Verint Secures $49 Million Contract to Increase CX Automation for Leading Healthcare Company
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Insights
The recent contract acquired by Verint Systems Inc. from a prominent U.S. healthcare company to enhance customer experience (CX) automation represents a significant business development. The deal, valued at over $49 million, underscores the growing demand for AI-driven solutions in customer service operations. As businesses increasingly adopt automation to improve efficiency and customer satisfaction, Verint's open platform strategy appears to be well-aligned with market trends.
From a market perspective, this contract could signal Verint's competitive positioning in the customer engagement and automation sectors. It may also reflect the broader industry's shift towards integrating AI to manage and enhance customer interactions. The long-term nature of the contract (five years) suggests a sustained revenue stream and potential for further expansion within the healthcare sector, which is known for its stringent requirements for data protection and service quality.
The announcement of Verint's multi-million dollar contract could have a positive impact on the company's financials. A contract of this magnitude, particularly in the healthcare industry, is likely to be viewed favorably by investors due to the potential for stable long-term earnings. The company's focus on an AI-powered open platform and the deployment of AI-powered bots could lead to operational cost savings over time, improving profit margins.
In addition, the contract may serve as a benchmark for future deals in similar industries, setting a precedent for the pricing and adoption of Verint's technology. The emphasis on CX automation, a critical factor for customer retention and satisfaction, could also position Verint as a leader in a niche but rapidly growing segment, potentially affecting its stock market valuation positively.
Verint's contract to deploy AI-powered bots such as Real-Time Coaching Bots and Quality Bots indicates the company's technological advancement in AI and machine learning. These tools are designed to enhance the productivity of human workers by providing real-time feedback and automating routine tasks. The integration of AI into customer service operations can lead to improved response times and more personalized customer interactions, which are key differentiators in today's competitive market.
The open nature of Verint's platform is particularly noteworthy. It suggests a level of flexibility and adaptability that is crucial for large-scale enterprises, which often have complex and evolving technology ecosystems. The ability to deploy AI innovations rapidly and without disrupting existing operations could be a decisive factor for companies when choosing a CX automation solution, potentially increasing Verint's market share.
Verint’s Open Platform is Designed with Artificial Intelligence and Data at its Core to Help Brands Orchestrate the New Workforce of People and AI-Powered Bots Working Together Seamlessly
“We are pleased to receive this strong endorsement of our differentiated open platform and CX Automation strategy. Earlier this year, we announced our next generation, AI-powered open platform. This large contract, which includes the deployment of more than 12 AI-powered bots, is another proof-point that our differentiated open platform is gaining momentum along with our ability to monetize our strong AI capabilities,” says Verint’s Dan Bodner, chief executive officer.
Verint’s Open Platform is designed with artificial intelligence (AI) and data at its core to orchestrate the new workforce of people and AI-powered bots working together seamlessly. Today, the Verint Open Platform enables brands to deploy more than 35 AI-powered bots at their own pace. Rather than continuing to hire more people, brands can now leverage the Verint Open Platform to augment the human workforce and create additional work capacity and elevated customer experiences.
Bodner added, “The Verint Platform is completely open to make it easy for large customers to rapidly deploy AI innovation with no disruption to their workforce or to their customers. Like many other consumer-centric industries, leading healthcare companies are seeking an AI-powered open platform to delight their customers and deliver strong business outcomes.”
The healthcare company contract, which was on Verint’s fiscal fourth quarter roadmap, has a five-year term and includes new Verint solutions as well as an expansion of existing solutions already deployed by the customer. As part of the contract, Verint will deploy 12 of its AI-powered bots such as: Real-Time Coaching Bots, Quality Bots, and the Interaction Wrap-up Bot, Agent Virtual Assistant Bot, Data Insights Bot, and Intent Discovery Bot.
Visit Verint Open Platform and Verint Specialized Bots to learn more.
About Verint
Verint® (NASDAQ: VRNT) helps the world’s most iconic brands continuously elevate the customer experience (CX) and reduce operating costs. More than 10,000 organizations in 175 countries – including over 85 of the Fortune 100 companies – rely on Verint’s open customer engagement platform to harness the power of data and AI to maximize CX automation.
Verint, The Customer Engagement Company®, is proud to be Certified™ by Great Place To Work®. 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, 2023, 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, VERINT DA VINCI, VERINT OPEN CCAAS, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, AND THE ENGAGEMENT CAPACITY GAP 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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Media Relations
Sue Huss
sue.huss@verint.com
Investor Relations
Matthew Frankel
matthew.frankel@verint.com
Source: Verint
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