RingCentral ( RNG Quick Quote RNG - Free Report) and NICE ( NICE Quick Quote NICE - Free Report) recently expanded their long-term partnership (since 2015) to sell RingCentral Contact Center worldwide. The multi-year extension leverages growing customer demand for combined Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) solutions. Markedly, while UCaaS solutions help companies manage their internal communications, including messaging, video conferencing, phone calls and emails on a single cloud-based platform, CCaaS solutions support conversations with customers. The combination of UCaaS and CCaaS solutions enhances flexibility and efficiency as companies can manage all communications in the same space. Moreover, the combination helps companies offer better customer experience as the bundled solution can easily integrate Customer Relationship Management applications like salesforce ( CRM Quick Quote CRM - Free Report) , as well as sophisticated data analytics tools, IoT automations and AI. Additionally, the bundled application lowers cost, thereby driving profits. Notably, RingCentral Contact Center integrates NICE’s CXone cloud contact center with RingCentral’s cloud Message Video Phone platform. The combined solution offers significant cost saving benefits and improved collaboration between contact center agents and other employees. Currently, RingCentral and NICE serve more than 1000 joint customers globally across several industries, including healthcare, retail, financial services, and the public sector. Strong UCaaS Demand Aids RingCentral’s Prospects
RingCentral is benefiting from solid demand for its UCaaS solutions and RingCentral Office offering, owing to the coronavirus-induced work-from-home wave. In first-quarter 2021, RingCentral Office ARR (UCaaS + CCaaS) soared 40% year over year to $1.2 billion.
RingCentral’s subscription revenues have demonstrated strong growth, driven by an expanding clientele. In the first quarter, software-subscription revenues surged 33.8% year over year to $325.2 million and accounted for 92.3% of total revenues. Additionally, RingCentral’s expanding international presence is a key catalyst. Moreover, a strong partner base that includes the likes of Avaya, AT&T, Atos and Alcatel-Lucent, is expected to remain a major growth driver. For instance, in March, RingCentral announced the launch of Rainbow Office solution in eight European countries, including Austria, Belgium, France, Germany, Ireland, Italy, Spain and the Netherlands. Rainbow Office combines the latest UCaaS technology powered by RingCentral with market-leading telephony and networking products and services from Alcatel-Lucent Enterprise’s portfolio. Moreover, in April, the company launched Unify Video by RingCentral in Europe in partnership with Atos. Unify Video, based on RingCentral’s integrated video meeting with team messaging solution, provides users with high quality and high-availability video meetings. These factors are also expected to boost RingCentral’s competitive prowess against the likes of Microsoft ( MSFT Quick Quote MSFT - Free Report) and Zoom in the near term. Bitcoin, Like the Internet Itself, Could Change Everything
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