MELVILLE, N.Y., January 10, 2017 — Verint® Systems Inc. (Nasdaq: VRNT) today announced that it has received an order valued at more than $35 million for multiple components of its Cyber Intelligence portfolio.
"We are pleased to win another competitive, large order, which reflects our advanced technology and domain expertise," says Elad Sharon, president, Cyber Intelligence Solutions, Verint. "We believe our sophisticated Cyber Intelligence portfolio can help customers effectively address pressing security threats, and that we are well positioned to sustain long-term growth in the security market."
The contract was awarded to Verint by an existing prime contractor following a competitive process, and like most government-related contracts, it includes terms that allow the customer to increase or reduce the scope of the project in the future. The deployment is expected to take approximately two years. The scope of the order received by Verint includes multiple components of the Verint Cyber Intelligence portfolio, as well as components that Verint will acquire from third-party vendors and deliver as part of a turn-key solution.
Given the delivery schedule, this order is not expected to have a material impact on Verint's fourth quarter results or Verint's ability to achieve its previously provided guidance for the current year ending January 31, 2017. Verint continues to expect a decline in Cyber Intelligence revenue in the current fiscal year compared to the prior year. However, this order, combined with overall recent business activity, provides the company with increased confidence that the decline in its Cyber Intelligence business this year was temporary and that the Cyber Intelligence business will return to growth during Verint's next fiscal year ending January 31, 2018.
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, more than 10,000 organizations in approximately 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 we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.
This press release contains "forward-looking statements," including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2016, our Quarterly Report on Form 10-Q for the quarter ended October 31, 2016, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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