What happened Shares of Verint Systems (NASDAQ: VRNT) rose on Thursday after the software company reported its third-quarter results and announced plans to split into two independent public companies. Verint also announced a strategic minority investment related to the separation, as well as a share buyback program. The stock was up 8.2% at 12:30 p.m. EST after being up as much as 16% earlier in the day. So what Verint reported third-quarter revenue of $325 million, up 7.5% year over year and about $1.9 million below the average analyst estimate. Non-GAAP (adjusted) earnings per share was $0.94, up from $0.85 in the prior-year period and $0.09 higher than analyst expectations. Image source: Getty Images. Along with reporting its results, Verint announced that its board of directors has approved a plan to split the company in two. One of the new companies will house Verint's customer-engagement business, and the other will consist of Verint's cyberintelligence business. The separation is expected to be complete soon after the end of Verint's fiscal year, which ends on Jan. 31, 2021. The company has authorized $300 million for share buybacks, which will be used up until that point. Verint also announced a $400 million investment in the form of convertible preferred stock from funds advised by Apax Partners, with $200 million coming by the end of April and the remaining $200 million coming after the separation is complete. "The separation will make it easier for investors to evaluate and make independent investment decisions in each business," said Verint CEO Dan Bodner. Now what Verint expects to generate non-GAAP revenue of $1.36 billion in fiscal 2020, which ends in January, along with non-GAAP earnings per share of $3.65. For fiscal 2021, the company expects 7% revenue growth and 10% EPS growth. While Verint's third-quarter results were mixed, the market responded positively to the separation plans. 10 stocks we like better than Verint SystemsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Verint Systems wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Timothy Green has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source