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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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) announced that Preferred Risk Insurance Services has adopted its RingCentral MVP and Contact Center solutions. This transition aims to enhance communication, allowing employees to effectively support a growing customer base while working remotely. Preferred Risk Insurance faced challenges during the pandemic due to legacy systems, which impaired customer service. The cloud-based platform will streamline operations, enabling compliance through automated call recordings and providing superior customer engagement tools moving forward.
RingCentral, Inc. (NYSE: RNG) will report its financial results for Q2 2022 on August 2, 2022, after market close. A conference call is scheduled for 2:00 PM PT on the same day to discuss the results. Investors can access the call by dialing 1-888-349-0093 or 1-412-317-5201 for international calls. Replay options will be available through August 9. RingCentral is a leading provider of cloud communications and contact center solutions, offering products like RingCentral MVP, a UCaaS platform.
RingCentral, Inc. (NYSE: RNG) has appointed Sonalee Parekh as Chief Financial Officer, effective May 31, 2022. Parekh brings over 25 years of experience from Hewlett Packard Enterprise, overseeing critical growth initiatives and corporate development. Concurrently, Mo Katibeh has been promoted to President, expanding his role to include human resources and corporate strategy. Both leaders aim to enhance RingCentral's operational capabilities and drive sustainable growth in the cloud communications sector.
RingCentral reported strong Q1 2022 results, with total revenue up 33% year-over-year to $468 million. Subscription revenue also rose 35% to $440 million, while Annualized Exit Monthly Recurring Subscriptions (ARR) grew to $1.9 billion. The company anticipates subscription revenue growth of 27% to 28% for the year, raising its guidance to $1.882 to $1.898 billion. Operating income improved to $49 million, though GAAP operating loss expanded to $104 million due to increased share-based compensation. New appointments include Sonalee Parekh as CFO and Mo Katibeh as President.
RingCentral, Inc. (NYSE: RNG) partners with SCM Insurance Services to enhance communication solutions for its mobile and hybrid workforce. Utilizing RingCentral MVP™, SCM's claims adjusters can communicate effectively during disasters, ensuring timely support for clients. The integration of RingCentral Video® provides richer interactions, with screen-sharing capabilities enhancing operational efficiency. SCM's leadership praises the flexibility of local number provisioning during crises, positioning the company to deliver personalized assistance when needed most.
RingCentral (NYSE: RNG) will announce its first-quarter financial results for the period ending March 31, 2022, after market close on May 9, 2022. A conference call will follow at 2:00 PM Pacific Time to discuss these results. Investors can access the call by dialing specific numbers or through a live webcast available on the company’s investor relations page. RingCentral, known for its cloud communications and contact center solutions, provides a unified communications platform and is headquartered in Belmont, California.
Theta Lake, a leader in unified communication security and compliance, announced a $50 million Series B funding round led by Battery Ventures with participation from notable investors including Zoom, Salesforce Ventures, and RingCentral Ventures. This funding increases its total raised to over $70 million. The investment aims to enhance Theta Lake's technology as organizations transition to remote work, addressing compliance and security challenges. The company is recognized in the 2022 Gartner Magic Quadrant for Enterprise Information Archiving.
RingCentral, Inc. (NYSE: RNG) has announced new innovations to simplify hybrid work, enhancing employee communication and collaboration. Key features include RingCentral Webinar, AI-based meeting insights, and advanced analytics tools. RingCentral aims to empower global teams with flexible communication solutions, alongside enhanced customer experience tools like AI Agent Assist. These capabilities are designed to improve productivity, streamline workflows, and reinforce customer service. The updates are available to various customer tiers starting Q2 2022.
RingCentral, Inc. (NYSE: RNG) has announced the beta launch of RingCentral Webinar, a user-friendly webinar solution integrated with RingCentral Message Video Phone (MVP). The platform allows up to 10,000 attendees and requires no downloads, enabling easy access via browsers and mobile devices. Key features include simple setup, robust analytics, and integration with CRM and marketing tools like Marketo and Zapier. The product aims to simplify hosting and managing webinars and is currently available in the US, Canada, UK, Europe, and Australia, with general availability expected in Summer 2022.
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