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  "documentTitle": "Verint Systems, Inc. (VRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-05-23 00:00:00",
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  "notes": "The slide uses a 'Spruce Point' branding and presents a forensic accounting argument regarding organic growth.",
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      "text": "As we show in subsequent slides, we believe that, with the Company having increased sales by just $100M over the same three years, Verint’s organic revenue growth was likely materially negative over this time period.",
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      "text": "LTM Revenue: $286.7M",
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      "text": "Based on public data and informed estimates of sales generated by businesses acquired by Verint, Spruce Point estimates that businesses acquired or consolidated by Verint since FY17 collectively generated $225-$380M in revenue in the twelve months prior to their acquisition. As we show in subsequent slides, we believe that, with the Company having increased sales by just $100M over the same three years, Verint's organic revenue growth was likely materially negative over this time period.",
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      "text": "1. Source. 2. See Slide. 3. See Slide. 4. See Slide. 5. Derived from 2016 annual report and 2017 interim results. 6. Source. High estimates assumes constant annual growth. Low estimate assumes flat. 7. $52.5M in 2013 revenue per Inc.com. Used purchase multiple to estimate sales due to dated source.",
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      "kind": "table",
      "text": "Table of acquisitions including Monet Software, NowForce, ForeSee Results, etc., with columns for Acquisition Date, Cash Consideration, Sales Multiples, and LTM Revenue estimates.",
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      "kind": "title",
      "text": "Historical Revenue Of Acquired Businesses Far Greater Than Total Verint Sales Growth",
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