Verint Celebrates ‘Day One’ as a Company Focused on Enabling Brands to Achieve Boundless Customer Engagement Following Co...
February 01 2021 - 5:15PM
Business Wire
Customer Engagement Cloud Platform Connects Work, Data and
Experiences Across the Enterprise
Verint® Systems Inc. (NASDAQ: VRNT), the Customer Engagement
Company™, today announced that it has completed the spin-off of
Cognyte Software Ltd. The milestone marks the start of Verint’s
journey as a pure-play customer engagement vendor with an exclusive
focus and extensive resources – including over 4,500 professionals
worldwide – dedicated to helping organizations provide Boundless
Customer Engagement™.
Cognyte will begin “regular way” trading on NASDAQ on February
2, 2021, under the symbol “CGNT”. In connection with the
separation, Verint shareholders will receive one share of Cognyte
common stock for each share of Verint common stock.
Brands today are challenged by new workforce dynamics,
ever-expanding customer engagement channels and exponentially more
consumer interactions – all with limited budget and resources. As a
result, brands are finding it more difficult than ever to deliver
the desired customer experience. This creates an Engagement
Capacity Gap™, which continues to widen as digital disruption
increases.
Expanding the workforce is simply not a sustainable option.
Organizations are increasingly seeking technology to close this gap
– solutions that are based on AI and analytics to automate
workflows across enterprise silos to balance workforce expenses and
at the same time drive an elevated consumer experience. Verint is
uniquely positioned to help companies close this gap. The Verint
Customer Engagement Cloud Platform – built on a native cloud
architecture with an open design – enables brands to connect work,
data and experiences across the organization.
“Verint becoming a pure-play customer engagement company is
happening at the exact right time – a time when digital
transformation is driving significant change in how brands engage
with their customers. Verint helps organizations break down
barriers and eliminate the constraints of organizational and data
silos to achieve boundless customer engagement. With our open cloud
platform, significant domain expertise and broad partner ecosystem,
we are well positioned to help brands build enduring customer
relationships,” says Verint CEO, Dan Bodner.
Evercore acted as lead financial advisor to Cognyte on the
separation. Goldman Sachs & Co. LLC and Jefferies LLC acted as
lead financial advisors to Verint on the separation. Jefferies LLC
acted as lead financial advisor to Verint on a minority investment
in connection with the separation from funds managed by Apax
Partners. Needham & Company, Oppenheimer & Co., Stifel,
Wedbush Securities and Imperial Capital acted as co-advisors. Jones
Day acted as legal counsel to Verint, and Meitar acted as legal
counsel to Cognyte.
About Verint
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands –
including over 85 of the Fortune 100 companies – build enduring
customer relationships by connecting work, data and experiences
across the enterprise. The Verint Customer Engagement portfolio
draws on the latest advancements in AI and analytics, an open cloud
architecture, and The Science of Customer Engagement™ to help
customers close the engagement capacity gap.
Verint. The Customer Engagement Company™. Learn more at
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, our Quarterly
Report on Form 10Q for the quarter ended October 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, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER
ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER
ENGAGEMENT 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/20210201005948/en/
Media Relations Amy Curry amy.curry@verint.com
Investor Relations Matthew Frankel
matthew.frankel@verint.com
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