Verint secured two megadeals last quarter, worth $13MN and $7MN, respectively.
These new customers will implement the Verint Cloud platform, with its Da Vinci AI and automation solutions considered a critical differentiator for both businesses.
The first is a leading financial services company. Discussing the deal in an earnings call, Dan Bodner, Founder and CEO of Verint, said:
We believe we won this large order due to our platform openness, Da Vinci AI differentiation, and enterprise scalability.
Such openness often distinguishes Verint’s Cloud Platform, as it integrates with many CCaaS, UCaaS, and CPaaS platforms, alongside on-premise systems.
The second deal is with a prominent utilities organization, serving millions of customers across the US, which is moving its contact center to the cloud.
In doing so, it will add several new applications across the Verint Cloud Platform.
Alongside Verint’s openness and Da Vinci AI, Bodner credits its breadth of applications and the significant ROI potential for the win.
The two megadeals contributed to Verint’s 31 cloud orders worth an excess of $1 million TCV in Q3.
Year-over-year, this represents an increase of almost 50 percent as Verint capitalizes on the trend of large enterprises slowly shifting their contact centers to the cloud.
Within these 31 customers are many familiar brands, including IKEA and Cardinal Health.
Meanwhile, businesses such as Kroger and Grubhub added their names to Verint’s client roster as two of the 100 new logos the vendor onboarded last quarter.
These customer wins contributed to the 35 percent (YoY) increases in SaaS revenues on a constant currency basis, with overall revenues rising two percent.
Verint’s Cloud Strategy
Much of Verint’s success stems from its hybrid cloud approach. Connecting SaaS applications to on-premise solutions gives legacy customers a taste of the cloud, increased flexibility, and supports an incremental migration process.
Again, this is thanks to its openness, integrating with many telephony systems, CRM solutions, and data lakes – both on-premise and cloud-based.
Indeed, the vendor recently received praise for this and its deep partner network in Frost & Sullivan’s Frost Radar for Voice of Customer Analytics 2022 Report. It notes:
Verint’s partner ecosystem leverages the Verint Platform and empowers partners with resources and co-marketing programs to deliver faster value with Verint solutions.
Yet, this partner network expands far beyond VoC. An excellent example is Verint’s new compliance recording integration with Microsoft Teams, adding value to another platform widely used within the enterprise.
Here, Verint likely spots an opportunity to make the Teams experience better than Microsoft can.
After all, Teams is the UCaaS solution of choice for many enterprises and is starting to make CCaaS tools available to more people within the business. As such, the opportunity for value-add solutions increases.
Also, Verint now works closely with perhaps Microsoft’s most prominent rival in the UCaaS space: Zoom, with the two vendors strengthening their partnership at the recent Zoomtopia event.
Yet, Bodner did not include building on these significant partnerships within his two core objectives for 2023. Instead, these are to “accelerate the cloud transition and have a very strong SaaS growth.”
