Verint stock climbs on stronger revenue forecast
Verint Systems, a data-analysis and security software maker, has reached an agreement to buy a Silicon Valley competitor for $514 million in cash. This is a company office at 330 South Service Rd. in Melville. Credit: Ana Maria Rico
Shares of Melville-based Verint Systems Inc. climbed sharply during after-hours trading Monday after the software maker said it expects 2014 sales to top $1.08 billion.
Verint stock rose nearly 5 percent, to $49.20, following the better-than-expected revenue forecast, which the company released along with its fourth-quarter earnings.
Sales climbed to $255.7 million during the three months that ended in January, up 12 percent from the same period last year. Net income declined by 12 percent, to $24 million, on increased expenses.
Verint expects 2014 sales to benefit from its recent $514 million acquisition of KANA Software Inc. Analysts say the move adds key capabilities to the data-analysis software that Verint sells to corporations, allowing them to mine emails and web chats to improve customer relations.
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