Reflects Verint’s Broad Portfolio of Cyber Intelligence Capabilities
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.