Verint has landed a $27MN megadeal - in total contract value (TCV) - working with a US-based insurance company.
The deal is for the renewal and usage expansion of the Verint platform.
It is one of two eight-figure wins Verint secured last quarter when it also achieved a record number of bookings.
Dan Bodner, CEO of Verint, expressed two reasons behind competitive wins on the earnings call.
The first boils down to how "more and more brands are fatigued by the AI noise and are looking for vendors that can deliver proven, tangible, and strong AI business outcomes now," according to Bodner.
Second: "Brands are looking for vendors with a hybrid cloud that can deploy AI solutions with no disruption and with a show-me-first approach."
Verint Begins to Sow Its AI Seeds
Alongside the two mega-contracts, Verint also finished the fiscal year with record bookings and ARR (annual recurring revenue) growth acceleration.
As such, it has raised its outlook for the current year outlook from its prior guidance of $760 million to $768 million, reflecting an eight percent growth.
Bodner explained: "We believe the customer AI seeding we did in prior years will benefit us in fiscal 2026 and beyond.
Our proven differentiation makes us a CX Automation category leader and well positioned for double-digit ARR growth longer term.
Verint Misses Its Quarterly Revenue Guidance But Has Faith in Its Strategy
Ultimately, Verint missed its quarterly revenue guidance despite achieving a record bookings quarter.
Commenting on this, Bodner reiterated: "The entire revenue shortfall was due to bookings of a few new deals in the unbundled SaaS model that did not materialize in the quarter.
"These deals were from existing customers, not competitive, and we expect these customers to continue to expand over time."
Nevertheless, as previously noted, Verint raised its annual revenue guidance, representing continued faith in its strategy, which primarily centers on its specialized bots strategy.
In hybrid contact center environments, that strategy is particularly resonating.
Verint Finds Success with Hybrid Deployments
In 2023, Verint announced its strategy to release 50+ specialized bots that augment a specific contact center role.