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Budget Insurance Expands Deployment of Verint Intelligent Recording Solution

WEYBRIDGE, SURREY, 17 March 2003: Verint Systems Inc. (NASDAQ:VRNT), a leading provider of analytical solutions for communications interception, digital video security and surveillance, and enterprise business intelligence for contact centres, announced today that The Budget Group of Companies, one of the UK’s leading personal lines intermediaries, has expanded its Verint ULTRA™ Intelligent Recording™ solution for its new, state-of-the-art contact centre in Sunderland.

Budget has enjoyed the benefits of ULTRA in their Peterborough and Coventry contact centres since installation in February 2002, when it replaced an existing analogue call recording system. In these centres, ULTRA has become an integral part of Budget’s customer service and quality strategy. The ability to retrieve call recordings within a matter of minutes has significantly improved quality control.

The Sunderland contact centre follows the launch of Budget’s new affinity business, Junction. Junction is already providing administration and sales fulfillment for National Australia Bank Group and has won several major contracts to be announced later this year. The centre presently accommodates 150 employees, rising to 400 over the next five years.

Harry Wright, Budget’s director of technical services and property, says, “ULTRA has already proven its value at our Peterborough and Coventry contact centres and it made sense to make a further investment in the solution for our new location. In Sunderland, ULTRA will be a vital part of the contact centre infrastructure, where it will play a crucial role in our quality strategy and be an important tool for the continued success and growth of our company.”

Budget’s Sunderland contact centre opened in December 2002.

Ends

For information:

Adrienne Routledge, Sapphire PR, tel 020 8 249 6555, email: adrienne@sapphirepr.co.uk

Robert Wint, Verint Systems, tel 01932 839500, email: robert.wint@verintsystems.com

About Verint Systems Inc

Verint Systems Inc., headquartered in Woodbury, New York, is a leading provider of analytic solutions for communications interception, digital video security and surveillance, and enterprise business intelligence. Verint software, which is used by over 800 organisations in over 50 countries worldwide, generates actionable intelligence through the collection, retention and analysis of voice, fax, video, e-mail, Internet and data transmissions from multiple communications networks. Verint is a subsidiary of Comverse Technology Inc. (NASDAQ: CMVT). Visit us at our website
http://www.verintsystems.com.

Note: Certain statements concerning Verint’s future results or prospects are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. There can be no assurances that forward-looking statements will be achieved, and actual results could differ materially from forecasts and estimates. Important factors that could cause actual results to differ materially include: changes in the demand for Verint's products; changes in capital spending among Verint's current and prospective customers; the risks associated with the sale of large, complex, high-capacity systems and with new product introductions as well as the uncertainty of customer acceptance of these new or enhanced products from either Verint or its competition; Verint’s lengthy and variable sales cycle makes it difficult to predict operating results; risks that Verint’s intellectual property rights may not be adequate to protect its business; risks associated with rapidly changing technology and the ability of Verint to introduce new products on a timely and cost-effective basis; risks associated with changes in the competitive or regulatory environment in which Verint operates; risks associated with holding a large portion of assets in cash and equivalents and the reduction of prevailing interest rates; risks associated with significant foreign operations and international sales and investment activities, including fluctuations in foreign currency exchange rates, interest rates, and valuations of public and private equity; the volatility of macroeconomic and industry conditions and the international marketplace; risks associated with Verint's ability to retain existing personnel and recruit and retain qualified personnel; and other risks described in filings with the Securities and Exchange Commission. These risks and uncertainties, as well as others, are discussed in greater detail in the filings of Verint with the Securities and Exchange Commission, including Verint’s most recent Quarterly Report on Form 10-Q. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Verint’s website at www.verintsystems.com. Verint makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made..

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Verint, the Verint word mark, STAR-GATE, RELIANT, LORONIX and ULTRA are trademarks of Verint Systems Inc. Other names may be trademarks of their respective owners.



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