Verint has secured a $21MN megadeal with a prominent US-based financial services company.
Dan Bodner, CEO of Verint, shared the news during an earnings call, where he also laid out the vendor’s generative AI approach and discussed its continued cloud momentum.
Unfortunately, Bodner didn't reveal much more about the megadeal aside from noting that it stems from an existing customer that chose to expand its partnership with the stalwart CX vendor.
In doing so, the business will add new applications to its Verint ecosystem.
Luckily, Bodner did delve deeper into some of its other significant seven-figure wins that helped the vendor achieve Q1 earnings of $217MN, up 24 percent YoY.
While this is down slightly on the previous quarter, Verint creeps closer to profitability, which is the aim of many CX vendors in the space.
Major Customer Wins
Last quarter, Verint received orders from the likes of Macquarie, Toyota, and Deutsche Telekom. The business also added 100 new logos, including the Bank of England and Casey's General Stores.
Yet, Bodner chose to focus on two particular examples, stating:
These wins were all driven by our open platform and our CX automation innovation resulting in significant ROI for our customers.
The first is a $6MN win with a leading European telecom. Having recently merged with another large company, the business adopted Verint across the combined entity.
Verint's WFO platform will likely play a significant role here. Indeed, as it is vendor-agnostic, it can combine data from various contact center providers and centralize staff management.
Yet, that is only one possibility. There are many others, as the price tag suggests.
Next is a $3MN deal from a large international bank. That customer expanded its use of Verint to address additional automation opportunities.
Indeed, Verint has a robotic process automation (RPA) platform alongside conversational AI, auto-QA, automated workforce management (WFM), and more.
These new contracts help to top up Verint's customer base, brimming with 85 percent of the Fortune 100 businesses.
It also includes ten of the top ten banks, nine of the top nine insurers, and eight of the top ten healthcare companies.
Keeping that business – as contact centers shift to the cloud, where the competition is fierce – will remain critical to Verint’s future success.
Managing the SaaS Transition
Much of Verint's business comes from its work with many of the globe's biggest enterprises. Yet, CX tech stack within many of these businesses remains largely on-premise.
Verint has worked with these businesses and their legacy contact centers for decades, supporting their WFO strategies and then moving into other parts of their service operations. These include VoC, analytics, and conversational AI.
Yet, as more enterprises turn to the cloud, Verint must battle new competitors across each space to preserve these relationships and – ultimately – increase its earnings through subscriptions.
