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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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 that Houston County Board of Education is utilizing its cloud-based communication solutions to create a district-wide support center for teachers and students. Serving 30,000 K-12 students across 37 campuses, the district faced significant technical support demand during the transition to remote learning. RingCentral allowed Houston County to set up this support center in under an hour, addressing issues like online learning platform challenges and login problems. The solution's SMS feature enabled efficient communication, enhancing support during a challenging educational transition.
RingCentral (NYSE: RNG) and Alcatel-Lucent Enterprise have launched Rainbow Office, a Unified Communications as a Service (UCaaS) solution, across eight European nations: Austria, Belgium, France, Germany, Ireland, Italy, Spain, and the Netherlands. This strategic partnership combines RingCentral's advanced communication technology with Alcatel-Lucent's telephony and networking services. The offering aims to empower businesses by enhancing their cloud communication capabilities, enabling secure collaboration from any location via a single enterprise solution.
ecotel communication ag and RingCentral have partnered to offer RingCentral Office®, a leading Unified Communications as a Service (UCaaS) solution, to customers in Germany. This collaboration allows ecotel to provide seamless integration with their voice portfolio, offering services that include team messaging, video meetings, and cloud phone systems. As the first licensed service provider in Germany to implement this integrated service, ecotel aims to facilitate the migration of businesses to cloud-based communications, enhancing flexibility and collaboration for over 50,000 customers nationwide.
RingCentral (NYSE: RNG) has acquired the technology and engineering team from Kindite, focusing on advanced cryptographic technologies to enhance security within its cloud communications platform. This acquisition integrates unique key orchestration technologies, promoting a secure 'zero-trust' environment for cloud applications. The new capabilities are set to bolster RingCentral's commitment to security, including end-to-end encryption, benefiting users globally. The transaction closed in Q1 2021, and its financial impact is not expected to be material for the quarter ending March 31, 2021.
RingCentral (NYSE: RNG) released its 2021 State of Hybrid Work report, revealing insights from over 1,000 small and medium businesses (SMBs) adapting to workforce changes due to COVID-19. Key findings indicate that 60% of businesses are partially remote, with 67% not expecting to return to full-time office work. The report highlights a shift in attitudes toward remote work, with 66% viewing it positively. Despite a rise in disconnection, productivity levels remain stable for most respondents, emphasizing the effective use of various communication modes.
RingCentral (NYSE:RNG) has been recognized as a Leader in two IDC MarketScape reports for both the enterprise and small to medium-sized business (SMB) segments of the UCaaS market. The enterprise report assessed 19 vendors for organizations with over 1,000 employees, while the SMB report evaluated 15 vendors for those with fewer than 1,000 employees. Key strengths highlighted include mobility, reliability, security, and integration capabilities. IDC predicts worldwide UCaaS revenue will reach $16.1 billion by 2024.
RingCentral (NYSE: RNG) announces the opening of two new innovation centers in India, located in Bangalore and Gurgaon. This expansion is part of the company’s global growth strategy, with plans to hire top engineering talent in the region. Additionally, Anil Goel has been appointed as Vice President of Engineering and General Manager for India, having previously held senior roles at OYO and Amazon. The initiative underscores RingCentral's commitment to enhancing cloud-based communication services for clients worldwide.
RingCentral (NYSE: RNG) has launched an innovative in-app calling feature for Salesforce, enhancing productivity for sales agents. This feature enables users to manage calls directly from Salesforce without the need for additional software. Key functionalities include call controls, click-to-call options, and performance analytics. Built with WebRTC technology, this integration promises convenience by allowing seamless communication from any device. The feature aims to improve customer engagement and streamline sales operations.
RingCentral (NYSE:RNG) has appointed former U.S. Secretary of Education, Arne Duncan, to its board of directors. Duncan, who served under the Obama Administration from 2009 to 2015, brings extensive experience from his tenure as CEO of Chicago Public Schools and his current roles at the University of Chicago and Emerson Collective. CEO Vlad Shmunis expressed enthusiasm for Duncan's insights, highlighting the importance of addressing community challenges through innovative communication technologies. This appointment signals a strategic move towards enhancing RingCentral's vision of enabling remote communication.
RingCentral, Inc. (NYSE:RNG) reported robust fourth quarter 2020 results, with total revenue rising 32% to $335 million. Subscription revenue surged 34% to over $306 million, while Annualized Exit Monthly Recurring Subscriptions (ARR) grew 35% to $1.3 billion. The company achieved record TCV deals, up over 50% sequentially. Despite a GAAP operating loss of $29 million, non-GAAP operating income improved to $34 million. For full year 2021, RingCentral projects revenue between $1.475 and $1.490 billion, reflecting expected growth of 25% to 26%.
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