Verint Wins an Eight-Digit Contract to Deliver AI Business Outcomes

Rhea-AI Summary

Verint (NASDAQ: VRNT) secures an eight-digit contract with a major retailer to enhance customer experience (CX) automation in contact centers. The company's AI solutions were chosen for their ability to deliver business outcomes through an open platform and AI-powered bots. This contract showcases Verint's leadership in CX automation.

Positive

• Securing an eight-digit contract with a major retailer demonstrates Verint's ability to attract significant business opportunities.

• Verint's differentiated open cloud platform and AI-powered bots were recognized for their capacity to deliver AI business outcomes effectively.

• Deployment of the Verint Open Platform in the cloud showcases the scalability and flexibility of the company's solutions, allowing for increased CX automation.

Negative

• While the contract is a positive development, there may be challenges in meeting the expectations of the retailer and delivering the desired outcomes over the 39-month term.

Verint Open Platform and Team of AI-Powered Bots Selected to Increase CX Automation

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The CX Automation Company™, announced today an eight-digit order from one of the world’s largest retailers to increase customer experience (CX) automation in their contact center. Verint was awarded the contract based on its ability to deliver artificial intelligence (AI) business outcomes with its differentiated open cloud platform and large team of AI-powered bots.

“Customers today are looking to increase CX automation in the contact center and across the enterprise, to elevate the customer experience, and to reduce labor costs. They require a platform that is completely open, centered on behavioral data, and offers AI-powered bots. This win is another proof point of our CX automation leadership, and we continue to innovate at a very fast pace,” says Verint’s Dan Bodner, chairman and chief executive officer.

The retailer will deploy the Verint Open Platform in the cloud to increase CX automation in several business units. The Verint platform is open and seamlessly fits into the retailer’s existing ecosystem. The retailer will leverage the platform to consolidate behavioral data from many siloed data sources into the Verint Data Hub and support various AI and data initiatives. The contract includes delivery of four Verint AI-powered bots: Transcription Bot, Quality Bot, Data Insight Bot, and Data Redaction Bot.

The contract was on Verint’s fiscal first quarter roadmap and is being recorded as a bundled Software as a Service (SaaS) booking with a 39-month term.

Visit Verint Open Platform and Verint Specialized Bots to learn more.

About Verint

Verint^® (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world’s most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI Business Outcomes across the enterprise.

Verint, The CX Automation 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, 2024, 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 CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430039213/en/

Media Relations

Sue Huss

sue.huss@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

Source: Verint

FAQ

What is the stock symbol of Verint mentioned in the press release?

Verint's stock symbol mentioned in the press release is 'VRNT'.

What type of contract did Verint secure with a major retailer?

Verint secured an eight-digit contract with a major retailer to enhance customer experience (CX) automation in contact centers.

What are the AI-powered bots included in the contract?

The contract includes delivery of four Verint AI-powered bots: Transcription Bot, Quality Bot, Data Insight Bot, and Data Redaction Bot.

How is Verint's platform being utilized by the retailer?

The retailer will deploy the Verint Open Platform in the cloud to increase CX automation in several business units and consolidate behavioral data from various sources.

What term is the contract between Verint and the retailer?

The contract between Verint and the retailer is a bundled Software as a Service (SaaS) booking with a 39-month term.