Mirror Review
August 26, 2025
Thoma Bravo, the software investment firm, has agreed to acquire Verint, a company that deals with customer experience automation, in a $2 billion all-cash deal, with closing expected by early 2026.
Once complete, Verint will be combined with Calabrio, another Thoma Bravo portfolio company, to create what the firm calls an AI-Driven Customer Experience Powerhouse.
“Verint’s CX Automation platform and Calabrio’s workforce tools cover a wide spectrum of the market,” said Mike Hoffmann, Partner at Thoma Bravo. “Together, they will have the industry’s broadest CX platform.”
The key question is:
- How will Thoma Bravo and Verint actually execute this vision?
- And what moves will matter most in a $50B+ market already crowded with AI-first players?
5 Predicted Moves To Watch In AI-Driven Customer Experience
1. Redesigning the Pricing Through AI Tiers
The first move will likely be AI-driven pricing tiers. Expect Thoma Bravo to introduce bundles where basic automation fits mid-market budgets, while advanced copilots and analytics are reserved for enterprise plans.
- This mirrors the SaaS model where “intelligence” is sold as a premium feature.
- By rolling out AI add-ons, Verint-Calabrio could expand margins by 300–400 basis points without heavy new development costs.
For rivals like NICE and Genesys, this could spark a pricing reset across the CX industry.
2. Cross-Selling Bundled CX Solutions
Verint brings a strong AI analytics platform, while Calabrio offers workforce engagement and scheduling. Together, they can cross-sell bundles to existing clients.
- Verint already serves 80 of the Fortune 100.
- Even a 10% cross-sell penetration in that base could add hundreds of millions in recurring revenue.
This bundling approach locks in customers with end-to-end CX stacks that reduce reliance on multiple vendors.
3. Building an AI-First Services Arm
A less obvious but likely move: the creation of a consulting-style services arm.
- Many enterprises still struggle to integrate AI into compliance workflows, agent coaching, and customer sentiment analysis.
- By offering deployment playbooks and advisory services, the combined company could accelerate adoption and lock in multi-year contracts.
This blurs the line between software vendor and systems integrator, where private equity-backed firms often find long-term revenue stability.
4. Accelerating AI ARR Growth Beyond 50%
Verint disclosed that AI-related annual recurring revenue already accounts for 50% of its total. Under Thoma Bravo, that number could climb to 65–70% within two years.
- Expect rapid launches of AI copilots, voice-of-customer tools, and predictive workforce schedulers.
- Subscription-first models will turn these launches into recurring revenue streams, a key metric for eventual IPO or exit.
For Thoma Bravo, this isn’t just about market leadership. It’s about engineering predictable, premium ARR (Annual Recurring Revenue) growth.
5. Positioning as Neutral Middleware Between CCaaS Giants
Rather than battling Genesys, AWS, or Zoom head-on in the CCaaS (Contact Center as a Service) market, Verint-Calabrio could act as neutral middleware.
- The combined platform can integrate with multiple CCaaS providers.
- This positions it as the control hub for quality, compliance, and AI automation and works with any CCaaS vendor a company chooses.
This makes the new company essential, even if there are fewer CCaaS vendors in the future.
What Comes Next
For Verint shareholders, the deal brings an 18% premium at $20.50 per share. For Thoma Bravo, it’s another example of its roll-up playbook, bundling adjacent software firms to create a market leader.
With $184 billion under management and more than 500 tech acquisitions to date, the firm has both the capital and experience to drive execution.
But the stakes of the Thoma Bravo–Verint acquisition are high.
Competitors are moving fast with their own AI strategies, and integration risk is real.
The execution speed will decide whether Verint-Calabrio can secure market share before others adjust.
Conclusion
The Thoma Bravo and Verint deal is a play to redefine how enterprises buy and use CX automation.
If executed well, the merger with Calabrio could set the standard for enterprise CX in the years ahead, creating the very AI-Driven Customer Experience Powerhouse that the industry has been anticipating.
