Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, February 12, 2021

Article Excerpt

VERINT SYSTEMS INC., $50.75, symbol VRNT on Nasdaq, is a software company that helps corporations automate some of their customer engagement activities through intelligent virtual assistants. It has more than 10,000 customers across 175 countries, including most of the Fortune 100. On February 1, 2021, Verint completed its spinoff of its Cyber Intelligence unit as Cognyte Software Ltd. Shareholders received one share of Cognyte for every share they held in Verint. Cognyte now trades on Nasdaq under the symbol CGNT. The spinoff’s security analysis software aims to let governments and corporations successfully identify, neutralize and prevent cybersecurity and other online threats. Right now, it has over 1,000 clients. Apax Partners, one of the largest private equity firms in the world, had pushed for the breakup for some time. As part of the split, Apax has agreed to invest an additional $200 million into Verint. That follows its $200 million investment in the company in early 2020. In addition, Apax will get a seat on…