Verint Systems – Story of a New-York Based Analytics Company Founded in 2002.
As businesses are growing rapidly in the digital era, the demand for software development, IT, and business consulting sectors is also booming. Verint Systems is one of those analytics companies that is known for software development and also for selling hardware products. The company’s headquarters is based in Melville, New York, US. Verint System wasn’t always an independently traded public company as it started off as a Comverse Infosys unit of Comverse Technology.
In 2002, Verint Systems was founded (became a public company) and is currently led by Dan Bodner, President, and CEO of Verint. The company has grown significantly after it became public and currently generates revenue in billions. Verint provides services to more than 150 countries and has over 10,000 clients. So, let’s have a look at the early years of the Company and how it spun off from Comverse Technology.
History of Company
Verint Systems, as a part of Comverse Technology, was founded in 1999. But, this business unit of Comverse Technology was originally incorporated in 1994 in Delaware. Back then it was a wholly-owned subsidiary of the company which later became the business unit of Comverse Infosys. Before the company established itself as Verint Systems, its main focus was on the call recording market. The call recording market, back then, grew popular as it was the era when technology from analog tape transformed into digital recorders. In 1999, the company rolled out a service for internet call waiting.
The same year when Verint became the business unit of Comverse Infosys, the company decided to merge another division of Comverse with it. So, Verint was merged with a Comverse unit which was focused on the security and communication interception market. Converse Technology acquired a company called Loronix Information Systems Inc which along with Verint expanded into the video security market in 2001. And next year, Converse Infosys finally renamed itself Verint Systems.
Verint Systems as a Public Company
In 2002, Company filed its IPO and became a public company although the majority of its stakes were still owned by Comverse Technology. After starting off as a public company, Verint expanded the range of solutions, entered into various overseas markets, and acquired a bunch of companies.
Some of the companies acquired by Verint Systems are MultiVision Intelligent Surveillance Limited which was a business in the video security sector. It also acquired a UK-based customer management company called CM Insight followed by a company that specialized in interaction recording and performance evaluation. Verint acquired all these companies in a short time span and thus strengthened its existing market and opened up new possibilities. Verint also acquired a data mining company called ViewLinks Euclipse Ltd and a workforce optimization company called Witness Systems Inc. In July 2008, Verint Systems acquired a very young company called Focal Info. Amit Bohensky founded this software company which mainly focused on web data extraction and analytics. Verint Systems acquired the company with an undisclosed monetary amount and the founder was hired back after the acquisition.
An Independent Company
After Verint became a public company in 2002, it was delisted from the NASDAQ stock exchange in 2006 along with Comverse Technology due to a scandal. But, again in 2010, Company was back on the NASDAQ stock exchange list and struck a deal with Comverse Technology to sell its remaining interest in Verint. In 2012, Company became a completely independent company as it bought the remaining stakes from Comverse for $800 million. After the buyout, Company made some major acquisitions which include KANA Software Inc for $514.2 million, Next IT for $30 million upfront cash and $20 million future payments, and a software company called OpinionLab for an undisclosed amount.
Dan Bodner – CEO of Verint Systems
Dan Bodner is serving as the CEO of Verint Systems since the company became a different entity that separated from Comverse Technology. Dan is attached to Comverse Technology when Verint was just a wholly-owned subsidiary of the company. Currently, he is also the Chairman of the Board of Verint Systems. Dan Bodner completed his education at the Israel Institute of Technology.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more