011-05-18 | archive-date=2011-07-19 | archive-url=https://web.archive.org/web/20110719203117/http://verint.com/corporate/section2a.cfm?article_level2_category_id=1000&article_level2a_id=289 | url-status=dead }}</ref>
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 LLC|Pink Sheets]].<ref>{{cite web|url=http://www.sys-con.com/node/524389|title=Verint Systems Announces Completion of Independent Investigation - SYS-CON MEDIA|website=www.sys-con.com|access-date=17 April 2019}}</ref> In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT.<ref>{{cite web|url=http://verint.com/corporate/releases_view.cfm?article_level1_category_id=7&article_level1_id=1298&pageno=1&year=2010|title=Verint to be Relisted on NASDAQ July 6, 2010|access-date=17 April 2019|archive-date=9 March 2012|archive-url=https://web.archive.org/web/20120309014944/http://verint.com/corporate/releases_view.cfm?article_level1_category_id=7&article_level1_id=1298&pageno=1&year=2010|url-status=dead}}</ref> 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.<ref name="b-ver"/><ref name="haaretz-ulti">{{cite news | url=http://www.haaretz.com/print-edition/business/comverse-unloads-ulticom-to-platinum-equity-for-90m-1.319191 | title=Comverse unloads Ulticom to Platinum Equity for $90m | author=Nir Zalik | newspaper=[[Haaretz]] | date=10 October 2010}}</ref> In September 2011, Verint acquired Global Management Technologies Corporation, paying around $25 million for it.<ref>John Callegari, Long Island Business News. "[http://libn.com/2011/09/27/verint-to-acquire-atlanta-based-gmt-corp/ Verint to acquire Atlanta-based GMT Corp.]." September 27, 2011. Retrieved September 27, 2011.</ref>
===Full independence===
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On December 19, 2017, Verint Systems completed acquisition of the [[Virtual assistant (artificial intelligence)|Intelligent Virtual Assistant]] company Next IT for $30 million cash plus up to $21 million in future payments.<ref>{{cite news | url=https://www.businesswire.com/news/home/20171219006309/en/Verint-Accelerates-Automation-Innovation-Expands-Cloud-Self-Service | title=Verint Accelerates Automation Innovation and Expands Cloud Self-Service Solutions | date=19 December 2017}}</ref><ref>{{cite news | url=http://www.spokesman.com/stories/2017/dec/21/spokane-valley-ai-company-purchased-for-30-million/ | title=Next IT Corp., a Spokane Valley artificial intelligence company, sold for $30 million | date=21 December 2017}}</ref>
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.<ref>{{cite news | url=https://www.verint.com/press-room/2021-press-releases/verint-celebrates-day-one-as-a-company-focused-on-enabling-brands-to-achieve-boundless-customer-engagement-following-completion-of-cognyte-software-spin-off/| title=Verint Celebrates 'Day One' as a Company Focused on Enabling Brands to Achieve Boundless Customer Engagement Following Completion of Cognyte Software Spin-Off | date=1 February 2021}}</ref> <ref>{{Cite web |last=Hazani |first=Golan |date=February 2, 2021 |title=Verint completes spin-off of its defense activities into new company Cognyte Software |url=https://www.calcalistech.com/ctech/articles/0,7340,L-3890984,00.html |url-status=live |access-date=July 1, 2024 |website=CTECH}}</ref> Having divested its cyber intelligence and defense offerings, Verint focuses on developing customer engagement and CX automation solutions for the civilian market, including banking, insurance, public safety/sector, retail, and telecommunications organizations.<ref>{{Cite web |title=Verint Systems Inc. (VRNT) |url=https://finance.yahoo.com/quote/VRNT/profile/ |url-status=live |access-date=July 1, 2024 |website=Yahoo Financie}}</ref>
==Products==
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. <ref>{{Cite web |date=July 6, 2023 |title=There's More to the Verint Open CCaaS Platform Than Meets the Eye |url=https://www.cxtoday.com/contact-centre/theres-more-to-the-verint-open-ccaas-platform-than-meets-the-eye/ |url-status=live |access-date=June 28, 2024 |website=CX Today}}</ref> Automated workflows support the sharing of customer interaction analysis among the contact center, back office, branch, web sites, and mobile apps. <ref>{{Cite web |date=March 27, 2024 |title=Verint Systems Inc. 2023 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1166388/000116638824000015/vrnt-20240131.htm |url-status=live |access-date=July 1, 2024 |website=U.S. Securities and Exchange Commission}}</ref>
In June 2024, Verint was named “Best Virtual Agent Solution” in the AI Breakthrough Awards program.<ref>{{cite news |date= |title=2024 Award Winners: Virtual Agents and Bots |url=https://aibreakthroughawards.com/ |url-status=live |access-date=June 28, 2024 |work=AI Breakthrough Awards |publisher=AMR Research}}</ref> 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''.<ref>{{cite web |date=February 29, 2024 |title=Champions Take the Stage: Announcing the CX Awards 2024 Winners! |url=https://www.cxtoday.com/event-news/champions-take-the-stage-announcing-cx-awards-2024-winners/ |url-status=live |access-date=July 1, 2024 |website=CX Today}}</ref>
==See also==