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RingCentral, Inc. (symbol: RNG) is a leading provider in the Unified Communications as a Service (UCaaS) sector, offering businesses a seamless and secure way to manage voice, fax, text, and conferencing needs regardless of their size, location, device, or budget. Established in 2003, RingCentral has developed a robust cloud computing platform that ensures reliable and mission-critical business communications.
Unlike traditional phone companies, RingCentral delivers a flexible and easy-to-manage cloud communications solution that eliminates the need for on-premise phone systems and associated hardware. This allows businesses to easily set up, access, and control their communication services online or via a mobile device.
RingCentral's core product is the RingCentral MVP (Message, Video, Phone) solution, which integrates multiple communication methods into a single platform. Additionally, the company offers a cloud-based contact center solution and a stand-alone video meetings solution, as well as webinars.
Recent achievements include major partnerships and integrations with other cloud applications, further enhancing their service flexibility and scalability. The company’s financial health is underscored by consistent investments in their technology infrastructure, which has allowed them to provide a highly reliable and adaptable communication service.
RingCentral’s transformative approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.
RingCentral (NYSE: RNG) announces enhanced video meeting capabilities with AI-driven features, expanding browser support for RingCentral MVP and RingCentral Video. New functionalities include AI-based meeting insights, live transcription, and participant reactions. All features are available for both free and paid users, allowing unlimited free meetings without 40-minute limits. The updates cater to the growing demand for effective hybrid work solutions, aiming to improve productivity and reduce meeting fatigue.
RingCentral (NYSE: RNG) has been recognized by Gartner as the leading provider in all four use cases in the 2021 Gartner Critical Capabilities for Unified Communications as a Service (UCaaS) report, updated on August 1, 2022. The four use cases include Midsize Enterprise, Large & Multinational Organizations, UC with Integrated Contact Center, and Mobility and Remote Working. Additionally, RingCentral has been positioned as a Leader in the 2021 Gartner Magic Quadrant for UCaaS, marking its seventh consecutive year in the Leaders Quadrant.
RingCentral (NYSE: RNG) announced its management team's presentation at the Goldman Sachs Communacopia + Technology Conference on September 12, 2022, at 10:45 a.m. PT (1:45 p.m. ET). The event aims to highlight RingCentral's role as a leader in global enterprise cloud communications, video meetings, and collaboration solutions. Investors can access the webcast on the company's investor relations website. RingCentral continues to empower modern workforces through its MVP platform, enhancing communication and collaboration.
RingCentral, Inc. (NYSE: RNG) has partnered with Big Ass Fans to enhance employee collaboration and communication. Big Ass Fans, a leading fan manufacturer, will implement RingCentral MVP™ to streamline operations for its 650 global employees. This transition from legacy systems to a cloud-based solution aims to improve productivity and mobility while delivering cost savings. The integration with existing applications like Salesforce and Google Suite is expected to elevate operational efficiency and team productivity.
RingCentral (NYSE: RNG) has partnered with Ryder System (NYSE: R) to enhance business communications across Ryder's nearly 800 fleet maintenance and rental locations. Utilizing RingCentral MVP™ for unified operations, Ryder has improved customer service and operational efficiency. The rollout has also led to the deployment of RingCentral Contact Center™ for Ryder Last Mile, enabling seamless support for home delivery services. This collaboration highlights efforts in digital transformation, with acknowledged benefits in employee productivity and customer satisfaction.
Bancroft has selected RingCentral, Inc. (NYSE: RNG) to enhance its operations and reduce costs while providing better care for individuals with autism and neurological disabilities. The transition to RingCentral's cloud communications platform allows Bancroft to eliminate legacy telephony systems, gain unlimited call capacity, and integrate productivity applications like Salesforce. Key benefits include improved connectivity, cost savings from hardware elimination, and streamlined workflows. The collaboration emphasizes RingCentral’s commitment to supporting organizations that serve vulnerable populations.
RingCentral reported Q2 2022 financial results, with total revenue rising by 28% year-over-year to $487 million. Subscription revenue increased by 32% to $463 million, while Annualized Exit Monthly Recurring Subscriptions reached $2.0 billion. Non-GAAP operating income was $55 million, a growth from $39 million in Q2 2021. The company's operating margin outlook was raised to 12%, with non-GAAP EPS projected between $1.91 and $1.95.
New collaborations include a partnership with Vodafone in Germany.
RingCentral, Inc. (NYSE: RNG) has launched new cloud capabilities aimed at reducing administrative burdens and enhancing operational efficiencies for businesses. These innovations, including enhanced integrations with Salesforce and HubSpot, allow sales teams to automate tasks and streamline workflows. Key features include SMS capabilities and advanced phone functionalities for IT management. Customers in the US and Canada can leverage these updates to improve communication and save costs.
Vodafone Germany and RingCentral have launched ‘Vodafone Business UC with RingCentral’ in Germany. This integrated platform combines team messaging, video meetings, and a cloud phone system to enhance hybrid work. With capabilities like call recording and AI-driven insights, it aims to provide a secure and flexible solution for businesses. Notably, this launch integrates Vodafone's 5G and mobility strengths, enabling seamless communication across devices.
RingCentral (NYSE: RNG) has expanded its hardware ecosystem by partnering with Avocor, EPOS, and Jabra to enhance its RingCentral Rooms™ experience. This initiative aims to improve collaboration as organizations adapt to hybrid work environments, meeting the needs of 76% of companies prioritizing conference room technology upgrades. New features include Whiteboard functionality, proximity sharing, end-to-end encryption, and closed captioning, which collectively aim to foster better engagement and inclusivity in meetings.
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