Verint to split in two publicly traded companies; stock gains 9%

/ / News

Verint Systems Inc. late Wednesday said its board has approved a plan to split the company in two separate publicly traded companies, one focusing on its consumer engagement business and the other on cyber intelligence. The separation is expected to be complete “shortly after” the end of Verint’s fiscal year in January 2021, Verint said. “With our customer engagement business approaching $1 billion in annual revenue and our cyber intelligence business approaching $500 million in annual revenue, we believe the two independent, publicly traded companies will both benefit from the separation and be well positioned to pursue their own strategies, drive opportunities to accelerate growth and extend their market leadership,” Verint Chief Executive Dan Bodner said in a statement. Shares of Verint were halted ahead of the announcement and jumped nearly 9% after they resumed trading. The shares had ended the regular trading day up 0.5%. In a separate press release, Verint said it earned adjusted third-quarter per-share profit of 94 cents on sales of $331 million. Analysts polled by FactSet had expected adjusted EPS of 85 cents a share on sales of $333 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Lifetime Chatroom Membership