Verint beat its guidance, citing strong momentum. It also raised its annual guidance. Its quarterly revenue of $221M was up 5% YoY.
These days, the company seems like a PR machine. It has been announcing half a dozen multi-million dollar wins over the past few weeks.
During the earnings call, CEO Dan Bodner shed light on its $14M win with one of the world's largest retailers. The company was looking at consolidating over a dozen data silos, hindering its bot training efforts. Verint could address this challenge. This was music to my ears, aligning perfectly with one of my core research focus areas – the transition to data platforms.
Verint sees a new category emerging, CX automation. Fueling this trend are large, complex enterprises, eager to adopt bots without having to wait for the migration of their existing contact center infrastructure to the cloud. Interestingly, these customers are less concerned about the underlying AI technology. Instead, their focus is more on achieving tangible business outcomes. Verint sees 2 sets of competitors vying for this opportunity: telephony-centric vendors and AI/data-centric platform providers.
Verint attributed its momentum to several factors:
The industry's pivot from telephony-centric to AI and data-centric platforms
Its specialized bot army – transcription, data redaction, IVA, coaching, and more
Its overlay deployment approach, eliminating the prerequisite of cloud migration
Its flexible consumption-based pricing model
Interestingly, while at the epicenter of the automation movement, Verint hasn't witnessed a decline in the number of agents within its customer base so far.
Verint's CX Automation play is gathering steam.