We begin coverage of Verint Systems, a leader in the development of IT systems solutions for customer interaction, company expertise, human resources, and data collection and analytics. Verint AI solutions for cloud-based deployments automate and improve the efficiency of enterprise customers' operational processes. We estimate the fair value of the company's shares at $ 75.
We expect Verint's revenue growth to accelerate as the company's cloud-based strategy begins to perform well. We project profitability growth on the back of the spin-off of the Cognyte division. At the same time, we expect improvement in key multiples in the near future, as the focus on cloud solutions will allow the company to demonstrate higher revenue growth rates.
Verint Systems' solutions are used by more than 10,000 organizations in 175 countries around the world in a wide variety of industries, including financial services, healthcare, utilities, technology and government. Enterprise customers are increasingly embracing enterprise-wide cloud solutions. Verint has made the cloud a key component of its strategy, which is why we project the company's revenues to reach $ 1 billion by 2024.
Headquartered in New York, VRNT is a leader in solutions that provide customer engagement, experience management, workforce engagement, as well as data capture and analytics, delivering solutions on premises and in the cloud. On 2/1/21, VRNT completed the spin-off of Cognyte Software which consisted of the company's former Cyber Intelligence solutions business.