Verint Systems has signed a patent agreement that makes Eventide Inc., a provider of recording technologies, a licensee and participant in Verint's Open Innovation Network.

The Open Innovation Network provides access to Verint's intellectual property portfolio in the enterprise intelligence and security intelligence solutions markets. Verint's Open Innovation Network expands competitive licensing of Verint's protected technologies and patent rights, reduces the incidence and costs of patent infringement, and encourages collaboration and innovation on an industry scale, the company said.

The network currently includes more than 500 Verint patents and patent applications worldwide. Verint said that more than 10,000 organizations, including over 85 percent of Fortune 100 companies, use Verint Actionable Intelligence solutions across a range of industries, including contact centers and back offices, retail stores, banks and enterprises, and public safety centers and critical infrastructures.

"This agreement is further recognition of the strategic value that Verint innovation can offer organizations to help enhance their offerings, increase market share, and deliver ROI to customers and stakeholders, benefiting the industry as a whole," said Peter Fante, chief legal and compliance officer for Verint, in a statement.

Founded in 1971, Eventide is a developer and manufacturer of digital audio processing products for recording, broadcast, and live performance, as well as digital communications products for public safety institutions. Headquartered in Little Ferry, N.J, Eventide invented the first digital logging recorder in 1989, and introduced the H3000 Ultra-Harmonizer effects processor in 1987.