Verint Systems announced it has closed the first tranche under the two tranche investment agreement with funds advised by Apax Partners signed in December in connection with Verint’s plan to separate into two independent public companies. In connection with the closing, Jason Wright, Partner at Apax Partners, has been appointed to Verint’s Board of Directors.
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“We are excited to partner with Verint and help the Board complete the separation, enabling both businesses to achieve their full potential. Verint’s Customer Engagement business is a market leader and we look forward to working with management to execute its cloud strategy and extend its market leadership.”
“I am pleased to welcome Jason to our Board and to have Apax as a strategic partner. Apax has a proven track record of creating value by partnering with leading software companies around the world, including significant experience in both cloud transitions and carve-outs. The investment represents a strong vote of confidence in our strategy and future growth opportunities,” said Dan Bodner, CEO of Verint.
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Mr. Wright added, “We are excited to partner with Verint and help the Board complete the separation, enabling both businesses to achieve their full potential. Verint’s Customer Engagement business is a market leader and we look forward to working with management to execute its cloud strategy and extend its market leadership.”
The $200 million first tranche investment is in the form of convertible preferred stock with an initial conversion price of $53.50. Following the closing, Verint’s balance sheet includes more than $800 million of cash and short-term investments. Additional information can be found in the Form 8-K that will be filed today with the U.S. Securities and Exchange Commission.
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