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HERZLIYA, Israel - Cognyte Software Ltd. (NASDAQ:CGNT), a $661 million market cap security analytics firm with annual revenues of $363 million and impressive 70.6% gross margins, has secured a $10 million contract with a Tier 1 military organization in the EMEA region, the company announced Wednesday in a press release.
The software provider, which specializes in investigative analytics, was selected over an incumbent provider following what the company described as a "rigorous technical evaluation." The military organization will implement Cognyte’s tactical SIGINT (signals intelligence) solutions for specialized operations. According to InvestingPro data, the company has demonstrated strong revenue growth of 12.6% over the last twelve months.
According to the announcement, the customer cited Cognyte’s ability to provide operational insights and support mission-critical decision-making in real time as key factors in their selection. A reference from another recently acquired Tier 1 customer in the region also influenced the decision.
"We’re proud to deliver field-proven tactical SIGINT solutions that empower frontline military teams with the actionable intelligence they need to operate effectively, even in the most complex environments," said Efi Nuri, Chief Revenue Officer at Cognyte.
The contract represents a new customer acquisition for Cognyte and expands its presence in the EMEA region. The company stated that the military organization required solutions that could deliver greater capability and flexibility than their existing systems.
Cognyte will provide analytical capabilities designed to enhance mission readiness and support decision-making in both overt and covert scenarios, according to the announcement.
Based in Israel, Cognyte develops software solutions for data processing and investigative analytics used by law enforcement, national security agencies, and military intelligence organizations. While currently not profitable, InvestingPro analysts expect positive earnings this year. Discover more insights about CGNT and 1,400+ other stocks through comprehensive Pro Research Reports, available exclusively with an InvestingPro subscription.
In other recent news, Cognyte Software Ltd. announced a new $20 million share repurchase program following the completion of a previous buyback of the same amount. This initiative allows for additional share buybacks over the next 18 months. In a move to expand its U.S. presence, Cognyte has acquired GroupSense, Inc., a digital risk protection services company, with an initial payment of approximately $4 million and a potential earnout of up to $5 million. This acquisition is expected to strengthen Cognyte’s growth in the U.S. market and enhance its global customer base. Additionally, Cognyte secured a significant three-year subscription agreement with a national security customer in the EMEA region, valued at over $10 million annually. This deal will provide the agency with access to Cognyte’s advanced AI-powered solutions. Furthermore, Cognyte announced a $5 million contract with an EMEA law enforcement agency to improve operational effectiveness by utilizing its investigative analytics software. These developments highlight Cognyte’s ongoing efforts to expand its market presence and enhance its service offerings.
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