Verint Buys Conversational AI Company Next IT

Israeli-American company Verint Systems Inc. announced Tuesday it acquired Next IT Corporation and its affiliate Next IT Innovation Labs, LLC, a developer of virtual customer assistant products based on artificial intelligence and natural language technology.

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In a statement, Verint said it paid close to $30 million of cash paid at closing, plus potential additional future cash payments.

Following the acquisition, Verint increased its outlook for the year ending January 31, 2019 by $10 million in revenues.

“We continue to execute our innovation strategy, including making acquisitions that expand our self-service portfolio, accelerate Verint’s cloud and automation capabilities, and are accretive to earnings,” Verint CEO Dan Bodner said in a statement. “We believe that Verint’s ongoing innovation in artificial intelligence technologies—such as machine learning, robotics, and natural language processing—positions us for accelerated growth by helping organizations modernize their customer engagement operations with greater automation.”

Founded in 2002 and based in Spokane, Washington, Next IT develops conversational AI and natural language business products. Among Next IT’s clients are Alaska Airlines, Amtrak, Merrill Lynch, Teva Pharmaceuticals, and the U.S. Army. The company employs 168 people, according to LinkedIn data.

Founded in 1994 and headquartered in Melville, New York, Verint Systems develops and sells customer relations systems and surveillance products.

In September, Verint successfully bid to buy U.K.-based workforce optimization company EG Solutions plc for $34.2 million (£26.3 million).