Verint Closes $200 Million Investment by Funds Advised by Apax Partners
May 07 2020 - 4:05PM
Business Wire
Investment Made in Connection with Verint’s Plan to Separate
into Two Independent Public Companies
Verint® Systems Inc. (NASDAQ: VRNT) today announced it has
closed the first tranche under the two tranche investment agreement
with funds advised by Apax Partners signed in December in
connection with Verint’s plan to separate into two independent
public companies. In connection with the closing, Jason Wright,
Partner at Apax Partners, has been appointed to Verint’s Board of
Directors.
“I am pleased to welcome Jason to our Board and to have Apax as
a strategic partner. Apax has a proven track record of creating
value by partnering with leading software companies around the
world, including significant experience in both cloud transitions
and carve-outs. The investment represents a strong vote of
confidence in our strategy and future growth opportunities,” said
Dan Bodner, CEO of Verint.
Mr. Wright added, “We are excited to partner with Verint and
help the Board complete the separation, enabling both businesses to
achieve their full potential. Verint’s Customer Engagement business
is a market leader and we look forward to working with management
to execute its cloud strategy and extend its market
leadership.”
The $200 million first tranche investment is in the form of
convertible preferred stock with an initial conversion price of
$53.50. Following the closing, Verint’s balance sheet includes more
than $800 million of cash and short-term investments. Additional
information can be found in the Form 8-K that will be filed today
with the U.S. Securities and Exchange Commission.
About Verint Systems Inc.
Verint® is a global leader in Actionable Intelligence® solutions
with a focus on customer engagement optimization and cyber
intelligence. Today, over 10,000 organizations in more than 180
countries—including over 85 percent of the Fortune 100—count on
intelligence from Verint solutions to make more informed, effective
and timely decisions. Learn more about how we’re creating A Smarter
World with Actionable Intelligence® at www.verint.com.
This press release contains “forward-looking statements,”
including statements regarding expectations, predictions, views,
opportunities, plans, strategies, beliefs, and statements of
similar effect relating to Verint Systems Inc. These
forward-looking statements are not guarantees of future performance
and they are based on management's expectations that involve a
number of risks, uncertainties and assumptions, any of which could
cause actual results to differ materially from those expressed in
or implied by the forward-looking statements. For a detailed
discussion of these risk factors, see our Annual Report on Form
10-K for the fiscal year ended January 31, 2020, and other filings
we make with the SEC. The forward-looking statements contained in
this press release are made as of the date of this press release
and, except as required by law, Verint assumes no obligation to
update or revise them or to provide reasons why actual results may
differ.
VERINT, ACTIONABLE INTELLIGENCE, THE CUSTOMER ENGAGEMENT
COMPANY, CUSTOMER ENGAGEMENT SOLUTIONS, and CYBER INTELLIGENCE
SOLUTIONS are trademarks of Verint Systems Inc. or its
subsidiaries. Verint and other parties may also have trademark
rights in other terms used herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20200507005997/en/
Investor Relations Contact:
Alan Roden Verint Systems Inc. (631) 962-9304
alan.roden@verint.com
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