Verint Systems

{{Infobox company

| name = Verint Systems Inc.

| logo = Verint-logo-may-2019.png

| logo_caption =

| type = Public

| traded_as = {{NASDAQ|VRNT}}

| key_people = {{ubl|Dan Bodner (president and CEO)}}

| industry = {{ubl|Software|Business intelligence|Speech analytics|Video analytics|Business consulting|IT consulting}}

| revenue = {{nowrap|{{increase}} {{US$|900+ million|link=yes}} (2023)}}

| net_income = {{increase}} US$65+ million (2023)

| assets = {{increase}} US$2.36 billion (2023)

| equity = {{increase}} US$1.26 billion (2023)

| num_employees = {{circa|4,000}} (Jan 2024)

| founded = {{Start date and age|1994}}

| location_city = Melville, New York, US

| homepage = {{URL|verint.com}}

| footnotes = {{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1166388/000116638824000015/vrnt-20240131.htm |title=Verint Systems Inc. 2021 Annual Report (Form 10-K) |date=March 29, 2022 |publisher=U.S. Securities and Exchange Commission}}

}}

Verint Systems Inc. is a Melville, New York–based technology company that sells products and services for customer experience (CX) automation.{{cite web |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=March 27, 2024 |publisher=U.S. Securities and Exchange Commission |publication-date=March 27, 2024 |quote=}} 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.{{Cite web |title=Verint Systems Inc. (VRNT) |url=https://finance.yahoo.com/quote/VRNT/profile/ |access-date=July 1, 2024 |website=Yahoo Finance}}{{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/ |access-date=June 28, 2024 |website=CX Today}} 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.{{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 |access-date=June 28, 2024 |website=BC Strategies: An Essential Buyer's Resource}}

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.{{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 |access-date=July 1, 2024 |website=U.S. Securities and Exchange Commission |language=en-US}} The company was previously a majority-owned subsidiary of Comverse Technology{{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 | date=September 30, 2010}} and it was formerly known as Comverse Infosys.[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. In February 2013, Verint Systems became independent of Comverse, having bought out the latter's stake in it.

History

=Founding, early years=

Verint started as Comverse Technology's Comverse Infosys business unit, which was created in 1999{{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 }} 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.{{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

}}

=Expansion and name change=

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.{{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}} In 2002, Comverse Infosys changed its name to Verint Systems Inc.{{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 }}

=IPO, acquisitions=

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.

In July 2008 Amit Bohensky founded Focal-Info, 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. A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.{{cite press release | url=http://verint.com/corporate/section2a.cfm?article_level2_category_id=1000&article_level2a_id=289 | 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 }}

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.{{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}} In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT.{{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}} 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.{{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}} In September 2011, Verint acquired Global Management Technologies Corporation, paying around $25 million for it.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.

=Full independence=

In August 2012, Verint announced that it would buy out Comverse Technology's stake in it, in a transaction valued at around $800 million.{{cite news | url=https://www.reuters.com/article/us-comversetechnology-offer-verint-idUSBRE87C10F20120813 | title=Verint to buy Comverse Technology | work=Reuters | date=13 August 2012}} An FBR Capital Markets analyst said the move "finally eliminates a major overhang on the name by removing Comverse's majority ownership stake." The deal was finalized in February 2013.{{cite news | url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000820482&fid=1725 | title=Verint completes separation from Comverse | author=Ron Steinblatt | newspaper=Globes | date=7 February 2013}}

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.{{cite news |last1=Atmani |first1=Mehdi |title=Les oreilles de la Confédération seront israéliennes |url=http://www.letemps.ch/Page/Uuid/a1f4bc9c-7d21-11e3-83a0-04d7d6daf291/Les_oreilles_de_la_Confédération_seront_israéliennes |language=French|access-date=13 October 2024 |work=Le Temps |date=14 January 2014 |archive-url=https://archive.today/20140116092655/http://www.letemps.ch/Page/Uuid/a1f4bc9c-7d21-11e3-83a0-04d7d6daf291/Les_oreilles_de_la_Conf%C3%A9d%C3%A9ration_seront_isra%C3%A9liennes |archive-date=16 January 2014|url-status=dead }}{{cite web |title=Prüfung des IKT- Schlüsselprojektes Interception System Schweiz 2 |url=https://www.efk.admin.ch/wp-content/uploads/publikationen/berichte/wirtschaft_und_verwaltung/informatikprojekte/14393/14393be_bericht-mit-stellungnahme-alle-sprachen_publikation.pdf |publisher=Swiss Federal Audit Office |access-date=13 October 2024 |page=9 |language=German |date=29 July 2014}}

Over the next few years, Verint acquired several more companies - in February 2014, the CRM provider KANA Software Inc., acquired from Accel-KKR for $514.2 million;{{Cite press release |title=Accel-KKR Completes Sale of KANA Software, Inc. to Verint Systems Inc. for $514.2 Million in Cash |date=3 February 2014 |publisher=Accel-KKR |url=https://finance.yahoo.com/news/accel-kkr-completes-sale-kana-221500375.html |via=Yahoo! Finance |archive-url=https://web.archive.org/web/20140302004920/https://finance.yahoo.com/news/accel-kkr-completes-sale-kana-221500375.html |archive-date=2 March 2014}} in November 2016, the customer experience software company OpinionLab for an undisclosed amount;{{cite news |date=16 November 2016 |title=Verint Systems Acquires Opinion Lab |url=http://www.streetinsider.com/Corporate+News/Verint+Systems+(VRNT)+Acquires+OpinionLab/12257145.html}} in December 2017, the intelligent virtual assistant company Next IT for $30 million cash plus up to $21 million in future payments.{{cite news |date=19 December 2017 |title=Verint Accelerates Automation Innovation and Expands Cloud Self-Service Solutions |url=https://www.businesswire.com/news/home/20171219006309/en/Verint-Accelerates-Automation-Innovation-Expands-Cloud-Self-Service}}{{cite news |date=21 December 2017 |title=Next IT Corp., a Spokane Valley artificial intelligence company, sold for $30 million |url=http://www.spokesman.com/stories/2017/dec/21/spokane-valley-ai-company-purchased-for-30-million/}}

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.{{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}}{{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 |access-date=July 1, 2024 |website=CTECH}} 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.{{Cite web |title=Verint Systems Inc. (VRNT) |url=https://finance.yahoo.com/quote/VRNT/profile/ |access-date=July 1, 2024 |website=Yahoo Financie}}

= Controversy =

An article published in Haaretz alleges Verint had "faced backlash" for selling surveillance technology to "repressive regimes" for several years.{{cite news |last1=Yaron |first1=Oded |title=Israeli Cyber Firm Sold Spytech to South Sudan, Investigation Finds |url=https://www.haaretz.com/israel-news/tech-news/2021-02-02/ty-article/.premium/israeli-cyber-firm-sold-spytech-to-south-sudan-investigation-finds/0000017f-e05c-d568-ad7f-f37f4e960000 |access-date=13 October 2024 |work=Haaretz |date=2 February 2021}}

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."{{cite web |title="These walls have ears": The chilling effect of surveillance in South Sudan |date=2 February 2021 |url=https://www.amnesty.org/en/documents/afr65/3577/2021/en/ |publisher=Amnesty International |access-date=13 October 2024}}

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.{{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/ |access-date=June 28, 2024 |website=CX Today}} Automated workflows support the sharing of customer interaction analysis among the contact center, back office, branch, web sites, and mobile apps.{{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 |access-date=July 1, 2024 |website=U.S. Securities and Exchange Commission}}

In June 2024, Verint was named “Best Virtual Agent Solution” in the AI Breakthrough Awards program.{{cite news |date= |title=2024 Award Winners: Virtual Agents and Bots |url=https://aibreakthroughawards.com/ |access-date=June 28, 2024 |work=AI Breakthrough Awards |publisher=AMR Research}} 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.{{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/ |access-date=July 1, 2024 |website=CX Today}}