NEW YORK (S&P Global Ratings) Dec. 6, 2019--S&P Global Ratings today said that its ratings on Verint Systems Inc. (BB/Stable/--) will likely not be affected by the company's announcement that it plans to spin-off its cyber intelligence solutions segment unless its financial policy or operating performance materially deviate from our expectations. This is based on our understanding that the company will receive $400 million of new convertible preferred equity funding, which we expect it will use, in part, to repay debt at the pro forma Verint business. Verint's cyber intelligence solutions business accounted for about 34% of its consolidated revenue and had gross profit margins of about 64.5% as of the 12 months ended Sept. 30, 2019. While the spin-off
