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Software-focused private equity giant Thoma Bravo announced Monday it will acquire Verint Systems Inc. in a $2 billion all-cash deal, marking another bold play in the customer experience (CX) software arena.

The transaction, structured at $20.50 per share in cash, reflects an 18% premium to Verint’s 10-day volume-weighted average price before rumors of a sale surfaced in late June, according to both firms’ joint statement.

A Powerhouse in Customer Experience

Verint, a leader in customer experience automation, counts more than 80 of the Fortune 100 companies among its clients. CEO and Chairman Dan Bodner emphasized that the deal underscores Verint’s role in shaping the CX Automation market.

“Leading brands are already reporting strong AI-driven outcomes using the Verint CX Automation Platform,” Bodner said. “Thoma Bravo’s investment strengthens our category leadership and accelerates our mission to deliver transformative AI-powered solutions.”

Merger With Calabrio

Once the acquisition closes, Thoma Bravo will merge Verint with Calabrio, a portfolio company specializing in workforce optimization software. The combined entity is expected to deliver the industry’s broadest CX automation platform, providing organizations with tools to scale AI solutions and rapidly improve customer engagement.

“We’ve been active in the customer experience space for years,” said Mike Hoffmann, partner at Thoma Bravo. “By bringing Calabrio and Verint together, we’ll unleash more innovation, creating a platform that empowers brands of every size to deliver transformative, AI-driven outcomes.”

Deal Timeline and Legal Counsel

The merger is anticipated to close by early 2026, subject to regulatory and customary conditions.

Verint is represented by Jones Day, led by corporate co-chair Randi Lesnick and partner Braden McCurrach. Thoma Bravo is advised by Kirkland & Ellis LLP, though full legal counsel details were not disclosed.