Tech Firms Ride AI Wave With New Tools and Partnerships

Three major technology companies reported revenue growth and expanded artificial intelligence offerings Wednesday, with Pure Storage rolling out enterprise AI tools, Box launching custom AI agents and Verint doubling profits on strong AI demand. Pure Storage announced partnerships with Nvidia and CoreWeave alongside its new GenAI Pod system, while Box introduced an AI Studio for custom development and Verint saw its AI-powered subscription revenue jump 19% as all three firms bet heavily on artificial intelligence adoption.

Box Expands AI Tools Amid Q3 Growth

Content management company Box Inc. launched new artificial intelligence features and reported third-quarter revenue growth of 5% to $275.9 million.

The company introduced Box AI Studio to create custom AI agents and expanded its partnership with Amazon Web Services to integrate foundation models from Anthropic and Amazon into its platform. The new Enterprise Advanced suite includes AI-powered document processing and content analysis tools, alongside automated form creation capabilities.

Box posted a record GAAP operating margin of 8.5% and raised its full-year revenue outlook to approximately $1.09 billion. Remaining performance obligations, a measure of future contracted revenue, grew 13% to $1.28 billion.

“We unveiled the most transformational product line-up in Box history,” said CEO Aaron Levie, highlighting plans to help businesses leverage data from their files.

The company also reported net income of $12.9 million, with earnings of $0.05 per share. Box’s non-GAAP operating margin reached a record 29.1%, reflecting what CFO Dylan Smith called “operational discipline built into the core of our company.”

Pure Storage Expands AI Push With New Tech Deal

Data storage company Pure Storage announced major artificial intelligence initiatives Wednesday, including partnerships with AI providers and a new storage solution for enterprise AI.

The company’s FlashBlade//S500 system received certification with NVIDIA’s DGX SuperPOD, validating its capabilities for AI training environments. Pure Storage also launched its GenAI Pod, aimed at simplifying AI project deployment, and formed a strategic partnership with AI cloud provider CoreWeave.

“Pure is driving the biggest shift in enterprise storage since Flash,” CEO Charles Giancarlo said in announcing the initiatives.

The company reported $831.1 million in third-quarter revenue, up 9% from last year. Pure Storage expects full-year revenue of $3.15 billion as it expands its AI-focused offerings.

Verint’s Q3 Profit Doubles as AI Demand Grows

Customer service technology provider Verint Systems Inc. reported higher profits and revenue in its third quarter, driven by growing demand for AI-powered business tools.

The company posted revenue of $224 million for the quarter ending Oct. 31, a 3% increase from the same period last year. Net income more than doubled to $29 million, or $0.39 per share, compared to $12.9 million, or $0.12 per share, in the previous year.

Recurring revenue, which includes software subscriptions and support services, reached $179.9 million, representing 80.2% of total revenue. The company’s bundled software subscription revenue increased 19% year over year, while new software subscription contracts from new customers rose 37% year over year, excluding cloud conversion deals.

“We saw strong demand for AI business outcomes and our bundled SaaS revenue growth accelerated,” CEO Dan Bodner said in a press release. He said customers are prioritizing AI projects over cloud conversion projects, leading to increased adoption of the company’s hybrid cloud model.

The Melville, N.Y.-based firm maintained its previous guidance for the full fiscal year ending Jan. 31, 2025, projecting revenue of $933 million. Gross profit margins improved by 70 basis points compared to the previous year.

Looking ahead, Verint plans to host an investor day on Jan. 14 where it will showcase its AI capabilities and present its financial outlook for fiscal year 2026. The company also announced a new AI-powered chatbot as part of its customer experience platform.