Founding, early years
Verint started as Comverse Technology's Comverse Infosys business unit, which was created in 1999[10] 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. On June 7, 1999, the company released an Internet Call Waiting service.[11]
Expansion and name change
In 1999, Comverse Infosys was combined with another division of Comverse focused on security and the communications interception market. In 2001, Verint expanded into video security by combining with Loronix Information Systems, Inc., which had been previously acquired by Comverse.[12] In 2002, Comverse Infosys changed its name to Verint Systems Inc.[13]
IPO, acquisitions
In May 2002, Verint completed an IPO and became a public company, although it was still majority owned by Comverse Technology. Since 2006 Verint has acquired several other companies such as MultiVision Intelligent Surveillance Limited, a networked video security business; CM Insight Limited, a UK-based, customer management company; Mercom Systems Inc., an interaction recording and performance evaluation company; ViewLinks Euclipse Ltd., a provider of data mining and link analysis software; and Witness Systems, Inc. a workforce optimization company.
In July 2008 Amit Bohensky founded Focal-Info, a software company focused on web data extraction and analytics. The following month Focal-Info had been bought by Verint for an undisclosed amount, with Bohensky hired back on to lead Focal-Info's "extended activity" within Verint. A subsequent acquisition was of Iontas, in early 2010, a provider of desktop analytics solutions.[14]
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.[15] In July 2010, Verint was relisted on the NASDAQ stock market under the symbol VRNT.
Full independence
In August 2012, Verint announced that it would buy out Comverse Technology's stake in it, in a transaction valued at around $800 million.[19] An FBR Capital Markets analyst said the move "finally eliminates a major overhang on the name by removing Comverse's majority ownership stake."[19] The deal was finalized in February 2013.[20]
In January 2014, the Swiss Federal Department of Justice and Police awarded Verint a contract worth $14.2 million to develop the new Interception System Switzerland ISS 2 wiretapping system.[21][22]
Over the next few years, Verint acquired several more companies - in February 2014, the CRM
Controversy
An article published in Haaretz alleges Verint had "faced backlash" for selling surveillance technology to "repressive regimes" for several years.[31]
On February 2, 2021, Amnesty International reported that an Israeli subsidiary of Verint had "provided the South Sudanese authorities, including the NSS [National Security Services], with communications interception equipment and annual support services" between 2015 and 2017. The NSS has a record of "harassing, intimidating, threatening, arbitrarily detaining and, in some cases, forcibly disappearing and extra-judicially killing" critics of the government. In its report, Amnesty said it "believes that this [sale] goes against Israel’s obligation to protect human rights."[32][31]
