Verint to Split Into Two Companies: Cyber and Customer Engagement
Verint has a market capitalization of $3.2 billion on Nasdaq; the company rose 6.88% in after-hours trading following the announcement
Verint rose 6.88% in after-hours trading following the announcement.
"With our customer engagement business approaching $1 billion in annual revenue and our cyber intelligence business approaching $500 million in annual revenue, we believe the two independent, publicly traded companies will both benefit from the separation and be well-positioned to pursue their own strategies, drive opportunities to accelerate growth and extend their market leadership," Verint CEO Dan Bodner said in a statement.
Verint also published its third quarter results Wednesday, surpassing the analyst consensus somewhat on profit but slightly underperforming on sales. The company reported non-GAAP earnings per share of $0.94, above the consensus of $0.85, but revenues of $331 million, compared to an expectation of $333 million.
Verint’s stock rose 13% since the beginning of the year, compared to a 29% increase seen for Nasdaq. The company has a market capitalization of $3.2 billion.