Next IT Acquired By Verint Systems
7 Mile Advisors Acted As The Exclusive Sell-Side Advisor To Next IT In Its Sale To Verint Systems
Verint Systems Acquires Next IT to Accelerate Automation Innovation and Expands Cloud Self-Service Solutions.
Verint® Systems Inc. (Nasdaq: VRNT) announced that it has acquired all of the outstanding equity interests in Next IT Corporation and its affiliate Next IT Innovation Labs, LLC (collectively, “Next IT”), a developer of conversational artificial intelligence-powered intelligent virtual assistants. The purchase price consisted of close to $30 million of cash paid at closing, plus potential additional future cash payments.
“We continue to execute our innovation strategy, including making acquisitions that expand our self-service portfolio, accelerate Verint’s cloud and automation capabilities, and are accretive to earnings. We believe that Verint’s ongoing innovation in artificial intelligence technologies—such as machine learning, robotics and natural language processing—positions us for accelerated growth by helping organizations modernize their customer engagement operations with greater automation,” says Dan Bodner, CEO, Verint.
“Now we can look beyond channels and get right to the data,” explained John Hibel, director of marketing for digital and inbound at Verint’s Contact Solutions subsidiary. The first fruits of the Next IT acquisition will be harvested and delivered to clients of Contact Solutions. They will find that Verint offers them a new set options based on the fact that their data can be core to a variety of self-service options, in addition to services offered through live agents. The two companies look at it this way: Contact Solutions as IVR (Interactive Voice Response) and Next IT offered IVA (Intelligent Virtual Assistants).
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit www.7mileadvisors.com.
About Verint Systems Inc.
Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization, security intelligence, and fraud, risk and compliance. Today, over 10,000 organizations in more than 180 countries—including over 80 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how Verint Systems is creating A Smarter World with Actionable Intelligence® at www.verint.com.
About Next IT Corporation
For two decades, Next IT has empowered enterprises to better serve their customers and employees. Its innovations in Conversational AI enable natural interactions with intelligent assistants and chatbots that engage customers more effectively and make employees even more productive.