MELVILLE, N.Y. – Verint (NASDAQ: VRNT), a company specializing in customer experience (CX) automation, has secured a $4 million contract with a leading Australian bank to implement its workforce management technology and Verint TimeFlex Bot. This move is aimed at enhancing the work-life balance for the bank’s 4,500 contact center agents by allowing flexible scheduling, which is expected to reduce staff attrition and absenteeism.
The bank, a longstanding Verint customer, is updating its system by replacing a competitor’s workforce management solution with Verint’s Open Platform and introducing the AI-powered TimeFlex Bot. Verint’s global vice president of corporate marketing, Jasen Williams, highlighted the platform’s ability to quickly deliver positive AI business outcomes, including improved employee experiences and reduced labor costs.
This new contract follows a report from another Verint client, a major multinational insurance company, which experienced significant returns on investment after implementing the TimeFlex Bot. The insurance firm reported a 30% reduction in agent attrition, a 23% decrease in absenteeism, and a 32-point boost in employee Net Promoter Score, ultimately saving an average of $2,000 per agent annually.
The deal with the Australian bank, which occurred in Verint’s second quarter, encompasses a 39-month Bundled SaaS deployment of the Verint Open Platform.
Verint, recognized as a leader in CX automation, serves over 80 of the Fortune 100 companies with its AI bots and platforms, aiming to deliver concrete business results across enterprises. The company prides itself on being certified by Great Place To Work® and continues to make strides in the CX automation industry.
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The information for this article is based on a press release statement.
InvestingPro Insights
In light of Verint’s (NASDAQ: VRNT) recent $4 million contract with a leading Australian bank, it’s pertinent to consider the company’s financial health and market performance. Verint has been performing robustly with a market capitalization of $2.02 billion, underscoring its substantial presence in the customer experience automation sector.
The company’s commitment to innovation and efficiency is also reflected in its gross profit margin, which stood at a healthy 70.34% over the last twelve months as of Q4 2024. This margin demonstrates Verint’s ability to maintain profitability while investing in new technologies like the TimeFlex Bot.
Investors may find Verint’s stock intriguing, as the company has shown a significant price uptick of 45.55% over the last six months, indicating strong market confidence. This is corroborated by a notable increase in the one-month price total return of 10.43%, suggesting recent positive sentiment among investors. Such performance could be attributed to strategic moves like the aforementioned contract, which may bolster the company’s revenue streams and market position.
For those looking to delve deeper into Verint’s investment potential, PRONEWS24 can be used to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription at Investing.com. With this, investors can access an array of InvestingPro Tips for Verint, which include insights into the company’s share buyback strategy and high shareholder yield.
It is worth noting that Verint is expected to remain profitable this year, as per analysts’ predictions, and it has been profitable over the last twelve months. There are 13 additional InvestingPro Tips available that could help investors make more informed decisions about their Verint holdings.
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