RingCentral

RingCentral is a provider of cloud-based unified communications and contact center solutions for businesses of all sizes. The company offers an all-in-one platform that combines cloud phone system, team messaging, video meetings, digital customer engagement tools, and integrated contact center capabilities.

Its core offering is a cloud-based business phone system with features like HD voice, video conferencing, online meetings, team messaging/collaboration, and integrations with popular business apps. RingCentral also offers omnichannel contact center solutions with skills-based routing, IVR, analytics, workforce optimization tools, and digital engagement capabilities.  In October 2024, RingCentral released its AI assistant feature for all RingEX customers to enhance communication features.

Its recent acquisitions include Hopin’s flagship ‘Events’ platform and ‘Sessions’ services in August 2023. With this acquisition RingCentral expects to enhance virtual events and meetings to provide a more personalized experience to its customers. Prior to that it acquired cloud security startup Kindite’s technology and engineering team in March 2021. Through the acquisition, RingCentral shored up its platform security by adding end-to-end encryption capabilities through the integration of Kindite’s technology. The company acquired DeepAffects, an AI intelligence startup, in December 2020. DeepAffects’ capabilities facilitated the development of RingCentral’s video meetings. 

RingCentral’s total revenue grew by 11% YoY to USD 2.202 billion in FY2023, driven by a 11% YoY increase in subscription revenue to USD 1.98 billion, which accounted for more than 95% of total revenue. The GAAP operating loss narrowed significantly to USD 199 million from USD 649 million in 2022. For FY2023, the adjusted EBITDA margin improved to 22.8% (vs. 16.0% in FY2022). For the full year 2024, the company projects subscriptions revenue between USD 2.260 and USD 2.285 billion, reflecting an 8% to 9% growth, and total revenue between USD 2.370 and USD 2.395 billion, also indicating an 8% to 9% increase.

Key customers and partnerships

The company claims to serve 400,000+ customers worldwide. Notable customers include SalesForce, Reddit, Ebay, and AWS. 

The company has also partnered with Office Calgary Inc (2024) Brightspeed (2024), Optus (2024), Atos (2020), Alcatel-Lucent Enterprise (2020), and Avaya Holdings (2019) to launch UCaaS products offering a combination of messaging and video conferencing solutions. In September 2024,Ringcentral partnered with Zayo and launched Zayo UC+ , a cloud-based unified communications solution, followed by a partnership with Aqore to enhance recruitment communication and efficiency.