Verint Systems Inc has announced that it has completed the spin-off of Cognyte Software Ltd as part of a milestone marking the start of their journey as a pure-play customer engagement vendor. This gives the customer engagement company an exclusive focus and extensive resources that includes more than 4,500 professionals worldwide.
Cognyte will begin ‘regular way’ trading on NASDAQ on February 2, 2021, under the symbol CGNT. In connection with the separation, Verint shareholders will receive one share of Cognyte common stock for each share of Verint common stock.
Verint CEO Dan Bodner said: “Verint becoming a pure-play customer engagement company is happening at the exact right time – a time when digital transformation is driving significant change in how brands engage with their customers.
“Verint helps organisations break down barriers and eliminate the constraints of organisational and data silos to achieve boundless customer engagement. With our open cloud platform, significant domain expertise and broad partner ecosystem, we are well positioned to help brands build enduring customer relationships,”
Brands today are challenged by new workforce dynamics, ever-expanding customer engagement channels and exponentially more consumer interactions – all with limited budget and resources. As a result, brands are finding it more difficult than ever to deliver the desired customer experience. This creates an engagement capacity gap, which continues to widen as digital disruption increases.
Expanding the workforce is simply not a sustainable option. Organisations are increasingly seeking technology to close this gap – solutions that are based on AI and analytics to automate workflows across enterprise silos to balance workforce expenses and at the same time drive an elevated consumer experience.
Verint is uniquely positioned to help companies close this gap. The Verint Customer Engagement Cloud Platform – built on a native cloud architecture with an open design – enables brands to connect work, experiences, and data across the organisation.
Evercore acted as lead financial advisor to Cognyte on the separation. Goldman Sachs & Co. LLC and Jefferies LLC acted as lead financial advisors to Verint on the separation.
