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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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) has launched a new next-gen communication solution aimed at frontline workers, enhancing mobile devices with walkie-talkie, AI video, team messaging, and file sharing capabilities. This solution reduces the need for multiple devices, allowing seamless communication across various sectors such as healthcare, retail, and manufacturing. With benefits like optimized costs through BYOD programs and improved collaboration, it provides significant ROI. The solution will be available publicly by the end of March 2023 for beta testing, with a full launch scheduled for June 2023.
RingCentral, Inc. (NYSE: RNG) has partnered with MMC, a Human Resources Outsourcing company, to replace its legacy communications systems with RingCentral MVP. This migration to a cloud-based solution has enhanced productivity for 3,000 of MMC's employees, resulting in significant cost savings in business communications. MMC aims for further optimization by rolling out RingCentral MVP to sales and support teams, which will streamline operations and reduce vendor relationships. RingCentral's unified communications platform is expected to improve both customer and employee experiences, demonstrating its adaptability to modern workforce needs.
RingCentral, Inc. (NYSE: RNG), a leader in cloud communications and contact center solutions, will present at the Morgan Stanley Technology, Media & Telecom Conference on March 6, 2023, at 12:55 PM PT. The conference can be accessed via a live webcast on RingCentral's investor relations website. RingCentral offers a suite of products including the MVP® platform, which enhances communication for modern, mobile workforces, integrating messaging, video meetings, and cloud phone systems. The company is headquartered in Belmont, California, and is known for its flexible solutions tailored to diverse business needs.
RingCentral, Inc. (NYSE:RNG) reported strong financial results for Q4 2022, with total revenue reaching $525 million, a 17% increase year over year. Annualized exit monthly recurring subscriptions (ARR) also grew 17% to $2.1 billion. Subscriptions revenue rose 19% to $502 million. Despite a GAAP operating loss of ($256) million, the company achieved a record non-GAAP operating margin of 14.0%. Additionally, a new $600 million credit facility was announced. For 2023, the company projects subscriptions revenue to be between $2.080 and $2.100 billion, with total revenue projected at $2.180 to $2.200 billion.
RingCentral (NYSE: RNG) has announced a multi-year strategic collaboration with Amazon Web Services (AWS) aimed at accelerating cloud adoption for businesses. This partnership will integrate RingCentral MVP® and Contact Center solutions into AWS offerings, enhancing customer communication across various sectors such as healthcare, finance, and education. The collaboration will focus on cloud migration and training to optimize integration, initially targeting North America and later expanding to Europe, Asia Pacific, and Latin America. Both companies will also invest in joint marketing efforts.
RingCentral, Inc. (NYSE: RNG) has announced an extended strategic partnership with Avaya Inc., solidifying Avaya Cloud Office by RingCentral as the exclusive UCaaS solution for Avaya's customers. The enhanced agreement aims to drive accelerated customer migration to ACO through improved seat commitments and incentives. With this expansion, both companies will invest in product development and integrate offerings to capitalize on Avaya’s large installed base. CEO Vlad Shmunis mentioned the success of previous seat transitions, indicating a strong continuation of this trend. The partnership is expected to enhance customer cloud migration experiences while creating significant growth opportunities for both companies.
RingCentral, Inc. (NYSE: RNG) will report its fourth-quarter financial results for the period ended December 31, 2022, after market close on February 15, 2023. Following the announcement, a conference call will be held at 2:00 PM Pacific Time (5:00 PM Eastern Time) to discuss the financial results. Investors can access the call by dialing provided numbers or through a live webcast available on the company's investor relations website. RingCentral is recognized for its cloud communications and contact center solutions, empowering modern workforces with its MVP platform and various integrated products.
RingCentral, Inc. (NYSE: RNG) has partnered with MegaCorp Logistics, a growing U.S. logistics firm, to enhance their cloud communications for better customer engagement. Previously, MegaCorp faced significant revenue loss due to phone system outages costing up to $40,000 per hour. The partnership aims to implement flexible, scalable, and reliable communications solutions, enabling MegaCorp to meet increasing business demands. RingCentral's advanced technology is expected to support MegaCorp's continued growth trajectory and improve operational efficiency in complex supply chains.
Westland Insurance Group Ltd. has chosen RingCentral, Inc. (NYSE:RNG) to enhance its business communication as it prepares for significant growth. Utilizing RingCentral MVP, Westland aims to integrate communications across its operations for over 2,200 employees in Canada. The need for a reliable centralized solution was driven by inefficiencies from managing multiple vendors. Key reasons for choosing RingCentral include ease of use and integration capabilities, enabling improved collaboration and scalability as Westland embarks on national expansion.
RingCentral, Inc. (NYSE: RNG) has expanded its End-to-End Encryption (E2EE) to support phone and messaging, enhancing security for its RingCentral MVP® platform. This technology safeguards communications, preventing unauthorized access and providing privacy for sensitive conversations. E2EE also supports large groups and can be activated mid-conversation. With GDPR fines rising 570% from 2020 to 2021, this offering aims to streamline compliance and enhance protection against data breaches. The E2EE feature is currently available for video and will enter closed beta for phone and messaging towards the end of the year.
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