We love meeting big goals almost as much as we love exceeding market expectations. When we crossed five million paid RingCentral MVP® (Message, Video, Phone) seats, it validated the significant bets we placed on the transformative power of cloud-based unified communications and mobility in the enterprise.
5 fun facts about RingCentral
Here are five fun facts announced by RingCentral’s CEO Vlad Shmunis during our earnings call this week, demonstrating RingCentral’s unique customer value we provide in global markets.
- We are a $2 billion Annualized Recurring Revenue (ARR) company.
- RingCentral Contact Center is now over $250 million ARR and is a key growth driver.
- RingCentral MVP now has more than 5 million paid seats.
- We matched our quarterly record of $1 million-plus total contract value (TCV) deals, bringing the total to almost 500.
- We delivered a record operating margin of 11.3% in Q2 2022, up 110 basis points (BPS) year-over-year.
Setting the trends
RingCentral MVP has established that it is the market-leading cloud-based communication solution for today’s hybrid workforce. Our success reflects a focus on four key mega-trends that are critical to businesses’ success today:
- HYBRID: Hybrid work is here to stay, and so is the need for cloud-based communications platforms.
- MOBILITY: The ongoing adoption of mobility worldwide is driving the need for solutions that enable work in any mode, on any device, from anywhere.
- TEAMS: Microsoft Teams is a growth driver for RingCentral and serves as a meaningful opportunity for customers to use direct routing via RingCentral Cloud PBX for Microsoft Teams.
- UC+CC: CIOs prefer to purchase integrated, cloud-based unified communications and contact center solutions from a single provider.
Helping businesses thrive
The world is moving away from legacy on-premises communications in favor of modern cloud solutions that work the way people want to work. With RingCentral MVP, we redefined what’s possible and led the future of cloud-based unified communications:
- We put all conversations in one place (message, video, and phone) to improve how workforces communicate, collaborate and connect.
- We developed our software to be mobile-first — enabling people to work from anywhere on any device.
- We built an open platform so software partners and customers can easily integrate other applications with RingCentral MVP and create custom workflows.
- We extended our worldwide reach and made RingCentral MVP available in 45 countries.
- And last but not least, we tightly integrated MVP with the market’s leading contact center solution and led the trend toward a single provider to manage both employee and customer engagement.
Moving the needle
“Reaching five million seats sold for RingCentral MVP is a major milestone,” said Zeus Kerravala, principal analyst of ZK Research. “It’s amazing to think of the market opportunity ahead with more than several hundred million legacy on-premises seats out there – it shows that we’re still in the early innings of digital transformation as businesses migrate their communications systems to the cloud.”
We know from our own Customer Success Metrics study, conducted in April 2022, that customers see strong ROI by using RingCentral – including a compelling 41% increase in employee productivity and a whopping 69% increase in employee mobility. These benefits help explain why RingCentral MVP registered a 48% increase in customer satisfaction and a 57% boost in employee satisfaction over their previous solution.
This study of over 1,000 RingCentral customers demonstrates how we are moving the needle on business value metrics such as return on investment, employee productivity, workforce mobility, and customer experience.
Delighting our customers
Our customers tell us that the business benefits of RingCentral MVP deployments are also significant.
- C&S Wholesale Grocers, a US industry leader in supply chain solutions and wholesale grocery supply, selected RingCentral to replace their legacy PBX infrastructure. “As we researched cloud solutions to replace our PBX infrastructure, we saw that with RingCentral, we could integrate a whole suite of communication features in one platform, connect our dozens of offices across the country for the first time ever, empower our employees to communicate from anywhere—and still save a million bucks a year.”
- Preferred Risk Insurance Services CIO Sumit Roy said, “Because our call volume has grown tremendously, we chose RingCentral for its ability to scale and because it offers a tightly integrated communications solution that will enable us to continue providing top-notch service to our customers. Our prior solution did not allow our employees to work from home effectively. It became mission critical for us to choose a mobile-first cloud communication solution–which RingCentral delivers.”
Reliability is job #1
While every organization appreciates greater cost savings and enhanced employee mobility, especially for hybrid workers and globally distributed teams, business leaders tell us that reliability and continuity mean more now than ever.
No matter what, companies can’t operate without a reliable means of employee and customer communications. Our 16 consecutive quarters of 99.999% uptime for RingCentral MVP sets a gold standard for reliability that other providers can’t beat.
More innovation to come
I’m proud of all these accomplishments and reaching new milestones. RingCentral’s journey to becoming the world’s No. 1 cloud business communications provider could not have happened without our global team, dedicated to delivering industry-leading innovation and serving our customers’ needs. And of course, none of this would be possible without our customers, who are revolutionizing the business world today. We appreciate each and every one of you and remain committed to innovating our tools to meet your evolving needs as you grow.
Originally published Aug 04, 2022