Verint Systems

Verint Systems Inc.
Company type	Public
Industry	Technology, Customer Experience Automation, Analytics
Predecessor	Comverse Infosys
Founded	2002
Headquarters	Melville, New York, United States
Area served	Worldwide (over 175 countries)
Products	Verint Open Platform, AI-driven bots and applications for customer engagement
Number of employees	3,700 (2024)
Website	www.verint.com

Verint Systems Inc. is a technology firm headquartered in Melville, New York, that specializes in automating customer experience (CX). The company delivers an open platform alongside applications and bots that utilize artificial intelligence (AI), sophisticated analytics, large language models, and automated workflows to derive actionable insights from customer engagements occurring across contact centers, back offices, branches, websites, and mobile applications. These offerings enable businesses to enhance efficiency and service standards without increasing workforce size, lower expenses, improve customer satisfaction, and advance product development and market differentiation.

By 2024, Verint supports nearly 10,000 customers across more than 175 countries and employs roughly 3,700 staff members globally in addition to contract personnel. The organization reported revenues surpassing US$900 million with net profits exceeding US$65 million for the year 2023. Previously operating as a majority-owned division of Comverse Technology under the name Comverse Infosys, Verint became an independent entity in February 2013 after acquiring Comverse’s ownership share.

Founding and Initial Development

Verint began as the Comverse Infosys division within Comverse Technology, founded in 1999 and incorporated in Delaware in 1994 as a subsidiary of Comverse. Its early focus was on the commercial call recording sector during the transition from analog to digital telephony. On June 7, 1999, it introduced an Internet Call Waiting service.

Growth and Rebranding

In 1999, Comverse Infosys merged with another Comverse unit that specialized in communications interception. By 2001, Verint broadened its portfolio into video security by acquiring Loronix Information Systems, which had previously been purchased by Comverse. The company adopted the name Verint Systems Inc. in 2002.

Public Offering and Strategic Acquisitions

Verint launched its initial public offering (IPO) in May 2002 but remained primarily owned by Comverse Technology. From 2006 onward, Verint expanded through acquisitions including MultiVision Intelligent Surveillance (video security), CM Insight (customer management), Mercom Systems (interaction recording), ViewLinks Euclipse (data mining and link analysis), and Witness Systems (workforce optimization).

In July 2008, Amit Bohensky established Focal-Info, a startup focused on web data extraction and analytics; Verint acquired this company the following month and retained Bohensky to oversee its expanded operations within Verint. In early 2010, Verint also acquired Iontas, a provider of desktop analytics solutions.

Following stock options backdating controversies at parent company Comverse Technology in 2006, both entities encountered financial difficulties that resulted in delisting from NASDAQ in 2007 and subsequent trading on Pink Sheets. Verint regained its NASDAQ listing in July 2010 under the ticker symbol VRNT. Around this period, there was speculation regarding Comverse’s potential sale of its Verint stake to private equity investors.

In September 2011, Verint continued to grow through acquisition by purchasing Global Management Technologies Corporation for about $25 million.

Complete Independence

In August 2012, Verint declared its intention to acquire Comverse Technology's shares in a transaction valued at approximately $800 million, thereby ending Comverse's controlling interest. This acquisition was completed in February 2013.

By January 2014, Verint secured a $14.2 million contract from the Swiss Federal Department of Justice and Police to develop the Interception System Switzerland ISS 2, a wiretapping solution.

Verint pursued growth through strategic acquisitions, including the purchase of CRM provider KANA Software from Accel-KKR for $514.2 million in February 2014; the acquisition of customer experience software firm OpinionLab in November 2016; and the December 2017 acquisition of intelligent virtual assistant company Next IT for $30 million, with additional contingent payments up to $21 million.

On February 1, 2021, Verint separated its cyber intelligence unit into a new entity named Cognyte, which focuses on government clientele. This move allowed Verint to concentrate exclusively on customer engagement solutions. Following the spin-off, Verint targeted industries such as banking, insurance, public safety, retail, and telecommunications with its customer engagement and CX automation offerings.

Controversy

According to a report by Haaretz, Verint encountered criticism for providing surveillance technology to authoritarian regimes over multiple years. On February 2, 2021, Amnesty International disclosed that an Israeli subsidiary of Verint supplied communications interception equipment and support to South Sudanese authorities, including the National Security Service (NSS), between 2015 and 2017. The NSS has been implicated in human rights violations such as harassment, arbitrary detention, and extrajudicial killings. Amnesty International asserted that this transaction likely breached Israel’s human rights responsibilities.

Products

Verint’s portfolio includes the Verint Open Platform, which combines artificial intelligence and behavioral analytics derived from customer interactions with diverse AI-driven bots and applications designed to enhance customer engagement. The platform’s modular architecture allows businesses to implement bots tailored to specific objectives and supports both conventional contact centers and Contact Center as a Service (CCaaS) frameworks. Automated workflows enable the distribution of customer interaction insights across contact centers, back-office operations, branches, websites, and mobile applications.

In June 2024, Verint earned the “Best Virtual Agent Solution” accolade at the AI Breakthrough Awards and was also honored with the “Best Use of Artificial Intelligence (AI)” award at the 2024 CX Awards hosted by CX Today.

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