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Crexendo Inc. (NASDAQ: CXDO) is a premier provider of cloud communication platforms and services designed to enhance productivity and reduce costs for businesses of all sizes, from small and medium-sized businesses (SMBs) to mid-sized enterprises. With its extensive range of services, Crexendo offers cloud telephone systems, call centers, unified communications (UCaaS), and collaboration tools, all aimed at improving business efficiency at affordable rates, typically 20-60% lower than traditional telecom expenses.
Crexendo operates through two main segments: Cloud Telecommunications and Software Solutions. The Cloud Telecommunications segment provides hardware, software, and comprehensive unified communication solutions utilizing IP or cloud technology via high-speed internet connections. The Software Solutions segment generates revenue from software licenses, maintenance support, and professional services, catering to customer support and other auxiliary services. The company also offers product warranties and derives a majority of its revenue from the Cloud Telecommunications segment.
Commitment to reliability and security is at the forefront of Crexendo’s operations. The company’s services are benchmarked against stringent security and reliability standards, with PCI compliance and registration as a Competitive Local Exchange Carrier (CLEC) across the USA and Canada. The data centers boast multiple levels of redundancy and high-level security defenses, ensuring maximum operational uptime and data protection.
In recent developments, Crexendo has achieved significant milestones and recognition in the industry. It has been awarded the 2024 North American Competitive Strategy Leadership Award by Frost & Sullivan, highlighting a remarkable 36% user growth in 2023. The company’s cloud platform now supports over four and a half million end users globally, a testament to its expanding market presence and adoption. Additionally, Crexendo has incorporated Generative AI technology powered by ChatGPT into its Contact Center solutions, enhancing real-time conversational capabilities.
Financially, Crexendo has reported robust growth, with a 24% increase in total revenue for the fourth quarter of 2023, reaching $14.2 million. The company has maintained profitability, achieving a net income of $0.4 million for the first quarter of 2024. With strategic partnerships, such as the collaboration with Oracle Cloud Infrastructure (OCI), Crexendo is well-positioned for further geographic expansion and enhanced service delivery.
Crexendo has also been recognized in G2’s Spring 2024 Reports, achieving first place in 19 customer satisfaction categories. This recognition, along with numerous industry accolades, underscores the company's commitment to delivering exceptional cloud communication solutions and customer service.
For more information about Crexendo's products and services, please visit www.crexendo.com.
Crexendo, Inc. (NASDAQ:CXDO) has announced a strategic partnership with Rev.io to enhance its billing management and improve customer experience. This collaboration will leverage Rev.io's advanced billing platform and automation capabilities, crucial for the launch of Crexendo's new VIP Cloud Communications Platform, which promises a 100% uptime guarantee. CEO Steven G. Mihaylo emphasized that this partnership is intended to reduce costs and increase shareholder value, with existing integrations with NetSapiens further reinforcing the partnership's potential.
Crexendo, Inc. (NASDAQ:CXDO) has been accepted into the Russell Microcap® Index, effective June 28, 2021, marking a significant milestone for the company. This inclusion is based on market capitalization and growth attributes, allowing Crexendo to be part of both growth and value style indexes for a year. CEO Steven G. Mihaylo expressed pride in this recognition, attributing it to their successful growth strategy that has resulted in being cash flow positive and profitable. The company aims to enhance shareholder value and continues to expand its offerings in cloud communications.
Crexendo, Inc. (NASDAQ:CXDO) announced its presentation at the Colliers Securities Virtual Bus Tour on June 14, 2021, featuring Doug Gaylor and Ron Vincent. The presentation will inform investors about Crexendo's operations and recent merger with NetSapiens, recognized for its rapid growth in the UCaaS sector, supporting over 1.7 million users. Crexendo excels in providing enterprise-class cloud services, including Unified Communications as a Service (UCaaS) and call center solutions, at competitive rates, aimed at businesses of any size.
Crexendo has launched its new VIP Platform, enhancing its UCaaS offerings with advanced video, interactions, and business phone communications. This platform features a 100% UPTIME Guarantee for reliability, ensuring customers experience no downtime. With HD video capabilities for up to 200 attendees and streamlined communication tools, the VIP Platform aims to provide exceptional service and resilience. This launch follows Crexendo's merger with NetSapiens, which enhances its service capabilities and promises significant advantages for users.
Crexendo, Inc. (NASDAQ:CXDO) has been recognized as a Hall of Fame presenter at the LD Micro Invitational scheduled for June 8, 2021, at 4:00 PM Eastern. Doug Gaylor, President and COO, along with CFO Ron Vincent, will represent the company. This accolade highlights Crexendo's substantial returns and societal contributions, as noted by LD Micro's Founder, Chris Lahiji. Crexendo specializes in cloud communications, offering UCaaS, call center, and collaboration services designed for businesses of any size at competitive rates.
Crexendo, Inc. (NASDAQ:CXDO) has successfully completed its merger with NetSapiens, Inc., a transaction valued at approximately $50 million, including $10 million in cash and $40 million in stock. Supported by over 99% of Crexendo shareholders, the merger is expected to enhance the combined company's growth trajectory, with pro forma revenue of $27.8 million for 2020. Leaders from both companies express confidence in this partnership, anticipating improved offerings and increased shareholder value.
Crexendo, a cloud communications provider, reported a 17% year-over-year revenue increase to $4.5 million for Q1 2021. Service revenue rose 19% to $4.1 million, though GAAP net loss reached $(715,000). Non-GAAP net income was $308,000, consistent with previous year. Operating expenses surged 45% to $5.3 million, driven by acquisition-related costs. Despite a decline in product revenue and web services, CEO Steven Mihaylo expressed optimism about the upcoming merger with NetSapiens, which is expected to enhance service offerings and drive growth.
Crexendo, Inc. (NASDAQ:CXDO) will announce its first quarter 2021 financial results in a conference call on May 11, 2021, at 4:30 PM EST. CEO Steven G. Mihaylo, COO Doug Gaylor, and CFO Ron Vincent will present and answer questions. Domestic participants can dial 888-506-0062, while international callers should use 973-528-0011. A replay will be available until May 18, 2021.
Crexendo specializes in cloud communications and UCaaS services for businesses.
Crexendo, a leading provider of cloud communications, reported a 16% increase in total revenue to $4.3 million for Q4 2020 compared to the previous year. The company achieved a GAAP net income of $7.2 million and a non-GAAP net income of $7.4 million. Full-year revenue rose 14% to $16.4 million, driven largely by a 16% growth in UCaaS service revenue. The company benefited from a $6 million income tax adjustment and $1 million PPP loan forgiveness. Operating expenses increased by 16% to $15.4 million, while cash balances significantly improved to $17.7 million.
Crexendo, Inc. (NASDAQ:CXDO) announced its definitive agreement to acquire NetSapiens, Inc. for approximately $50 million, comprising $10 million in cash and $40 million in stock. This merger will support over 1.7 million users and enhance Crexendo's UCaaS offerings. The transaction, expected to close in early summer 2021, awaits shareholder approval. CEO Steven G. Mihaylo emphasized the acquisition as a pivotal growth step, enhancing both companies' capabilities and shareholder value. The financial advisory for this deal is provided by Colliers Securities LLC.
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