Thoma Bravo to take Verint Systems private in $2 billion deal
The all-cash transaction at $20.50 per share aims to create a dominant AI-powered customer experience automation platform.
Software investment firm Thoma Bravo has agreed to acquire Verint Systems Inc. in a $2 billion all-cash deal, a move that will take the customer experience software provider private and merge it with portfolio company Calabrio.
Verint shareholders will receive $20.50 per share, representing an 18% premium to the company’s 10-day volume-weighted average price as of June 25. The transaction was unanimously approved by Verint's Board of Directors.
The acquisition marks a significant consolidation in the customer experience (CX) sector, aiming to combine Verint's AI-driven automation capabilities with Calabrio's platform. "The opportunity to automate CX workflows with an AI-powered platform is significant, and the combined company will have the industry’s broadest CX platform," said Mike Hoffmann, a Partner at Thoma Bravo.
Verint, which serves over 80 of the Fortune 100 companies, has increasingly focused on artificial intelligence, with AI-related services now accounting for half of its total Annual Recurring Revenue (ARR). "Thoma Bravo’s investment is a testament to our CX Automation category leadership," stated Dan Bodner, Verint's CEO and Chairman.
Following the deal's completion, Verint will cease trading on public exchanges. The company has suspended its quarterly earnings calls and share repurchase program in light of the acquisition. The transaction is expected to close before the end of Verint’s current fiscal year, pending shareholder and regulatory approvals. Shareholders representing approximately 14.5% of Verint’s voting power have already agreed to vote in favor of the deal.
Jefferies LLC served as the financial advisor to Verint, while Perella Weinberg Partners LP and Santander advised Thoma Bravo on the transaction.