Verint Systems - History

History

Verint origins are in Comverse Technology's Comverse Infosys business unit, which was created in 1999 although it was also incorporated in Delaware in February 1994 as a wholly owned subsidiary of Comverse Technology. Verint’s initial focus was on the commercial call recording market, which at the time was transitioning from analog tape to digital recorders. In 1999, Comverse Infosys expanded into the security market by combining with another division of Comverse focused on the communications interception market. In 2001, Verint expanded its security offering into video security through a combination of its business with Loronix Information Systems, Inc., which had been previously acquired by Comverse. In 2002, Comverse Infosys changed its name to Verint Systems Inc.

Verint completed an IPO in May 2002, commencing its beginnings as a public company although it was still majority owned by Comverse Technology. Verint subsequently grew both organically and through acquisitions. Since 2006, these acquisitions included: the networked video security business of Hong Kong-based MultiVision Intelligent Surveillance Limited; CM Insight Limited, a UK-based, customer management solution provider; Mercom Systems Inc., a provider of interaction recording and performance evaluation solutions for small-to-midsize contact centers and public safety centers; ViewLinks Euclipse Ltd., an Israeli-based provider of data mining and link analysis software solutions. Verint’s largest acquisition was of Witness Systems, Inc. in May 2007, which strengthened Verint’s leadership position in the enterprise workforce optimization market. A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.

Beginning with a stock options backdating scandal in 2006, parent company Comverse Technology suffered a series of financial reporting problems, losses and layoffs, with one consequence that both Comverse and Verint were delisted from the NASDAQ stock market in 2007 and ended up on the Pink Sheets. In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT. By that year, there was considerable talk that Comverse Technology would sell its remaining interest in Verint, with some private equity firms mentioned as possible buyers.