No Shareholder Action Required at This Time

Cognyte Software Ltd. (NASDAQ: CGNT) (“Cognyte”), a global leader in investigative analytics software, today confirmed that Value Base Ltd. and certain of its affiliates have submitted a letter nominating a candidate to stand for election to the Cognyte Board of Directors at the Company’s 2024 Annual Meeting of Shareholders.

Cognyte engages in regular communication with its shareholders and welcomes constructive input to further the best interests of all shareholders. The Company’s Board of Directors and management team are focused on maximizing value for shareholders through several initiatives, including expanding the company’s presence in the North American market and continuing investment in research and development to bolster its technical capabilities, particularly in artificial intelligence (AI). The Board believes the market opportunity for Cognyte is significant, and the Board is confident that the company is well-positioned to deliver sustainable and profitable growth.

Cognyte notes the current Board is comprised of highly qualified, independent, experienced and engaged Directors. Over the past 15 months, significant changes to the Board have been made. These changes include the addition of three new members with highly relevant experience, establishing a strategy committee to focus on identifying opportunities to accelerate Cognyte’s growth, and the appointment of Earl Shanks as Board Chairman. The Cognyte Board and management team are aligned on strategy. Together, they believe the company is on the right track and is well-positioned to create long-term value for shareholders.

Over the past year, the company has taken meaningful steps to increase engagement with shareholders and bring more feedback and insights from them into the executive suite to aid decision-making and corporate planning. To that end, members of the Board and management team have held discussions with, among other shareholders, Value Base to better understand its views on the Company’s strategy.

The Board and the Nominating Committee will evaluate Value Base’s nominee. The Board’s recommendation with respect to the nominee proposed by Value Base will be included in a supplement to the proxy statement and a revised proxy card for the 2024 Annual Meeting that will be filed with the U.S. Securities and Exchange Commission and mailed to all shareholders eligible to vote at the Company’s 2024 Annual Meeting. Shareholders are not required to take action at this time.

About Cognyte Software Ltd.

Cognyte Software Ltd. is a global leader in investigative analytics software that empowers a variety of government and other organizations with Actionable Intelligence for a Safer World™. Our open interface software is designed to help customers accelerate and improve the effectiveness of investigations and decision-making. Hundreds of customers rely on our solutions to accelerate and conduct investigations and derive insights, with which they identify, neutralize and tackle threats to national security and address different forms of criminal and terror activities. Learn more at www.cognyte.com.

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