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]
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]
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]
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]
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 "extendend 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]
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]AnFBR 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]
On February 3, 2014, Verint Systems completed acquisition of KANA Software Inc. from Accel-KKR for $514.2 million.[24]
On November 16, 2016, Verint Systems completed acquisition of the customer experience software company OpinionLab for an undisclosed amount.[25]
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.[26][27]
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.[28][29] 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.[30]
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. [31] Automated workflows support the sharing of customer interaction analysis among the contact center, back office, branch, web sites, and mobile apps. [32]
In June 2024, Verint was named “Best Virtual Agent Solution” in the AI Breakthrough Awards program.[33] 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.[34]
US$900+ million (2023)
