Exhibit 99.1
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PRESS RELEASE
CONTACTS
Industry Information Investor Relations
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Jayson Schkloven Alan Roden
(703) 390-1529 (631) 962-9304
schkloven@merrittgrp.com alan.roden@verint.com
VERINT ANNOUNCES CHIEF FINANCIAL OFFICER SUCCESSOR PLAN
Igal Nissim to Take on New Executive Role and Doug Robinson
to Assume CFO Position Following Verint Becoming Current
with Its Reporting Obligations
MELVILLE, N.Y. AUGUST 14, 2006 - Verint Systems Inc. (NASDAQ: VRNT), a leading
provider of analytic software-based solutions for security and business
intelligence, today announced a Chief Financial Officer successor plan.
After serving as Verint's Chief Financial Officer for over seven years and being
in financial leadership roles for his entire career, Igal Nissim expressed an
interest in taking on a new executive role at Verint. Igal Nissim will remain
CFO until Verint becomes current with its reporting obligations under the
Securities Exchange Act of 1934, after which time he will direct corporate
special projects reporting to the CEO. Igal will continue to serve on Verint's
Board of Directors.
"I would like to thank Igal for his invaluable contributions to Verint as Chief
Financial Officer. Igal has provided strong leadership through Verint's IPO and
18 quarters of consecutive revenue growth," said Dan Bodner, Verint's CEO and
President. I have tremendous respect and confidence in Igal and look forward to
working with him in his new role at Verint."
Douglas E. Robinson comes to Verint with approximately 25 years of senior
executive and financial experience. For the last 17 years, Mr. Robinson held
various financial roles at CA, Inc., one of the world's largest information
technology management software companies with revenues of $3.8 billion in its
latest fiscal year. Most recently, he was Senior Vice President, Finance of CA's
Americas Division. Mr. Robinson will be based at Verint's headquarters in
Melville, New York and will assume the Chief Financial Officer position once
Verint becomes current with its reporting obligations.
"We are delighted to add such a seasoned professional to Verint's management
team," said Mr. Bodner. "We are intensely focused on the growing actionable
intelligence market and Doug brings to Verint a tremendous amount of experience
in finance and management that will help take Verint to the next level."
VERINT APPOINTS DOUG ROBINSON AS CHIEF FINANCIAL OFFICER SUCCESSOR
AUGUST 14, 2006
PAGE 2
ABOUT VERINT SYSTEMS INC.
Verint Systems Inc., headquartered in Melville, New York, is a leading provider
of analytic software-based solutions for security and business intelligence.
Verint software, which is used by over 1,000 organizations in over 50 countries
worldwide, generates actionable intelligence through the collection, retention
and analysis of voice, fax, video, email, Internet and data transmissions from
multiple communications networks. Verint is a subsidiary of Comverse Technology,
Inc. (NASDAQ: CMVT). Visit us at our website www.verint.com.
Note: Certain statements concerning Verint's future revenues, earnings per
share, results or prospects are "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. There can be no assurances that
forward-looking statements will be achieved, and actual results could differ
materially from forecasts and estimates. Important risks, uncertainties and
other important factors that could cause actual results to differ materially
include, among others: potential impact on Verint's financial results as a
result of Comverse's creation of a special committee of the Board of Directors
of Comverse to review matters relating to grants of Comverse stock options,
including but not limited to, the accuracy of the stated dates of Comverse
option grants and whether Comverse followed all of its proper corporate
procedures and the results of the Comverse special committee's review; the
effect of Verint's failure to timely file all required reports under the
Securities Exchange Act of 1934, and the resultant potential delisting of
Verint's common stock on Nasdaq; the impact of governmental inquiries arising
out of or related to option grants; introducing quality products on a timely
basis that satisfy customer requirements and achieve market acceptance; lengthy
and variable sales cycles create difficulty in forecasting the timing of
revenue; integrating the business and personnel of Mercom and CM Insight; risks
associated with significant foreign operations, including fluctuations in
foreign currency exchange rates; aggressive competition in all of Verint's
markets, which creates pricing pressure; integrating the business and personnel
of MultiVision, including implementation of adequate internal controls; managing
our expansion in the Asia Pacific region; risks that Verint's intellectual
property rights may not be adequate to protect its business or that others may
claim that Verint infringes upon their intellectual property rights; risks
associated with integrating the business and employees of Opus and RP
Sicherheissysteme GMBH; risks associated with Verint's ability to retain
existing personnel and recruit and retain qualified personnel in all geographies
in which Verint operates; decline in information technology spending; changes in
the demand for Verint's products; challenges in increasing gross margins; risks
associated with changes in the competitive or regulatory environment in which
Verint operates; dependence on government contracts; expected increase in
Verint's effective tax rate; perception that Verint improperly handles sensitive
or confidential information; inability to maintain relationships with value
added resellers and systems integrators; difficulty of improving Verint's
infrastructure in order to be able to continue to grow; risks associated with
Comverse Technology, Inc. controlling Verint's business and affairs; and other
risks described in filings with the Securities and Exchange Commission. All
documents are available through the SEC's Electronic Data Gathering Analysis and
Retrieval system (EDGAR) at www.sec.gov or from Verint's website at
www.verint.com. Verint makes no commitment to revise or update any
forward-looking statements.
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Verint, the Verint word mark, Actionable Intelligence, Powering Actionable
Intelligence, STAR-GATE, RELIANT, NEXTIVA, LORONIX, SmartSight, Lanex and ULTRA
are trademarks of Verint Systems Inc. Other names may be trademarks of their
respective owner.