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RingCentral, Inc. develops AI-powered business communications and customer engagement software for voice, SMS, contact center, workforce engagement management, video collaboration, and messaging. Its updates commonly cover RingCX, AI Receptionist, AIR Pro, AI Conversation Expert, branded calling, RCS messaging, international SMS, and integrations that extend customer engagement across business phone, contact center, Microsoft Teams, and partner channels.
Company news also includes quarterly results, subscription revenue trends, cash flow, share repurchases, dividends, and product adoption across industries such as healthcare, financial services, legal, hospitality, construction, and business services.
RingCentral, Inc. (NYSE: RNG) has announced a new share repurchase program, enabling the company to buy back up to $100 million of its Class A common stock. This decision underscores the Board's confidence in the company's long-term growth potential, which they believe is not currently reflected in its market valuation. Repurchases will be funded through future cash flows and additional sources, with strategy dependent on market conditions. The program is effective until December 31, 2022, and will be periodically reviewed for potential adjustments.
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.
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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.
org value="NYSE:RNG" idsrc="xmltag.org"RingCentral and org value="ACORN:4271865215" idsrc="xmltag.org"1&1 Versatel have announced a partnership to launch a co-branded cloud communications solution called RingCentral mit 1&1 Connected Calls. This offering integrates RingCentral’s MVP platform with 1&1 Versatel’s fiber gigabit services, enhancing telecommunications for businesses across Germany. The collaboration aims to meet the increasing demand for modern communication solutions amid the shift to hybrid work.
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.