64° Good Evening
64° Good Evening

Verint of Melville buying rival for $76.4M

Verint logo

Verint logo Photo Credit: Verint

Verint Systems Inc., the Melville-based provider of voice, video and data analysis systems, is buying one of its competitors, Vovici, for a price that could reach $76.4 million.

The combined company will give Verint a competitive advantage in selling software that gives insight into how employees interact with customers, Verint said. Vovici is based in northern Virginia.

The acquired company's resources will feed into Verint's existing Voice of the Customer Analytics system, according to Verint, which told the Securities and Exchange Commission that it will pay $56.5 million at closing and as much as $19.9 million in the following 18 months, depending on performance, 

The software sifts through huge volumes of voice, email, chat and video and alerts supervisors to salient clues to the customer's experience. For example, it might route a telephone call immediately to a supervisor when it detects a semantic clue such as the word "customer" because a typical phrase from an angry client is, "I've been a customer for a long time."

The software is intended to make sure that customer feedback reaches executives, including those with  job titles like  chief customer officer, chief marketing officer and chief experience officer, Verint said.

"As the market's most comprehensive VoC Analytics platform available, the Verint-Vovici solution will enable organizations to implement a single-vendor solution for collecting, analyzing and acting on customer insights," Verint said.

Verint gave the following examples of how its software has helped clients.  "A leading manufacturer of outdoor equipment redesigned its product packaging based on customer feedback, which resulted in double-digit sales growth; and a U.S. nationwide retailer saved more than $4 million and enabled projects to be completed three to five times faster."

Newsday reported in January that Comverse Technology Inc. had begun selling off some of its majority share holdings in Verint.

Comverse, a Manhattan software company with deep Long Island roots, in April avoided prosecution under the Foreign Corrupt Practices Act by agreeing to pay a $2.8 million penalty to two federal agencies.

Long based in Woodbury, Comverse became a billion-dollar software maker under chief executive Jacob "Kobi" Alexander until he was forced out amid an options backdating scandal. Alexander now lives in the southwestern African nation of Namibia where he fled to avoid prosecution on federal criminal charges of conspiracy, wire fraud, money laundering and obstruction of justice.

Read more of Inside Long Island Business



We're revamping our Comments section. Learn more and share your input.

More news