Verint® Systems, Inc. today announced the Verint Open Innovation Network™, a program that leverages Verint's market-leading Action Intelligence® solutions to create value and increase industry collaboration. Through its Open Innovation Network, Verint provides access to its intellectual property portfolio, enabling organizations that market competitive or complementary solutions to utilize Verint's patented technologies in their own offerings. "Behind our success is a long history of innovation that benefits our customers and partners" says Dan Bodner, Verint CEO. "As a market leader, we are committed to ongoing innovation and to enhancing industry collaboration."
In July 2011, TelStrat International, Ltd., a provider of contact center and business call recording solutions, signed a patent license agreement with Verint, becoming a licensee and a participant in the Verint Open Innovation Network.
According to Bob Carroll, Telstrat founder and CEO,"This mutually beneficial agreement enables us to provide our customers with industry-leading functionality and enhanced business value. By leveraging Verint's advanced technology patent portfolio, the Verint Open Innovation Network gives TelStrat a unique opportunity to continually strengthen the call recording component of our contact center solution suite."
Implemented by more than 85 percent of Fortune 100 companies, Verint technology comprises proven, advanced Actionable Intelligence solutions that are deployed across industries and around the world by customers in their contact center, branch banking, retail store, back office, public safety, critical infrastructure, service provider and government operations environments. Underlying these market leading solutions are more than 500 Verint patents and patent applications worldwide.
Representing ongoing investment, innovation and leadership across Verint's enterprise workforce optimization (WFO), video intelligence, and communications intelligence and investigative solutions, the growing Verint patent portfolio continues to reinforce the company's strength in identifying market needs and future solutions; developing technology that helps solve real business challenges; protecting company, customer and partner investments; and providing distinct competitive advantage in today's complex environments.
The Verint Open Innovation Network is an important component of Verint's long-term strategy for protecting its intellectual property rights, providing a mechanism to both safeguard Verint innovations and facilitate intellectual property sharing in order to promote invention and technology advancement industry wide.
"Our Open Innovation Network delivers greater value to Verint stakeholders by further protecting their investments in Verint technology," remarks Peter Fante, Verint Chief Legal and Compliance Officer. "Additionally, by allowing other companies use of the innovations that we introduced over nearly two decades, the program can provide significant benefits for those companies and their customers."
Growth of Verint's Open Innovation Network is expected to expand competitive licensing of Verint's protected technologies and patent rights, reduce the incidence and costs of patent infringement, and encourage collaboration and innovation on an industry scale. Additional information about the Verint Open Innovation Network can be found on the Verint website at verint.com/OIN.
About Verint Systems, Inc.
Verint® Systems, Inc. (verint.com) is a global leader in Actionable Intelligence® solutions and value-added services. Our solutions enable organizations of all sizes to make timely and effective decisions to improve enterprise performance and make the world a safer place. More than 10,000 organizations in over 150 countries-including over 85 percent of the Fortune 100-use Verint solutions to capture, distill, and analyze complex and underused information sources, such as voice, video and unstructured text. Headquartered in Melville, New York, we support our customers around the globe directly and with an extensive network of selling and support partners. Verint is listed on the NASDAQ Stock Market under the symbol "VRNT."
This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the year ended January 31, 2011 and our Quarterly Report on Form 10-Q for the quarter ended April 30, 2011. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, the Company assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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