Verint Systems

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Verint Systems Inc.
Type Public
Traded as NASDAQVRNT
Industry Software
Business Intelligence
Speech Analytics
Video Analytics
Business consulting
IT consulting
Founded 2002
Headquarters Melville, New York, US
Key people Dan Bodner, President and CEO
Revenue $848 million
Total assets Over $1 billion
Employees 3,200
Website www.verint.com

Verint Systems (NASDAQVRNT) is a company providing analytic software and hardware for the security, surveillance, and business intelligence markets.[1] Their products are aimed to support government and enterprises in making sense of the vast information they collect to meet performance and security goals.[2] Verint solutions are used by more than 10,000 organizations in 150 countries.[3] Verint is headquartered in Melville, New York, with offices worldwide and some 2,800 employees around the globe. Verint was for many years a majority-owned subsidiary of Comverse Technology[4] and it was formerly known as Comverse Infosys.[5] As with Comverse, approximately half of Verint's employees have been located in Israel.[5] In February 2013, Verint Systems became independent of Comverse, having bought out the latter's stake in it.[6]

History[edit]

Founding, early years[edit]

Verint origins are in Comverse Technology's Comverse Infosys business unit, which was created in 1999[7] although it was also incorporated in Delaware in February 1994 as a wholly owned subsidiary of Comverse Technology.[dubious ] 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 unveiled its Internet Call Waiting service.[8]

Expansion and name change[edit]

On August 27, 1999, the company announced the launch of Words & Pictures, a pre-configured, "plug-and-play" quality monitoring solution for small and mid-sized call centers.[9] In 1999, Comverse Infosys expanded into the security market by combining with another division of Comverse focused on the communications interception market. In 2001, Verint expanded its security offering into video security through a combination of its business with Loronix Information Systems, Inc., which had been previously acquired by Comverse. In 2002, Comverse Infosys changed its name to Verint Systems Inc.[10]

IPO, acquisitions[edit]

Verint completed an IPO in May 2002, commencing its beginnings as a public company although it was still majority owned by Comverse Technology. Verint subsequently grew both organically and through acquisitions. Since 2006, these acquisitions included: the networked video security business of Hong Kong-based MultiVision Intelligent Surveillance Limited; CM Insight Limited, a UK-based, customer management solution provider; Mercom Systems Inc., a provider of interaction recording and performance evaluation solutions for small-to-midsize contact centers and public safety centers; ViewLinks Euclipse Ltd., an Israeli-based provider of data mining and link analysis software solutions. Verint’s largest acquisition was of Witness Systems, Inc. in May 2007, which strengthened Verint’s leadership position in the enterprise workforce optimization market.[11]

In July 2008[12] Amit Bohensky founded Focal-Info,[13] 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.[14][15] A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.[11]

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.[16] In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT.[17] 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.[4][18] In September 2011, Verint acquired Global Management Technologies Corporation, paying around $25 million for it.[19]

Full independence[edit]

In August 2012, Verint announced that it would buy out Comverse Technology's stake in it, in a transaction valued at around $800 million.[20] An FBR Capital Markets analyst said the move "finally eliminates a major overhang on the name by removing Comverse's majority ownership stake."[20] The deal was finalized in February 2013.[6]

On February, 3, 2014, Verint Systems completed acquisition of KANA Software Inc. from Accel-KKR for $514.2 million. [21]

Products[edit]

Verint's products include speech analysis software (used for IVR systems) and IP surveillance cameras and "smart" video surveillance analysis software.[22][23][24]

Verint's RELIANT software provides law enforcement agencies with the ability to monitor and analyze voice, video, and data for a "vast number of targets" on all types of large, complex computer networks, in order to collect evidence for CALEA wiretaps.[25] Multiple national governments including the U.S., U.K., and various European, Asian, and Pacific nations have purchased millions of dollars in Verint surveillance software and equipment.[26][27][28][29]

On January 27, 1997, Comverse Technology Inc. announced the formation of a new private equity fund in partnership with Quantum Industrial Holdings Ltd.[30]

Verint has also received millions of dollars in government contracts to outfit airports, shipping ports, and government facilities with intelligent video surveillance systems with tracking, biometrics, and video analysis features. For example, Unisys chose Verint as a subcontractor on its contract with the Transportation Security Administration, to install video surveillance devices in secure areas of airports across the U.S.[31]

In July 2009, AMR Research ranked Verint 20th in its list of the top 50 global enterprise application vendors.[32] During the latter portion of the decade of the 2000s, the company has won several awards from CRM Magazine.[33]

In 2011, Verint announced the launch of enhancements to its Nextiva Video Business Intelligence solution. The solution is part of the Nextiva IP Video portfolio from Verint Video Intelligence solutions.[34]

See also[edit]

References[edit]

  1. ^ O'Harrow, Robert (2006). No Place to Hide. Simon and Schuster. ISBN 0-7432-8705-3. "One government contractor is Verint Systems, the marketing and eavesdropping specialist on Long Island" 
  2. ^ Washington Post. "Verint Systems, Inc.." Retrieved March 20, 2012.
  3. ^ "Verint Systems Inc.". Computer Business Review. 
  4. ^ a b Eric Savitz (September 30, 2010). "Buyers Eye Comverse Assets, Including Verint; Shares Spike". Barron's. 
  5. ^ a b "Verint to raise $75m. in Nasdaq IPO", The Jerusalem Post, 8 February 2002.
  6. ^ a b Ron Steinblatt (7 February 2013). "Verint completes separation from Comverse". Globes. 
  7. ^ Mark Harrington (3 June 1999). "Comverse Technology Boasts Surge in Profits" (fee required). Newsday. Dow Jones News Service. p. A52. 
  8. ^ "Comverse Network Systems Unveils Internet Call Waiting Service". 
  9. ^ "Comverse Infosys Introduces Words&Pictures, A Quality Monitoring Solution for Small and Mid-Sized Call Centers". 
  10. ^ "Comverse Infosys Changes Name to Verint Systems Inc." (Press release). Comverse Technology. February 1, 2002. 
  11. ^ a b "Iontas Acquisition" (Press release). 
  12. ^ "Amit Bohensky". LinkedIn. Retrieved 2014-03-16. 
  13. ^ "Leadership: Amit Bohensky – Member of the Board and investor". Support Machines: Understanding People. Retrieved 2014-03-16. 
  14. ^ Udi, Mishel (January 16, 2012). "Verint buys Israeli Focal Info". QlikQ. Retrieved 2014-03-16. 
  15. ^ "About Us: Amit Bohensky - Investor, Board Member". Clinch. Retrieved 2014-03-16. 
  16. ^ http://www.sys-con.com/node/524389
  17. ^ Verint to be Relisted on NASDAQ July 6, 2010
  18. ^ Nir Zalik (10 October 2010). "Comverse unloads Ulticom to Platinum Equity for $90m". Haaretz. 
  19. ^ John Callegari, Long Island Business News. "Verint to acquire Atlanta-based GMT Corp.." September 27, 2011. Retrieved September 27, 2011.
  20. ^ a b "Verint to buy Comverse Technology". Reuters. 13 August 2012. 
  21. ^ Accel-KKR Completes Sale of KANA Software, Inc. to Verint Systems Inc. for $514.2 Million in Cash
  22. ^ Fickes, Michael (Jul 1, 2007). "Searchable Video". Security Solutions. Retrieved 2009-03-11. 
  23. ^ Wall, Barbara (January 27, 2006). "Fear Factor: Stocking up on security". International Herald Tribune. Retrieved 2009-03-11. 
  24. ^ Dolph, Bob (June 2007). "Full Monitoring Menu Awaits You". Security Sales & Integration. Retrieved 2009-03-11. 
  25. ^ "RELIANT Lawful Interception Monitoring Center for Law Enforcement Agencies (LEAs)". Verint Systems (product page). Retrieved 2009-03-11. 
  26. ^ "Verint Receives $2 Million Order For RELIANT(tm) Law Enforcement Communications Interception Solution From A New Customer in Europe". Verint Systems (press release). July 11, 2002. Retrieved 2009-03-11. 
  27. ^ "Verint Receives Multi-Million Dollar Order For RELIANT Communications Interception Solution From New Government Agency Customer in the United States.". Business Wire. July 23, 2003. Retrieved 2009-03-11. 
  28. ^ "Verint Selected To Provide Law Enforcement Communications Interception Solution To A New Customer In Asia Pacific.". Business Wire. July 8, 2002. Retrieved 2009-03-11. 
  29. ^ "U.K. Government Selects Verint Networked Video Security Solution; New Government Agency Customer to Deploy Verint Solution at Multiple Locations.". Business Wire. April 13, 2004. Retrieved 2009-03-11. 
  30. ^ "Soros Fund Management forms new $ 30 million technology venture capital fund with Comverse Technology subsidiary". 
  31. ^ Ain, Stewart (March 27, 2005). "Long Island Weekly Desk". The New York Times. 
  32. ^ "The Global Enterprise Application Market Sizing Report, 2008–2013". amrresearch.com (AMR Research). 2009-07-07. Retrieved 2010-04-15. 
  33. ^ Verint is Service Award Winner for Third Consecutive Year
  34. ^ Anamika Singh, TMCNet. "Verint Announces Its Nextiva Video Business Intelligence Solution for Retail Operations." September 20, 2011. Retrieved September 27, 2011.

External links[edit]