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MELVILLE, N.Y., Jun 03, 2013 (BUSINESS WIRE) --Verint(R) Systems Inc. VRNT, +0.44%, a global leader in Actionable Intelligence(R) solutions and value-added services, today announced results for the three months ended April 30, 2013.

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'We are pleased with our first quarter results which overall were in line with our expectations. We believe we are well positioned for another year of growth with our broad portfolio of innovative analytical solutions and strong competitive position in the enterprise and security intelligence markets,' said Dan Bodner, CEO and President.

Consolidated processes Get your teams working in sync. With content, conversations, and processes structured and together on one tool, Podio creates the focus and clarity your people need to get their best work done. We continually monitor our Quality Management System and work to enhance its effectiveness and support for our business activities. Our culture is quality centric, and each Verint employee is a quality champion. Our quality and management policies promote company-wide consistency and clear expectations with regard to our quality goals.

Financial Highlights

Below is selected unaudited financial information for the three months ended April 30, 2013 prepared in accordance with generally accepted accounting principles ('GAAP') and not in accordance with GAAP ('non-GAAP').

Financial Outlook

Below is Verint's non-GAAP outlook for the year ending January 31, 2014.

-- We expect revenue to increase between 6% and 7% compared to the year ended January 31, 2013

-- We expect fully diluted earnings per share in the range of $2.75 plus or minus 5 cents

Conference Call Information

We will conduct a conference call today at 4:30 p.m. ET to discuss our results for the three months ended April 30, 2013 and outlook for the year ending January 31, 2014. An online, real-time webcast of the conference call will be available on our website at www.verint.com. The conference call can also be accessed live via telephone at 1-866-700-6067 (United States and Canada) and 1-617-213-8834 (international) and the passcode is 66130744. Please dial in 5-10 minutes prior to the scheduled start time.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Tables 2 and 3 as well as 'Supplemental Information About Non-GAAP Financial Measures' at the end of this press release. Because we do not predict special items that might occur in the future, and our outlook is developed at a level of detail different than that used to prepare GAAP financial measures, we are not providing a reconciliation to GAAP of our forward-looking financial measures for the year ending January 31, 2014.

About Verint Systems Inc.

Verint(R) VRNT, +0.44% is a global leader in Actionable Intelligence(R) solutions. Its portfolio of Enterprise Intelligence Solutions(TM) and Security Intelligence Solutions(TM) helps organizations Make Big Data Actionable(TM) through the ability to capture, analyze and act on large volumes of rich, complex and often underused information sources--such as voice, video and unstructured text. With Verint solutions and value-added services, organizations of all sizes can make more timely and effective decisions. Today, more than 10,000 organizations in over 150 countries, including over 80 percent of the Fortune 100, count on Verint solutions to improve enterprise performance and make the world a safer place. Headquartered in NY, Verint has offices worldwide and an extensive global partner network. Learn more at www.verint.com.

Cautions About Forward-Looking Statements

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 and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Some of the factors that could cause actual future results or conditions to differ materially from current expectations include: uncertainties regarding the impact of general economic conditions in the United States and abroad, particularly in information technology spending and government budgets, on our business; risks associated with our ability to keep pace with technological changes and evolving industry standards in our product offerings and to successfully develop, launch, and drive demand for new and enhanced, innovative, high-quality products that meet or exceed customer needs; risks due to aggressive competition in all of our markets, including with respect to maintaining margins and sufficient levels of investment in our business; risks created by the continued consolidation of our competitors or the introduction of large competitors in our markets with greater resources than we have; risks associated with our ability to successfully compete for, consummate, and implement mergers and acquisitions, including risks associated with capital constraints, costs and expenses, maintaining profitability levels, management distraction, post-acquisition integration activities, and potential asset impairments; risks that we may be unable to maintain and enhance relationships with key resellers, partners, and systems integrators; risks relating to our ability to effectively and efficiently execute on our growth strategy, including managing investments in our business and operations and enhancing and securing our internal and external operations; risks associated with our ability to effectively and efficiently allocate limited financial and human resources to business, development, strategic, or other opportunities that may not come to fruition or produce satisfactory returns; risks associated with the mishandling or perceived mishandling of sensitive or confidential information, security lapses, or with information technology system failures or disruptions; risks associated with our significant international operations, including, among others, in Israel, Europe, and Asia, exposure to regions subject to political or economic instability, and fluctuations in foreign exchange rates; risks associated with a significant amount of our business coming from domestic and foreign government customers, including the ability to maintain security clearances for certain projects; risks associated with complex and changing local and foreign regulatory environments in the jurisdictions in which we operate; risks associated with our ability to recruit and retain qualified personnel in regions in which we operate; challenges associated with selling sophisticated solutions, long sales cycles, and emphasis on larger transactions, including in assisting customers in realizing the value they expect and in accurately forecasting revenue and expenses and in maintaining profitability; risks that our intellectual property rights may not be adequate to protect our business or assets or that others may make claims on our intellectual property or claim infringement on their intellectual property rights; risks that our products may contain undetected defects, which could expose us to substantial liability; risks associated with our dependence on a limited number of suppliers or original equipment manufacturers for certain components of our products, including companies that may compete with us or work with our competitors; risks that our customers or partners delay or cancel orders or are unable to honor contractual commitments due to liquidity issues, challenges in their business, or otherwise; risks that we may experience liquidity or working capital issues and related risks that financing sources may be unavailable to us on reasonable terms or at all; risks associated with significant leverage resulting from our current debt position, including with respect to covenant limitations and compliance, fluctuations in interest rates, and our ability to maintain our credit ratings; risks arising as a result of contingent, unknown or unexpected obligations or liabilities of our former parent company, Comverse Technology, Inc. ('CTI'), assumed upon completion of the merger with CTI that was completed on February 4, 2013 (the 'CTI Merger'), including regulatory or compliance liabilities, or as a result of parties obligated to provide us with indemnification being unwilling or unable to perform such obligations; risks associated with being a former consolidated subsidiary of CTI and formerly part of CTI's consolidated tax group; risks relating to our reliance on CTI's former subsidiary, Comverse, Inc. ('Comverse'), to perform certain transition services following the CTI Merger on a timely basis or at all in order for us to comply with certain regulatory requirements; risks relating to our ability to successfully implement and maintain adequate systems and internal controls for our current and future operations and reporting needs and related risks of financial statement omissions, misstatements, restatements, or filing delays; and risks associated with changing tax rates, tax laws and regulations, and the continuing availability of expected tax benefits, including those expected as a result of the CTI Merger. We assume no obligation to revise or update any forward-looking statement, except as otherwise required by law. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2013, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2013, when filed, and other filings we make with the SEC.

VERINT, ACTIONABLE INTELLIGENCE, MAKE BIG DATA ACTIONABLE, CUSTOMER-INSPIRED EXCELLENCE, INTELLIGENCE IN ACTION, IMPACT 360, WITNESS, VERINT VERIFIED, VOVICI, GMT, AUDIOLOG, ENTERPRISE INTELLIGENCE SOLUTIONS, SECURITY INTELLIGENCE SOLUTIONS, VOICE OF THE CUSTOMER ANALYTICS, NEXTIVA, EDGEVR, RELIANT, VANTAGE, STAR-GATE, ENGAGE, CYBERVISION, FOCALINFO, SUNTECH, and VIGIA are trademarks or registered trademarks of Verint Systems Inc. or its subsidiaries. Other trademarks mentioned are the property of their respective owners.

Verint Systems Inc. and Subsidiaries

Supplemental Information About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. Tables 2 and 3 include a reconciliation of each non-GAAP financial measure presented in this press release to the most directly comparable GAAP financial measure. Non-GAAP financial measures should not be considered in isolation or as a substitute for comparable GAAP financial measures. The non-GAAP financial measures we present have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. These non-GAAP financial measures do not represent discretionary cash available to us to invest in the growth of our business, and we may in the future incur expenses similar to or in addition to the adjustments made in these non-GAAP financial measures.

We believe that the non-GAAP financial measures we present provide meaningful supplemental information regarding our operating results primarily because they exclude certain non-cash charges or items that we do not believe are reflective of our ongoing operating results when budgeting, planning and forecasting, determining compensation, and when assessing the performance of our business with our individual operating segments or our senior management. We believe that these non-GAAP financial measures also facilitate the comparison by management and investors of results between periods and among our peer companies. However, those companies may calculate similar non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

Adjustments to Non-GAAP Financial Measures

Revenue adjustments related to acquisitions. We exclude from our non-GAAP revenue the impact of fair value adjustments required under GAAP relating to acquired customer support contracts which would have otherwise been recognized on a standalone basis. We exclude these adjustments from our non-GAAP financial measures because these are not reflective of our ongoing operations.

Amortization of acquired intangible assets, including acquired technology and backlog. When we acquire an entity, we are required under GAAP to record the fair values of the intangible assets of the acquired entity and amortize those assets over their useful lives. We exclude the amortization of acquired intangible assets, including acquired technology and backlog, from our non-GAAP financial measures. These expenses are excluded from our non-GAAP financial measures because they are non-cash charges. In addition, these amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Thus, we also exclude these amounts to provide better comparability of pre- and post-acquisition operating results.

Stock-based compensation expenses. We exclude stock-based compensation expenses related to stock options, restricted stock awards and units, stock bonus plans and phantom stock from our non-GAAP financial measures. These expenses are excluded from our non-GAAP financial measures because they are primarily non-cash charges. In prior periods, we also incurred (and excluded from our non-GAAP financial measures) significant cash-settled stock compensation expense due to our previous extended filing delay and restrictions on our ability to issue new shares of common stock to our employees.

M&A and other adjustments. We exclude from our non-GAAP financial measures legal, other professional fees and certain other expenses associated with acquisitions, whether or not consummated, and certain extraordinary transactions, including reorganizations, restructurings and expenses associated with the CTI Merger. Also excluded are changes in the fair value of contingent consideration liabilities associated with business combinations. These expenses are excluded from our non-GAAP financial measures because we believe that they are not reflective of our ongoing operations.

Unrealized (gains) losses on derivatives, net. We exclude from our non-GAAP financial measures unrealized gains and losses on foreign currency derivatives not designated as hedges. These gains and losses are excluded from our non-GAAP financial measures because they are non-cash transactions which are highly variable from period to period and which we believe are not reflective of our ongoing operations.

Loss on extinguishment of debt. We exclude from our non-GAAP financial measures loss on extinguishment of debt attributable to refinancing of our debt because we believe it is not reflective of our ongoing operations.

Non-cash tax adjustments. We exclude from our non-GAAP financial measures non-cash tax adjustments, which represent the difference between the amount of taxes we actually paid and our GAAP tax provision on an annual basis. On a quarterly basis, this adjustment reflects our expected annual effective tax rate on a cash basis.

SOURCE: Verint Systems Inc.

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Verint Systems is a Melville, New York-based analytics company which was founded in 2002. The company sells software and hardware products for customer engagement management, security, surveillance, and business intelligence.^[1] Their products are designed to assist clients in data analysis, specifically large data sets.^[2]

Verint has more than 10,000 clients in 150 countries,^[3] and has approximately 2,800 employees in various locations internationally.^{[citation needed]} The company was previously 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]

• 1History

History[edit]

Founding, early years[edit]

Verint started as 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 released an Internet Call Waiting service.^[8]

Expansion and name change[edit]

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.^{[citation needed]} In 2002, Comverse Infosys changed its name to Verint Systems Inc.^[9]

IPO, acquisitions[edit]

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., a 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.^[10]

In July 2008^[11]Amit Bohensky founded Focal-Info,^[12] 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.^[13][14] A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.^[10]

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.^[15] In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT.^[16] 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][17] In September 2011, Verint acquired Global Management Technologies Corporation, paying around $25 million for it.^[18]

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.^[19] An FBR Capital Markets analyst said the move 'finally eliminates a major overhang on the name by removing Comverse's majority ownership stake.'^[19] 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.^[20]

On November 16, 2016, Verint Systems completed acquisition of the customer experience software company OpinionLab for an undisclosed amount.^[21]

On December 19, 2017, Verint Systems completed acquisition of the Intelligent Virtual Assistant company Next IT for $30 million cash plus up to $21 million in future payments.^[22][23]

Products[edit]

Impact 360 Verint Schedule

Verint's products include speech analysis software (used to analyze call center recordings) andIPsurveillance cameras and 'smart' video surveillance analysis software.^[24][25][26]

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.^[27] 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.^{[28][29][30][31]}

On January 27, 1997, Comverse Technology Inc. announced the formation of a new private equity fund in partnership with Quantum Industrial Holdings Ltd.^[32]

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.^[33]

In July 2009, AMR Research ranked Verint 20th in its list of the top 50 global enterprise application vendors.^[34] During the latter portion of the decade of the 2000s, the company has won several awards from CRM Magazine.^[35]

Ransomware controversy[edit]

In April 2019, it was reported that a number of services provided by Verint Systems had been infiltrated by ransomware. A screenshot from an employee began to circulate online, suggesting there was 'a critical issue affecting the on-premise Email and Green zone VDI [Virtual Desktop Infrastructure] services.' The response by Verint was that users should 'turn off your machine immediately and notify The IT Help Desk,' if their computer had any ransomware pop-ups.^[36]

Verint suggested in an official release that the attack had been thwarted,^[37] despite the leaked screenshot on ZDNet demonstrating otherwise.^[36] The company also did not respond to multiple comment requests from US-based ZDNet,^[36] and instead opted to speak with Israeli-based media.^[37] Both Globes and CTech backed the rhetoric that the attack had been averted.^[37][38]

See also[edit]

Verint Impact 360 Navy Federal

References[edit]

1. ^O'Harrow, Robert (2006). No Place to Hide. Simon & Schuster. ISBN0-7432-8705-3. 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.Missing or empty |url= (help)
4. ^ ^abEric Savitz (September 30, 2010). 'Buyers Eye Comverse Assets, Including Verint; Shares Spike'(PDF). Barron's.
5. ^ ^ab'Verint to raise $75m. in Nasdaq IPO', The Jerusalem Post, 8 February 2002.
6. ^ ^abRon 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 Changes Name to Verint Systems Inc' (Press release). Comverse Technology. February 1, 2002.
10. ^ ^ab'Iontas Acquisition' (Press release).
11. ^'Amit Bohensky'. LinkedIn. Archived from the original on 2014-06-28. Retrieved 2014-03-16.
12. ^'Leadership: Amit Bohensky – Member of the Board and investor'. Support Machines: Understanding People. Retrieved 2014-03-16.
13. ^Udi, Mishel (January 16, 2012). 'Verint buys Focal Info'. QlikQ. Retrieved 2014-03-16.
14. ^'About Us: Amit Bohensky - Investor, Board Member'. Clinch. Archived from the original on 2014-03-31. Retrieved 2014-03-16.
15. ^'Verint Systems Announces Completion of Independent Investigation - SYS-CON MEDIA'. www.sys-con.com. Retrieved 17 April 2019.
16. ^'Verint to be Relisted on NASDAQ July 6, 2010'. Retrieved 17 April 2019.
17. ^Nir Zalik (10 October 2010). 'Comverse unloads Ulticom to Platinum Equity for $90m'. Haaretz.
18. ^John Callegari, Long Island Business News. 'Verint to acquire Atlanta-based GMT Corp..' September 27, 2011. Retrieved September 27, 2011.
19. ^ ^ab'Verint to buy Comverse Technology'. Reuters. 13 August 2012.
20. ^Accel-KKR Completes Sale of KANA Software, Inc. to Verint Systems Inc. for $514.2 Million in CashArchived March 2, 2014, at the Wayback Machine
21. ^'Verint Systems Acquires Opinion Lab'. 16 November 2016.
22. ^'Verint Accelerates Automation Innovation and Expands Cloud Self-Service Solutions'. 19 December 2017.
23. ^'Next IT Corp., a Spokane Valley artificial intelligence company, sold for $30 million'. 21 December 2017.
24. ^Fickes, Michael (Jul 1, 2007). 'Searchable Video'. Security Solutions. Retrieved 2009-03-11.
25. ^Wall, Barbara (January 27, 2006). 'Fear Factor: Stocking up on security'. International Herald Tribune. Retrieved 2009-03-11.
26. ^Dolph, Bob (June 2007). 'Full Monitoring Menu Awaits You'. Security Sales & Integration. Retrieved 2009-03-11.
27. ^'RELIANT Lawful Interception Monitoring Center for Law Enforcement Agencies (LEAs)'. Verint Systems (product page). Retrieved 2009-03-11.
28. ^'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.
29. ^'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.
30. ^'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.
31. ^'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.
32. ^'Soros Fund Management forms new $ 30 million technology venture capital fund with Comverse Technology subsidiary'.
33. ^Ain, Stewart (March 27, 2005). 'Long Island Weekly Desk'. The New York Times.
34. ^'The Global Enterprise Application Market Sizing Report, 2008–2013'. amrresearch.com. AMR Research. 2009-07-07. Retrieved 2010-04-15.
35. ^'Verint Witness' Workforce Optimization Receives CRM Magazine Award'. workforce-optimization.tmcnet.com. Retrieved 17 April 2019.
36. ^ ^abc'Cyber-security firm Verint hit by ransomware'. ZDNet. April 17, 2019.
37. ^ ^abc'מתקפת סייבר על ורינט: התוקפים מבקשים מהחברה כופר'. Globes.
38. ^'Ransomware Attack Blocked Successfully, Says Cyber Company Verint'. CTech.

External links[edit]

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