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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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  "notes": "Uses Gartner Magic Quadrant as a framework for competitive positioning.",
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      "text": "Smaller player Genesys already considered a \"leader\" in Contact Center as a Service (Cloud), whereas Verint is not recognized at all",
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      "text": "Tech-focused Calabrio and Genesys quickly becoming respected players in the workforce engagement space",
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      "text": "Verint’s balance sheet, meanwhile – saddled by $650M of net debt at 3x leverage, by our estimates – will likely restrict it from making similarly-sizable investments in cloud capabilities.",
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      "text": "Whereas the workforce engagement management space was once regarded as a near-duopoly between Verint and NICE, growing demand for cloud capabilities has created an opportunity for tech-focused upstarts to take share.",
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      "text": "Our pricing model is really simple. When I am competing with [Verint or NICE], they are the ones that have to lower their pricing to match mine.",
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      "text": "[Over the last twelve months], I am seeing a doubling of the uptake in our cloud business.",
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      "kind": "quote",
      "text": "Genesys, Aspect, Calabrio are now a year, a year and a half, two years - if not more - ahead of Verint.",
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      "kind": "quote",
      "text": "\"Genesys, Aspect, Calabrio are now a year, a year and a half, two years – if not more – ahead of Verint.\" — Verint Customer; \"Our pricing model is really simple. When I am competing with [Verint or NICE], they are the ones that have to lower their pricing to match mine.\" — Verint Competitor; \"The cloud gives more flexibility for the smaller entrants to come in and disrupt. The more cloud stuff there is, the easier it is to introduce new capabilities.\" — Former Verint Employee; \"Over 40% of my business is displacing Verint or NICE.\" — Verint Competitor; \"[Over the last twelve months], I am seeing a doubling of the uptake in our cloud business.\" — Verint Competitor",
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      "text": "Well-Funded Tech-Forward Competitors Are Taking Share",
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