The ratings on Melville, N.Y.-based Verint Systems Inc. reflect limited transparency regarding business trends given the company's extended period of non-compliance with SEC reporting requirements, a highly leveraged financial profile, and an acquisitive growth strategy. Favorable market growth, a predictable and growing revenue base stemming from high renewal rates, and diversified portfolio of products and services all partially offset those factors. Verint operates in the competitive security and business intelligence industry, with vendors ranging from large diversified companies to small private point solution vendors. Verint's rapid growth has been the result of organic growth and acquisitions, having completed 10 acquisitions since 2002. The largest acquisition was Witness Systems Inc. in May 2007, which gave Verint scale efficiencies that improved its
