The announcement that Thoma Bravo will acquire Verint Systems for around US$2 billion is more than a financial headline. It marks a pivotal moment in the Customer Experience (CX) technology market. Verint has long been a trusted player in customer engagement and workforce solutions, and in recent years it has pivoted toward AI-driven automation, with about half of its recurring revenue now tied to AI. For Thoma Bravo, the acquisition is both an investment opportunity and a strategic bet on the future of Customer Experience.
Why private equity is interested
The deal values Verint at US$20.50 per share, an 18% premium over its pre-deal stock price. Beyond the numbers, what makes Verint attractive is how it strengthens Thoma Bravo’s growing Customer Experience portfolio, which already includes:
- Medallia for voice of the customer and employee experience
- Calabrio for workforce engagement management
- Aisera for conversational AI and automation
Verint adds enterprise-scale engagement, analytics, and automation, thus, creating the potential for a more integrated ecosystem that spans the full Customer Experience spectrum.
Portfolio logic or overlap risk
A central question is how Verint and Calabrio coexist under the same roof. Both have strong positions in workforce engagement management (both were featured as top 15 Workforce Management Trailblazer in Everest Group’s recent report), both are modernizing with cloud, and both are leaning heavily into AI. At face value, this looks like duplication. Yet there are also differences:
- Calabrio has historically resonated with mid-market and cloud-first buyers
- Verint is deeply embedded in large enterprises with global and highly complex requirements
Where Thoma Bravo goes from here remains open. They could keep the two separate and segmented, align them under a coordinated strategy, or eventually consolidate one brand into the other. For now, the dual ownership offers flexibility. However, it also introduces uncertainty that competitors like NiCE and Genesys will likely exploit.
Implications for the Customer Experience market
This acquisition underlines the broader transformation of the Customer Experience sector. Enterprises are demanding modular AI tools they can integrate into their chosen Contact Center-as-a-Service (CCaaS) environments (which aligns with Verint’s open CCaaS platform philosophy), rather than relying solely on all-in-one platforms. Verint’s approach of delivering automation and analytics as flexible modules aligns strongly with this trend.
At the same time, platform incumbents are pursuing a more balanced strategy than often portrayed.
- NiCE continues to emphasize its unified AI-first CXone platform (as evident by its recent acquisition of Cognigy), but partnerships with players like ServiceNow show a recognition that value also comes from embedding into enterprise workflows
- Genesys pushes end-to-end orchestration but has leaned on alliances with Salesforce and ServiceNow to extend its reach and stay relevant in broader digital transformation agendas
The contrast is less about “closed versus open” and more about platform-first versus ecosystem-first DNA. Both models are adjusting as AI adoption accelerates.
Another implication lies in ecosystem dynamics. Verint has historically partnered widely across vendors, including Genesys and NiCE. With Thoma Bravo steering its direction, those alliances could evolve, potentially aligning more closely with its new portfolio siblings.
What private equity will focus on next
Looking ahead, Thoma Bravo will likely focus on a few levers in the next two to three years:
- Accelerating Verint’s AI ARR: The goal will be to push AI-driven revenue well beyond 50 percent, positioning Verint as an AI-first company rather than a WFO heritage player
- Driving operational efficiency: As with other PE deals, there will be an emphasis on streamlining costs, integrating back-office operations, and sharpening go-to-market models
- Exploring portfolio synergies: Cross-selling between Verint, Medallia, and Calabrio could unlock incremental growth, while Aisera’s AI layer may become the common fabric across them
- Strategic flexibility: Thoma Bravo will keep options open, whether that means keeping brands distinct, aligning roadmaps under a common narrative, or consolidating into a flagship platform if market dynamics push that way
A sign of what’s to come
The Verint acquisition is a signal of confidence in Customer Experience as one of the most important battlegrounds for AI monetization. Thoma Bravo is betting that customer engagement automation will deliver both near-term financial upside and long-term strategic value. For enterprises, the message is clear: the CX technology market is entering a new phase where AI-led innovation, private equity consolidation, and platform competition will shape the future.
Customer Experience is no longer a slow-moving software category. It has become a proving ground for how artificial intelligence will transform the enterprise.
If you found this blog interesting, check out our AI Infusion In Private Equity: A $200 Billion+ Opportunity | Blog – Everest Group which delves deeper into the ever-evolving Private Equity landscape.
If you have more questions or want to discuss the evolution of the Private Equity space further, please contact Sharang Sharma ([email protected]).
