Thoma Bravo entered into a definitive agreement to acquire Verint in an all-cash transaction valued at an enterprise value of $2 billion. Common shareholders are to receive $20.50 per share, representing an 18% premium over the unaffected share price. The deal was structured as a reverse-triangular merger. Upon closing, Thoma Bravo intends to merge Verint with its existing portfolio company, Calabrio, to create the industry's broadest AI-powered CX platform. This consolidation aims to capture the significant opportunity in automating CX workflows for brands of all sizes.

VERINT SYSTEMS, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the 13.1x average currently observed in the TMT (Tech, Media, Telecom) sector.

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