Verint Systems

Verint Systems is an Israeli-rooted enterprise-software company that, until November 2025, traded on the Nasdaq under the ticker VRNT. On November 26, 2025, Verint was taken private by Thoma Bravo in an all-cash transaction with an enterprise value of approximately $2 billion, ending a public-market run that stretched back to the aftermath of the Comverse Technology accounting scandal. The company builds software for contact-center workforce engagement, conversational analytics, voice-of-customer, fraud detection, and AI-driven customer-experience automation, and now sits inside Thoma Bravo's software portfolio — combined with the firm's existing CX holding, Calabrio.

Origins: the Comverse lineage

Verint traces its origins to 1994 as a unit of Comverse Technology, the Israeli telecommunications-software conglomerate co-founded by Kobi Alexander that was, at its peak, one of the largest companies on the Tel Aviv Stock Exchange and a Nasdaq-listed marquee for Israel's tech sector. Comverse's 2006 stock-option backdating scandal — and Alexander's flight to Namibia — remains one of the most-cited corporate-governance episodes in modern Israeli business history. Verint was carved out and restructured in the years that followed, and has spent the two decades since concentrating its identity around commercial customer engagement rather than the intelligence lineage it shared with its parent.

The 2021 Cognyte spinoff

In February 2021, Verint separated its cyber-intelligence business — lawful intercept, communications monitoring, and government analytics — into an independent Nasdaq-listed company, Cognyte Software (CGNT). The split was the structural event that defines modern Verint. Everything on the government-intelligence side of the ledger — the lineage that placed Verint alongside NSO Group, Cellebrite, and other Israeli intelligence-adjacent vendors in Western media coverage — went to Cognyte. Everything on the commercial customer-engagement side stayed at Verint. The two companies now trade, or in Verint's case traded, on entirely different investor narratives.

Business today: CX Automation

Under long-tenured CEO Dan Bodner, Verint repositioned around a category it branded CX Automation, anchored on an AI platform the company markets as the Verint Open Platform with Verint DaVinci AI at its core. The product line spans conversational AI bots, workforce engagement management, quality monitoring, interaction analytics, and voice-of-customer capabilities across voice, chat, email, and social channels. Verint competes directly with NICE, Genesys, and the broader cohort of contact-center cloud platforms.

For the fiscal year ended January 31, 2024, Verint reported revenue of approximately $910 million on a GAAP basis. Fiscal 2025 revenue landed at roughly $909 million. Management repeatedly framed the shift as a transition from perpetual licenses to bundled and unbundled SaaS — the metric on which the company's forward story now rests.

Commercial headquarters remain in Melville, New York. Engineering operations continue to include substantial Israeli teams that trace back to the original Comverse R&D base.

The Thoma Bravo take-private

On August 25, 2025, Verint announced a definitive agreement to be acquired by Thoma Bravo for $20.50 per share in cash — an 18% premium to Verint's 10-day volume-weighted average share price up to June 25, 2025, the last trading day before media reports of a potential sale. The transaction reflected an enterprise value of approximately $2 billion and was structured as a reverse-triangular merger with a Thoma Bravo entity named Calabrio, Inc. as parent. It was not subject to a financing condition.

"Thoma Bravo's investment is a testament to our CX Automation category leadership. Leading brands around the world are reporting strong AI business outcomes with the Verint CX Automation Platform."
— Dan Bodner, Chairman and CEO, Verint, August 25, 2025

The deal closed on November 26, 2025. On closing, Thoma Bravo combined Verint with Calabrio, its existing workforce-optimization portfolio company, positioning the merged entity as what the firm described as the industry's most comprehensive AI-powered CX platform. Dan Bodner transitioned to an advisory role. Mike Lipps, a Thoma Bravo Operating Partner, was named Chairman and interim CEO of the combined company; Calabrio CEO Dave Rhodes remained in place, reporting to Lipps.

"We look forward to bringing together the complementary strengths of Verint and Calabrio to lead the market as a CX Automation powerhouse. The market demand for AI-powered solutions has never been stronger and continues to accelerate."
— Mike Lipps, Operating Partner, Thoma Bravo, December 9, 2025

Thoma Bravo, which reported over $181 billion in assets under management as of September 30, 2025, is the largest software-focused private-equity firm in the world. The Verint transaction was one of the higher-profile take-privates of the 2025 enterprise-software cycle.

Position in the Israeli technology lineage

Verint is one of a small group of Israeli-rooted enterprise-software companies to have run a full public-market cycle on Wall Street — a cohort that includes Check Point Software, CyberArk, Cellebrite, NICE, Amdocs, and Wix. Its post-Comverse history makes it a recurring reference point in Israeli corporate-history literature, both for the original scandal and for the multi-decade rebuild that followed.

The 2021 Cognyte spinoff separated commercial-CX Verint from the cyber-intelligence cohort. The 2025 Thoma Bravo take-private ended its two-decade public-market run. Together they mark the two most consequential corporate-finance events in the company's modern history.

Key facts

• Founded: 1994, as a unit of Comverse Technology.
• Headquarters: Melville, New York; significant engineering operations in Israel.
• Former ticker: Nasdaq: VRNT (delisted November 2025).
• FY2024 revenue: approximately $910 million.
• FY2025 revenue: approximately $909 million.
• Cyber-intelligence spinoff: Cognyte Software (CGNT), February 2021.
• Acquirer: Thoma Bravo — $2 billion enterprise value, $20.50 per share cash.
• Deal announced: August 25, 2025.
• Deal closed: November 26, 2025.
• Post-close combination: merged with Calabrio; Mike Lipps as Chairman and interim CEO; Dan Bodner in advisory role.

Sources

Verint Systems, definitive proxy statement (DEFM14A), October 2025 (SEC EDGAR). Verint Systems, Form 8-K and press release, August 25, 2025 (SEC EDGAR). Verint Systems, Form 10-Q for the quarter ended July 31, 2025 (SEC EDGAR). Thoma Bravo and Verint joint press release, December 9, 2025. Verint Systems FYE 2024 and FYE 2025 earnings releases (SEC EDGAR).