$20.510
+0.273 (+1.33%)At close
VRNT News
VRNT Events
Verint Appoints Dave Rhodes as CEO
Verin announced Dave Rhodes has been named Chief Executive Officer of Verint, effective immediately. Rhodes, who previously served as CEO of Calabrio prior to its combination with Verint, will lead the newly unified organization as it pursues its vision of becoming the definitive leader in CX Automation. "Dave is exactly the right leader for this moment," said Mike Lipps, chairman at Verint. "He brings a proven track record of scaling high-growth software businesses, a deep understanding of the CX and workforce engagement market, and a clear-eyed vision for what this combined company can become. The board has full confidence in Dave's ability to build on Verint's extraordinary foundation and accelerate our path to market leadership."
Verint Halts Guidance Provision Following Thoma Bravo Agreement
As previously disclosed, given the pending transaction, Verint will not be hosting an earnings conference call, and is suspending its practice of providing financial guidance.
Verint announces Q2 adjusted EPS of 33 cents, surpassing consensus estimate of 26 cents.
Reports Q2 revenue $208M, consensus $200.49M. "I am pleased to report strong Q2 results and continued AI momentum. In Q2, AI ARR increased 21% year-over-year reflecting the strong AI business outcomes we deliver to our customers. Behind our results is our CX Automation category leadership and we believe AI adoption in the CX market is still in early stages. We recently announced that Verint agreed to be acquired by Thoma Bravo to continue our CX Automation journey as a private company. Their $2B investment in Verint represents a strong validation of our CX Automation strategy and we look forward to extending our category leadership together with Thoma Bravo," said Dan Bodner CEO and Chairman.
Thoma Bravo to Purchase Verint for $20.50 per Share in Cash
Verint announced that it has entered into a definitive agreement to be acquired by Thoma Bravo in an all-cash transaction reflecting an enterprise value of $2B. Under the terms of the agreement, Verint common shareholders will receive $20.50 per share in cash, an 18% premium to Verint's 10-day volume weighted average share price up to June 25, the last day prior to media reports regarding a potential sale of the company. The transaction, which was unanimously approved by the Verint board of directors, is expected to close before the end of Verint's current fiscal year, subject to customary closing conditions, including approval by Verint shareholders and the receipt of required regulatory approvals. Under the merger agreement, a Thoma Bravo controlled entity will act as the parent in a reverse-triangular merger. The transaction is not subject to a financing condition. Certain shareholders and members of the Verint board of directors have entered into voting agreements pursuant to which they have agreed, among other things, to vote their shares of Verint stock in favor of the transaction, subject to certain conditions. These shareholders currently represent approximately 14.5% of the voting power of Verint's stock. Upon completion of the transaction, Verint common stock will no longer be listed on any public stock exchange. In light of the pending transaction, Verint is suspending quarterly earnings conference calls and will no longer be providing quarterly or annual guidance. Verint is also suspending its share repurchase program.
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.