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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "notes": "Includes a detailed table of acquisitions and a summary table of financial impact.",
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      "kind": "callout",
      "text": "Why has Verint become less transparent into its M&A activity just as it ramps up its spending on \"tuck-in acquisitions\"? Why does management fail to disclose organic revenue growth and consistently balk at analyst questions regarding the inorganic sales contributions of acquired businesses?",
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      "kind": "callout",
      "text": "Why has Verint become less transparent into its M&A activity just as it ramps up its spending on \"tuck-in acquisitions\"?",
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      "text": "acquisition spend: $340.9M",
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      "text": "Since management ramped up its spending on tuck-in acquisitions after FY16, Verint has spent $340M on M&A and close to $80M on undisclosed acquisitions alone. Yet, over the same time period, the Company has generated just $100M in incremental sales and $60M in incremental cash flow from operations. We are concerned that management's increasing spending on tuck-in acquisitions and declining transparency into its M&A activity may be protecting the company from having to reveal extremely disappointing organic growth.",
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      "kind": "quote",
      "text": "One topic to be concerned of would be if you continue to see small acquisitions [by Verint].... That would indicate that [those acquisitions] are used to cover up gaps in growth as opposed to a [well thought-out] growth strategy. - Former Verint Employee",
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      "text": "The legacy biz is either slowing or in decline, so you need to offset that with different things. - Former Verint Employee",
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      "text": "\"The legacy biz is either slowing or in decline, so you need to offset that with different things.\" — Former Verint Employee; \"One topic to be concerned of would be if you continue to see small acquisitions [by Verint].... That would indicate that [those acquisitions] are used to cover up gaps in growth as opposed to a [well thought-out] growth strategy.\" — Former Verint Employee",
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      "text": "1. Reported jointly on SEC filing. Payment for individual acquisitions not disclosed. 2. Source: VRNT SEC Filings. 3. Source: VRNT SEC Filings. Identity of Nov 3, 2017 acquisition not disclosed by Verint, but was confirmed to be EG Solutions...",
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      "text": "Transparency Into M&A Declines Just As Spending On Acquisitions Accelerates",
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