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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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 CFO Sonalee Parekh will resign effective September 10, 2024, to accept a CFO role at a non-competing public company. The company has initiated a search for a successor, considering both internal and external candidates. CEO Vlad Shmunis praised Parekh's contributions, particularly in improving profitability and free cash flow. Parekh expressed gratitude for the opportunity and confidence in RingCentral's future success. The company emphasized that Parekh's departure is not due to any disagreements regarding financial results, accounting principles, or disclosures. Importantly, RingCentral's previously issued Q2 earnings outlook remains unchanged.
RingCentral (NYSE: RNG) has announced new AI-powered capabilities for its contact center solution, RingCX. These innovations include:
1. RingCX AI Agent Assist: Real-time, in-call AI assistance for agents.
2. RingCX AI Supervisor Assist: Monitors interactions and alerts supervisors to potential issues.
3. AI Coaching Insights: Generates personalized coaching suggestions for agents.
4. Bring-Your-Own IVA Framework: Allows integration of preferred Intelligent Virtual Agents.
Since its general availability in November 2023, RingCX has onboarded over 350 customers, with more than 50% opting for paid AI capabilities. The new features will be available through an Early Access Preview program in the U.S., with plans to expand internationally in early 2025.
RingCentral (NYSE: RNG), a leader in AI-driven cloud business communications, has announced its participation in an upcoming investor conference. The company's management team is set to present at the Goldman Sachs Communacopia + Technology Conference on Monday, September 9, 2024, at 2:25 p.m. PT (5:25 p.m. ET).
This presentation offers investors an opportunity to gain insights into RingCentral's strategies and performance. Interested parties can access a live webcast of the presentation through the company's investor relations website at ir.ringcentral.com. This event showcases RingCentral's commitment to engaging with investors and sharing its vision for the future of cloud communications and technology solutions.
RingCentral (NYSE: RNG) has partnered with Coupa to optimize its spend and business operations. After a decade of revenue growth, RingCentral aims to modernize its back-office operations using Coupa's AI-driven total spend management platform. The partnership is expected to:
1. Automate processes across sourcing, procurement, risk, and payments
2. Control risk and improve governance over cash management and spend
3. Use AI to drive smarter business decisions
4. Achieve measurable cost savings by year-end
RingCentral's CFO, Sonalee Parekh, highlighted the platform's ability to modernize source-to-pay processes and increase operational velocity. Coupa's platform leverages community-generated AI built on a $6 trillion dataset to identify savings opportunities and free up funds for growth.
RingCentral (NYSE: RNG) announced its Q2 2024 financial results, showing strong year-over-year growth. Total revenue increased by 10% to $593 million, with subscription revenue also up 10% to $567 million. Mid-market and Enterprise ARR saw 11% growth to $1.52 billion, and Enterprise ARR rose 12% to $1.05 billion. GAAP operating margin improved to (0.9%) from (8.4%) last year, while non-GAAP operating margin was 20.9%, up 160 basis points. Adjusted EBITDA reached $146 million, 24.6% of total revenue. Free cash flow hit a record $109 million. Guidance for 2024 has been raised, with expected total revenue between $2.393 and $2.399 billion and non-GAAP EPS of $3.62 to $3.67. Q3 2024 guidance includes a total revenue range of $600.5 to $603.5 million. Notable achievements include major deals with Whirlpool and other enterprise customers and a strategic partnership expansion with Cox Communications and Vodafone Business.
RingCentral's AI-driven cloud communications solutions have significantly improved MedCare Equipment's operations and patient experience. MedCare Equipment, a leading provider of home and durable medical equipment, has achieved:
- 40% reduction in average call wait times
- 92% time savings on agent call reviews and coaching
- Anticipated 20% faster resolution of customer issues and deal closures
These improvements are attributed to RingCentral's RingEX unified communications solution and RingSense for Sales. The implementation has provided MedCare with unparalleled reliability, call quality, and enhanced analytics capabilities. RingSense's AI-generated analyses have streamlined agent coaching and uncovered valuable business intelligence, particularly in identifying moments of uncertainty during customer interactions.
Four Inc. has been named a public sector aggregator for RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications solutions. The partnership will make RingCentral's RingEX™ and RingCX™ solutions available to the public sector through various contract vehicles, including NASA SEWPV, ITES-SW2, GSA, and OMNIA Partners.
This collaboration aims to enhance communication and collaboration capabilities for government agencies, offering a comprehensive suite of AI-powered tools for voice, video meetings, team messaging, and contact center solutions. RingCentral's platform is recognized for its robust security, reliability, and scalability, making it suitable for high-performance and compliance-focused government organizations.
RingCentral (NYSE: RNG) is expanding its strategic partnership with Vodafone Business to offer Vodafone Business Contact Center with RingCentral, powered by RingCX™. This expansion adds Contact Center as a Service (CCaaS) to Vodafone's existing Unified Communications as a Service (UCaaS) offering. Vodafone Business will extend its UC with RingCentral to 30 markets globally by early 2025.
The new contact center solution features AI-driven tools for call summaries, transcripts, automated scorecards, and coaching. It also includes voice and 20+ digital channels. The rollout will start in the UK, followed by Germany later this year. This expansion aims to enhance customer experiences and drive operational efficiency for Vodafone's multinational customers.
RingCentral (NYSE: RNG), a leader in AI-driven cloud business communications, will report its Q2 2024 financial results on August 1, 2024, post-market close. The company will also host a conference call at 2:00 PM PT (5:00 PM ET) the same day to discuss the results. Investors can access the call via phone or a live webcast on the company’s investor relations website. A replay will be available until August 8, 2024.
Vodafone Business Ireland and RingCentral (NYSE: RNG) launched Vodafone Business UC with RingCentral, a hybrid work solution, in Ireland. Already available in Italy, Spain, Portugal, Germany, and the UK, this platform aims to enhance communication and collaboration across devices.
With unified communications cloud penetration in Ireland at 43.7% and expected to surpass 80% by 2028, the market is ripe for growth. The solution offers team messaging, video meetings, and integrates with popular applications, driven by RingCentral's AI-powered platform, for increased productivity.
Vodafone Business UC with RingCentral is now available for new and existing Vodafone Business customers in Ireland.
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