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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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) and NICE (Nasdaq: NICE) have announced a multi-year expansion of their partnership to market RingCentral Contact Center™ globally. This collaboration integrates NICE's CXone cloud contact center with RingCentral's Message Video Phone™ (MVP™) platform, enhancing customer communications.
The partnership, ongoing since 2015, serves over 1,000 joint customers across various sectors. The integration aims to improve workforce agility, reduce costs, and enhance customer satisfaction, as evidenced by data showing companies using a single provider report significantly improved revenue and customer ratings.
RingCentral (NYSE: RNG) has been ranked first in the 2021 Omdia Unified Communications as a Service (UCaaS) Scorecard for the fifth consecutive year. The company leads in market share, financial stability, and service development, with an installed base of UCaaS seats unmatched by competitors. Significant acquisitions, such as DeepAffects for video AI and Kindite for cloud security, bolster RingCentral's innovation. The company’s integrated solutions enhance collaboration, while a partnership with NICE CXone strengthens its cloud contact center offering.
RingCentral reported Q1 2021 results with a total revenue of $352 million, a 32% increase year over year. Subscriptions revenue rose 34% to $325 million, accounting for 92% of total revenue. Annualized Exit Monthly Recurring Subscriptions (ARR) reached $1.4 billion, with RingCentral Office ARR growing 40% to $1.3 billion. GAAP operating loss was ($42) million, worsening from ($25) million the previous year, while non-GAAP operating income improved to $33 million. The company raised its full-year 2021 revenue guidance to $1.500 to $1.510 billion.
RingCentral (NYSE:RNG) has been selected by the CNIB Foundation as its cloud communications provider, enhancing the organization's ability to support individuals with sight loss. The foundation, previously limited by an outdated PBX system, will benefit from RingCentral Office, known for its accessibility features like screen reading and keyboard shortcuts. This partnership aims to improve productivity and mobility for CNIB's 54 offices across Canada, allowing for better resource allocation and user provisioning. RingCentral continues to emphasize accessibility in technology to empower individuals with disabilities.
RingCentral (NYSE: RNG) announced enhancements to its video and team messaging platforms aimed at improving online collaboration. Key features include Overlay for engaging presentations, video virtual backgrounds, and Breakout Rooms for more interactive meetings. The RingCentral mobile app continues to gain traction, rated 4.6 on both Google Play and Apple Store. The new capabilities facilitate better integration of communication modes, catering to the hybrid workforce. Industry experts commend RingCentral's commitment to innovation in response to evolving workplace needs.
Avaya (NYSE:AVYA) and RingCentral Inc. (NYSE:RNG) announced global expansion and new features for Avaya Cloud Office, now available in 13 countries. The solution, a UCaaS offering, aims to reduce costs and complexity for remote work. Key updates include Team Connect for easy communication, customizable key layouts, Salesforce integration, multi-account management, and conversation folders. Notable client success stories highlight the platform's efficiency and flexibility, particularly during the pandemic, enhancing productivity and cost savings for users.
RingCentral (NYSE: RNG) will announce its Q1 financial results on May 4, 2021, after market close. A conference call is scheduled for the same day at 2:00 PM PT (5:00 PM ET) to discuss these results. Investors can join the call by dialing (877) 705-6003 in the U.S. or (201) 493-6725 internationally. The call will be accessible via live webcast on RingCentral’s investor relations page, with a replay available until May 11, 2021.
Atos and RingCentral, Inc. (NYSE: RNG) have launched Unify Video by RingCentral in Europe, a new standalone video and team messaging solution aimed at enhancing online meetings. This product is positioned in the rapidly growing enterprise video collaboration market and promises high-quality, secure video meetings seamlessly integrated with team messaging and other organizational tools.
Unify Video offers advanced features like noise reduction, cloud recordings, and enhanced meeting security, all delivered from a data center in Frankfurt, Germany, ensuring compliance with data sovereignty requirements.
Eclipse Technology Solutions has partnered with RingCentral to offer unified communications as a service (UCaaS) solutions to enterprise customers in Canada. This collaboration aims to facilitate digital transformation from legacy systems to cloud-based technology, enabling remote work capabilities. Customers will benefit from RingCentral's Message Video Phone™ (MVP™) platform and enhanced integrations with Microsoft Teams. The partnership underscores the growing demand for flexible communication solutions in today's evolving work environment.
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