(Reuters) – Asset supervisor Neuberger Berman on Monday urged shareholders of Verint Systems to vote for its three director nominees and requested the info analytics firm to element its cloud technique.
Verint also needs to disclose segment-level financials for its buyer engagement (CES) and cyber intelligence options (CIS) models in order that investors can worth every of them individually, the investor stated in a letter to shareholders.
Verint wants to make a “compelling case” for maintaining possession of each models, which it says serves totally different markets and don’t current “operational synergies,” Neuberger stated.
Neuberger, which holds a 2.7% stake within the firm, stated it has owned Verint’s inventory since 2006 and has tried to interact with the corporate’s board for the final two years.
The asset supervisor stated a strong share buyback plan ought to be an essential half for a “low-growth” firm like Verint.
Verint defended its technique in an emailed assertion to Reuters, citing plans to develop its cloud enterprise by about 40% this yr in addition to its better-than-expected first-quarter income.
“Verint is performing very strongly and is delivering significant value to our stockholders,” the corporate stated. Shares of the corporate have risen 41.5% up to now this yr.
Verint additionally stated it had added three new administrators during the last three years, together with one director at Neuberger Berman’s suggestion in 2017.
A supply accustomed to the matter informed Reuters that Neuberger stays prepared to resolve its disputes with Verint.
Verint shareholders are set to vote on the proposals, together with the nomination of administrators, on the firm’s annual assembly on June 20.
Reporting by Shariq Khan in Bengaluru; Editing by Arun Koyyur and Sonya Hepinstall