Apax Partners’ $400 Million Investment In Verint Systems

Kirkland & Ellis LLP represented funds advised by Apax Partners on the deal. Jones Day served as legal advisor to Verint and Jefferies LLC acted as financial advisor to Verint.

Apax Partners’ funds entered into an agreement to invest up to $400 million in Verint® Systems Inc. (NASDAQ: VRNT).

The investment will be made in the form of convertible preferred stock in two tranches of $200 million each and is subject to customary closing conditions including the receipt of required regulatory clearances.

The first tranche of the investment from the Apax Funds is targeted to close by April 30, 2020. The second tranche, which is conditioned on the separation, is expected to close shortly after the end of Verint’s next fiscal year ending January 31, 2021, and will be made into the entity holding the customer engagement business.

Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization and cyber intelligence.

Apax Partners is a leading global private equity advisory firm. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies.

The Kirkland team advising the Apax Funds was led by corporate partners Leo Greenberg (Picture) and Abhishek Kolay, capital markets partners Josh Korff and Ross Leff, and tax partner Sara Zablotney.

Involved fees earner: Leo Greenberg – Kirkland & Ellis; Abhishek Kolay – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Apax Partners;

Author: Ambrogio Visconti