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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-05-23 00:00:00",
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      "kind": "callout",
      "text": "Note that, even as both Verint and NICE increasingly embrace industry-wide technological shifts – specifically, the shift to the cloud – Nice continues to demonstrate a visibly stronger commitment to cloud technology.",
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      "text": "Through its core Customer Engagement Solutions segment, Verint provides workforce management and other business process solutions to customers across various industries. By Verint's own admission, the world of business process outsourcing (BPO) is becoming increasingly complex, favoring players capable of providing more scalable and advanced cloud-based solutions. This industry-wide shift has put pressure on BPO companies to keep up with rapidly-advancing technology, and has created opportunities for tech-forward upstarts to threaten incumbents.\n\nWhereas Verint and NICE Ltd., its major competitor, have historically been considered near-duopolists in the BPO software space, recent technological developments are forcing both players to invest in new capabilities to earn their respective spots atop the industry. They shared as much as ~60% market share between them until recently, but the space will become increasingly fragmented with the ongoing shift to the cloud and falling barriers to entry.",
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      "text": "Source: VRNT SEC Filings; Source: NICE SEC Filings; Note: Verint's fiscal year is 11 months ahead of Nice's fiscal year",
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      "text": "The Business Process Outsourcing Industry Is Undergoing Powerful Technological Change",
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