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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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 Anand Eswaran is stepping down as President and COO, effective January 1, 2022. Vaibhav Agarwal, previously Chief Accounting Officer, will take on the role of Interim CFO. The leadership change aims to ensure business continuity amid ongoing digital transformation opportunities. Despite the transition, RingCentral maintains its guidance for full-year 2021 revenue between $1.580 billion and $1.581 billion, reflecting a 33% to 34% growth compared to the previous year. Eswaran will assist in the transition until the end of 2021.
RingCentral, Inc. (NYSE: RNG) announced that its executive and investor relations team has been recognized in Institutional Investor’s 2022 All-America Executive Team. The company ranked first across all categories in the software sector, achieving the title of ‘Most Honored’ for the third consecutive year. Key individuals recognized include CEO Vlad Shmunis, CFO Mitesh Dhruv, and IR professional Ryan Goodman. This accomplishment reflects their commitment to excellence and positive reception from investors and the financial community.
RingCentral (NYSE:RNG) has enhanced its offerings for Microsoft Teams by integrating advanced phone capabilities, including SMS, Fax, and Voicemail. The new RingCentral MVP™ platform now features a flexible Bring Your Own Carrier (BYOC) option, allowing enterprises to choose their telephony provider. Enhanced safety features and streamlined onboarding processes are also part of this upgrade. With these changes, RingCentral aims to improve user experiences for Teams customers while ensuring regulatory compliance and security.
RingCentral (NYSE:RNG) has announced a strategic partnership with Mitel to serve as the exclusive UCaaS provider for Mitel's customer base of over 35 million users. This collaboration includes the acquisition of CloudLink technology, facilitating a seamless migration to RingCentral's Message Video Phone (MVP) cloud platform. Additionally, Mitel's investor group will contribute $200 million in equity to RingCentral, demonstrating confidence in the partnership. RingCentral will also invest $650 million to acquire key intellectual properties from Mitel.
RingCentral announced a robust financial performance for Q3 2021, reporting a 37% revenue increase year-over-year, totaling $415 million. Subscription revenue rose to $385 million, marking a 38% growth. Total ARR reached $1.64 billion, up 39%, driven by substantial gains in its Mid-Market and Enterprise segments. However, GAAP operating loss widened to ($83) million, compared to ($30) million last year. The company raised its full-year revenue guidance, forecasting $1.580 to $1.581 billion with 33% to 34% annual growth. CFO transition was also announced.
RingCentral (NYSE:RNG) announced its partnership with Heartland Dental, America’s largest dental support organization, which manages over 2,300 dentists across 1,400 locations. Heartland Dental utilizes RingCentral MVP™ for improved communication and collaboration among its staff and enhances its contact center operations through the RingCentral Contact Center™. This transition aims to elevate patient experiences and develop new business opportunities. Heartland Dental's CEO highlighted how RingCentral's AI tools have significantly improved patient engagement, with over 20% of missed calls resulting in new patient appointments.
RingCentral, Inc. (NYSE: RNG) announced that Susan G. Komen® is adopting its MVP™ platform for enhanced business communications. With RingCentral, Komen transitioned to a fully remote workforce and in-housed its call center, improving efficiency and reallocating funds to support its cancer-fighting mission. Since 1982, Komen has invested over $3 billion in research and patient care. The new contact center allows for improved service, including emergency escalation features, and seamless integration with Salesforce, enhancing customer support capabilities.
RingCentral (NYSE:RNG) announced it received the highest scores in three out of four use cases in Gartner's 2021 Critical Capabilities for Unified Communications as a Service (UCaaS). The recognized use cases include midsize enterprise, large & multinational organizations, and unified communications with integrated contact center. RingCentral has been positioned as a leader in the Gartner 2021 Magic Quadrant for UCaaS for the seventh consecutive year, highlighting its strength in innovation and completeness of vision.
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