Verint Systems announced the Verint Open Innovation Network, a program that leverages Verint's market-leading Action Intelligence solutions to create value and increase industry collaboration. Through its Open Innovation Network, Verint provides access to its intellectual property portfolio, enabling organizations that market competitive or complementary solutions to utilize Verint's patented technologies in their own offerings. "Behind our success is a long history of innovation that benefits our customers and partners" says Dan Bodner, Verint CEO. "As a market leader, we are committed to ongoing innovation and to enhancing industry collaboration."

In July 2011, TelStrat International, Ltd., a provider of contact center and business call recording solutions, signed a patent license agreement with Verint, becoming a licensee and a participant in the Verint Open Innovation Network.

According to Bob Carroll, Telstrat founder and CEO, "This mutually beneficial agreement enables us to provide our customers with industry-leading functionality and enhanced business value. By leveraging Verint's advanced technology patent portfolio, the Verint Open Innovation Network gives TelStrat a unique opportunity to continually strengthen the call recording component of our contact center solution suite."

Implemented by more than 85 percent of Fortune 100 companies, Verint technology comprises proven, advanced Actionable Intelligence solutions that are deployed across industries and around the world by customers in their contact center, branch banking, retail store, back office, public safety, critical infrastructure, service provider and government operations environments. Underlying these market leading solutions are more
than 500 Verint patents and patent applications worldwide.

Representing ongoing investment, innovation and leadership across Verint's enterprise workforce optimization (WFO), video intelligence, and communications intelligence and investigative solutions, the growing Verint patent portfolio continues to reinforce the company's strength in identifying market needs and future solutions; developing technology that helps solve real business challenges; protecting company, customer and partner investments; and providing distinct competitive advantage in today's complex environments.

The Verint Open Innovation Network is an important component of Verint's long-term strategy for protecting its intellectual property rights, providing a mechanism to both safeguard Verint innovations and facilitate intellectual property sharing in order to promote invention and technology advancement industry wide.

"Our Open Innovation Network delivers greater value to Verint stakeholders by further protecting their investments in Verint technology," remarks Peter Fante, Verint Chief Legal and Compliance Officer. "Additionally, by allowing other companies use of the innovations that we introduced over nearly two decades, the program can provide significant benefits for those companies and their customers."

Growth of Verint's Open Innovation Network is expected to expand competitive licensing of Verint's protected technologies and patent rights, reduce the incidence and costs of patent infringement, and encourage collaboration and innovation on an industry scale. Additional information about the Verint Open Innovation Network can be found on the Verint website at www.verint.com/OIN.