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Verint buys rival in $24M deal

A Verint video analytics console

A Verint video analytics console Photo Credit: Verint Systems Inc.

Verint Systems Inc., a Melville-based maker of video and voice analysis software, will buy a Georgia company that specializes in workforce management systems for retail bank branches.

In pre-market trading Verint was up $1.18, a rise of 4.37 percent, after closing Monday at $28.21.

Verint said it will pay at least $24.6 million in cash for Global Management Technologies Corp., of Atlanta. Under the terms of the agreement, Verint will pay an additional amount of up to $17.4 million, contingent on future performance, during a 28-month period after the closing.

"With this combination, the company is continuing to accelerate its focus on and investment in solutions designed to help organizations increase productivity, reduce operating costs, and improve customer service and sales," Verint said in a Monday news release.

Using its existing info technology along with that of the acquired company, Verint will be able to provide software for analysis of employee and customer voice, video and other data at call centers, bank branches and back offices, Verint said. The software can help banks decide where to introduce automation, where and when to staff its branches and assign specific employee tasks, Verint said.

While Verint's focus in some products is security and surveillance, it also targets sales effectiveness and analysis of customer buying and spending behavior.

Newsday reported last week that Verint had moved ahead adapting its technology for the retail store marketplace. Using video feeds from store surveillance cameras, Verint's software will analyze customer traffic, cash register lines and waiting times, patterns of shoppers' movements through the aisles and other visual data. It can help create highly accurate shopper volume measurements and compute customer waiting time at the register -- allowing schedulers to improve staffing decisions, the company says.

And on Sept. 9, Newsday reported that Verint has a new contract putting it at the heart of the Port Authority's plans to detect and prevent crime and terrorism at the planned World Trade Center transportation hub. Verint's software will analyze massive video streams from doorways, platforms and key offices such as the electrical and telecommunications rooms. The goal of such computerized video analysis is to give police immediate notice of possible threats or emergencies.

With 2,900 employees, Verint has a market capitalization of just over $1 billion. It had $26.2 million net income on $744.8 million in sales during the past 12 months.


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