Strong Q4 Pushes Verint into Overall Annual Growth

Customer engagement specialist Verint has announced Q4 and full year results for the period ending January 31st 2024. Q4 revenue grew 12% year-on-year to $265m, while full year revenue crept up just 0.9% to $910m. Full year net income more than doubled to $39.6m.

The firm, valued at around $1.2bn, helps clients 'bring together work, data and experiences across the enterprise' to build enduring customer relationships. Last June it launched the Verint Enterprise Experience Management (XM) tool, which promises to consolidate VoC data from across the enterprise, including Web, mobile, social and survey feedback; in-store data, captured with geo-location capabilities; and contact center intelligence including unstructured data from voice and text channels and post interaction surveys.

CEO Dan Bodner says the Q4 results are 'strong' and 'ahead of our expectations'. He adds: 'Our customers purchase our AI innovation in Bundled SaaS, and we are pleased with our 16% year-over-year increase in Bundled SaaS New ACV bookings in Q4, and our over 20% year-over-year increase in Bundled SaaS pipeline as of the end of Q4. For the current year we are raising our outlook to reflect our AI momentum'.

CFO Grant Highlander says the firm is continuing its AI investment, ending Q4 with c.1,300 engineers in R&D and Cloud Operations, and adding resources to its Customer Success team to drive AI adoption by customers. He adds: 'In Q4, we also aligned our services catalog to our AI offerings by adding value realization services and divesting a manual managed services offering that is being replaced with AI-powered bots'. For the coming year the company expects revenue of $930m +/- 2%.

Web site: www.verint.com .