Company Summary
RingCentral is a leading provider of contact center software-as-a-service (SaaS) solutions, along with global enterprise cloud communications, video meetings, collaboration, and customer engagement solutions that enable businesses to communicate, collaborate, and connect.
The company’s cloud-based business communications and collaboration solutions are designed to provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones. This makes remote working and collaboration easy.
RingCentral’s solutions include RingCentral MVP (formerly RingCentral Office), Customer engagement solutions, including RingCentral Contact Center, RingCentral Engage Digital and Voice, and RingCentral Video, RingCentral Events and RingCX (launched in 2023).
The company’s flagship solution, RingCentral MVP, is a Unified Communications as a Service (UCaaS) platform, including team messaging, video meetings and a cloud phone system.
In March 2023, it announced RingSense, an innovative AI platform for enhanced business communications. Leveraging generative AI, RingSense enables organizations to turn their conversation data into powerful insights that will unlock productivity and drive business outcomes.
RingCentral Events, introduced in November 2023 through the acquisition of Hopin Events and Session Platforms, offers a versatile feature set for hosting events of varying sizes and formats, including virtual, hybrid and in-person, ranging from single-session to multi-day conferences.
RingCentral derives its revenues primarily from subscriptions, sales of products, and professional services. The company generated total revenues of $2.20 billion in 2023. Subscription revenues increased 11% year over year and contributed 90% to total revenues.
As of Dec 31, 2023, RingCentral had 4,084 full-time employees located across 16 countries and approximately 47% of employees are employed outside of the United States.
RingCentral seamlessly integrates with other cloud-based business applications such as Salesforce CRM, Google Cloud, Box, Dropbox, Office365, Outlook, Oracle, Okta, Zendesk, Jira, Asana, and others.
RingCentral faces significant competition from the likes of Alphabet (Google Voice), Meta Platforms, Oracle and Salesforce.