Verint Systems Inc. Strengths, Domain Expertise, and Key Differentiators
Following a series of acquisitions, Verint is investing heavily in Cloud applications to augment its on-premise call-center and workforce management applications, which continue to account for the bulk of its recurring revenue stream. Cross-selling and upselling these Cloud applications to its large installed base will drive much of its growth, while Verint intensifies its own transformation to better support the digital strategy of its customers.
Verint allocates its R&D resources in response to market research and customer demand for additional features and solutions. Verint development strategy involves rolling out initial releases of our products and adding features over time. They incorporate product feedback received from customers into the product development process. While the majority of products are developed internally, in some cases, they also acquire or license technologies, products, and applications from third parties based on timing and cost considerations.
Verint Systems Inc. Recent Developments
In June 2019 Verint has unveiled its new solution to provide a comprehensive, enterprise-wide view of the voice of the customer.
Dubbed Verint Unified VoC, the solution gives customers a view of direct, indirect, and inferred VoC (voice of customer) from across key customer experience (CX) channels with an automated analytics engine to deliver actionable insights. Its aim is to provide insights that help organizations to prioritize and act upon the customer experience initiatives that deliver the most significant financial impact.
The New York-based analytics company, founded in 2002, sells software and hardware products for customer engagement management. Its products are designed to help organizations in data analysis.
In October 2018, Verint announced significant innovations in its Financial Compliance offerings for financial services organizations.
Available both on-premises and in the cloud, the offerings support modern work processes that have yet to be addressed by traditional compliance solutions. Verint Financial Compliance solutions offer a broad range of capabilities including the ability to capture communication and data across all of the capabilities offered by Unified Communications (UC) solutions such as Microsoft Skype for Business, Microsoft Teams, and Cisco Jabber, along with automated operational verification, proactive compliance and an open approach to facilitate integration.
The same month Verint announced the expansion of its Financial Compliance Partner Program, a partner ecosystem of leading companies that complement Verint solutions in a world where financial services organizations face increasingly complex challenges in complying with regulatory requirements. Also, it had a newly expanded, strategic relationship that provides Connex the ability to implement, integrate and support Verint’s broader Customer Engagement portfolio for enterprises across Canada.
Verint entered Microsoft’s One Commercial Partner (OCP) program with co-sell ready status for its entire customer engagement portfolio.
This aligns Microsoft’s large, global salesforce behind partners such as Verint to drive top-notch solutions for customers.
Verint Systems Inc. Mergers and acquisitions (M&A) Activities
Verint Systems completed its acquisition of eg Solutions plc. The acquisition of eg has strengthened the capabilities of Verint’s Customer Engagement portfolio, extending their lead with an even more comprehensive offering in the back-office market.
Verint Systems added more capabilities, personnel and reach to our workforce optimization suite that spans the entire enterprise—from back-office departments that help shape the customer experience, to front-office contact centers and branch locations. Together with eg, Verint Systems is focused on empowering employees with the right information to make smarter, faster decisions.
Verint Systems Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Verint Systems Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Verint Systems Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Verint Customer Analytics, Verint Engagement Management, Verint Workforce Optimization, customers.
Verint Systems Inc. Overview
Ownership: - NASDAQ: VRNT
Number of Employees: 6100
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction and Real Estate, Consumer Packaged Goods, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Non Profit, Oil and Gas, Professional Services, Retail, Transportation, Utility,
Verint Systems Inc. Key Cloud and HCM Applications
Verint Customer Analytics, Verint Engagement Management, Verint Workforce Optimization,
Verint Systems Inc. HCM and Cloud HCM Applications Revenues, $M:
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* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Verint Systems Inc. Revenue Breakdown by Type:
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Verint Systems Inc. HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets
2019 HCM Revenues, By Sub-Functional Markets, $M
Verint Systems Inc. HCM Applications Revenues By Verticals, $M:
Verint Systems Inc. Total and HCM Applications Revenues by Region:
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Verint Systems Inc. Direct vs Indirect sales
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Verint Systems Inc. Customers - Breakdown by Geo, Size, Vertical and Product
No. of Verint Systems Inc. Customers: 200
No. of Verint Systems Inc. HCM Applications Customers: 200
No. of Verint Systems Inc. Cloud HCM Customers: x
No. of Verint Systems Inc. Cloud HCM Subscribers: x
More than 10,000 organizations in over 180 countries, including over 80 percent of the Fortune 100, count on Verint solutions.
Among Verint's customers are New York Life, Elavon, Technology Services Industry Association, VSP Vision Care, Union Bank, Home Depot, University of Rhode Island, Price Chopper, Mohegan Sun and others.
Verint Systems Inc. Market Opportunities, M&A and Geo Expansions
Verint Systems has extended its customer engagement optimization portfolio with the addition of an enterprise-class community solution.
As a result, organizations can uniquely provide actionable intelligence across customers’ omnichannel experiences to include voice, chat, email, web self-service, and now customer and employee communities.
Through its acquisition of Telligent, Verint continues to advance its vision for customer engagement optimization. Customer communities serve as a natural extension to customer engagement optimization, and Verint now offers communities as part of a comprehensive platform with ties to engagement management, customer analytics, and workforce optimization.
Verint acquired KANA for its CRM applications. The deal reaffirmed Verint’s commitment to the Cloud applications market, especially in delivering software that enhances the customer experience. The purchase followed Verint’s plan to acquire Victrio for fraud prevention and identity authentication solutions.
Verint Systems Inc. Risks and Challenges
As part of the Verint long-term growth strategy, they have made a number of acquisitions and investments and expect to continue to make acquisitions and investments in the future. In many areas, the market for acquisitions becomes more competitive and valuations increase.
Competitors also continue to make acquisitions in or adjacent to markets and may have greater resources than Verint do, enabling them to pay higher prices. As a result, it may be more difficult for Verint to identify suitable acquisition or investment targets or to consummate acquisitions or investments once identified on acceptable terms or at all. If Verint is not able to execute on their acquisition strategy, Verint may not be able to achieve our long-term growth strategy, may lose market share, or may lose leadership position in one or more of their markets.
Verint Systems Inc. Ecosystem, Partners, Resellers and SI
In August 2019 Verint it has strengthened its relationships with Microsoft to support compliance recording solutions for Microsoft Teams. The collaboration between the two businesses will allow for the further development, integration, and support of Teams with the complete Verint Compliance portfolio. Verint solutions are implemented by their service organizations, authorized partners, resellers, or customers.
Verint sells its solutions through direct sales teams and indirect channels, including distributors, systems integrators, value-added resellers (“VARs”), and OEM partners. Approximately half of their overall sales are made through partners, distributors, resellers, and system integrators.
Verint Systems Inc. Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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