A New York-based technology company has acquired all outstanding equity interest in Spokane Valley-based artificial intelligence company Next It Corp. and its Next IT Innovation Labs LLC affiliate for close to $30 million in cash.
A Next IT representative couldn’t be reached immediately for comment, but a message on its website says it’s now part of Verint, which describes itself as a customer engagement company.
A press release issued by the acquiring company described the transaction as a “small acquisition for Verint,” but said it would be accretive to earnings. The company adjusted its preliminary guidance to add $10 million of revenue—and 3 cents of diluted earning a share—for the year ending Jan. 31, 2019.
Founded in 2002 by Spokane entrepreneur Fred Brown, Next IT develops conversational, artificial-intelligence powered virtual assistants. Two of its better known virtual assistant programs are “Ask Jenn” for Alaska Airlines and its “Ask Sgt. Star” virtual guide for the U.S. Army. Other clients the company has served include Aetna Insurance, Amtrak, Merrill Lynch, and United Airlines.
The company is based in the Pinecroft Business Park, at 12809 E. Mirabeau Parkway, and had about 160 employees with plans to hire more in 2015, the last time the Journal reported on the company.
Verint, which is traded on the Nasdaq exchange under the VRNT symbol, describes itself as an “actionable intelligence” company that focuses on customer-engagement optimization and security intelligence, as well as fraud, risk, and compliance.
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