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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 red arrows and boxes to highlight the lack of disclosure in the 10-K and the implied valuation.",
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      "text": "Accordingly, we find no evidence that this transaction was ever disclosed to investors.",
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      "text": "Excerpts from 10-K and press releases showing the timeline and lack of disclosure.",
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      "kind": "paragraph",
      "text": "In Jun 2018, Velpic Limited - another minority stakeholder of NowForce - valued the business at ~$20M. Accordingly, we believe that NowForce could generate $10-20M in annual sales.",
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      "text": "In Q4 FY19, Verint quietly acquired a majority interest in NowForce... we find no evidence that this transaction was ever disclosed to investors.",
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      "text": "\"We are pleased to have Verint, a recognized global leader in the security industry, join NowForce as a strategic investor.\" — Assaf Shafran, NowForce CEO",
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      "kind": "title",
      "text": "Quietly Adding Revenue Through Acquiring Majority Interest?",
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