Verint Completes Acquisition of Conversocial

Rhea-AI Summary

Verint (NASDAQ: VRNT) has successfully completed its acquisition of Conversocial, enhancing its offerings in conversational customer experience via messaging channels. The transaction was first announced on August 10, during which Verint expressed its intent to expand its cloud capabilities for digital-first customer engagement. Analysts suggest that this acquisition positions Verint strategically in the growing customer service market, leveraging its existing AI technology to personalize customer interactions across popular messaging platforms like Apple Business Chat and WhatsApp.

Positive

• Acquisition of Conversocial enhances Verint's capabilities in conversational customer experience.
• Strategic entry into a growing segment of the customer service market.
• Existing AI technology can further personalize digital interactions.

Negative

• None.

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The Customer Engagement Company^™, today announced the completion of the previously announced transaction to acquire Conversocial, a leader in conversational customer experience delivered over messaging channels.

On August 10, Verint issued a release, Verint Expands its Cloud Platform Capabilities to Help Brands Accelerate Digital-First Customer Engagement, stating its intent to acquire the leading conversational messaging company.

In a recent Saddletree research note, Paul Stockford commented on the acquisition, “Verint enters this customer service market segment at an ideal time and with the potential to redefine the third-party messaging customer experience as it continues to find new applications for its conversational artificial intelligence (AI), as provided by Verint Intelligent Virtual Agents (IVAs). While most third-party messaging applications focus on messaging, Verint already has the technology in-hand to further personalize these emerging digital channels with conversational AI.” ^*

Conversocial solutions help leading brands such as Google, Sephora, British Airways, and Hertz build and scale relationships through the personal touch and convenience of social messaging. The combination of Verint and Conversocial will provide organizations with support for digital customer engagement with connections to the commonly used messaging channels, including Apple Business Chat, Facebook Messenger, Twitter, WhatsApp, and more.

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.

^* Source: Saddletree Research, Verint Acquires Conversocial, Expands Digital Customer Engagement Strategy, August 11, 2021

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, 2021, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2021, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210902005326/en/

Media Relations

Amy Curry

amy.curry@verint.com



Investor Relations

Matthew Frankel

matthew.frankel@verint.com/

Source: Verint

FAQ

What is the significance of Verint's acquisition of Conversocial?

The acquisition enhances Verint's customer experience offerings and positions them strategically in the growing conversational AI market.

When was the acquisition of Conversocial announced by Verint?

The acquisition was first announced on August 10.

How does the acquisition impact Verint's customer engagement strategy?

It strengthens Verint's digital-first customer engagement strategy by integrating Conversocial's messaging solutions.

What messaging platforms will Verint utilize post-acquisition?

Verint will support messaging platforms such as Apple Business Chat, Facebook Messenger, Twitter, and WhatsApp through the acquisition.

What potential benefits does Verint expect from the Conversocial acquisition?

Verint expects to leverage Conversocial's technology to enhance customer relationships and personalize interactions using AI.