Last year, Five9 made a lot of money. If there was ever an indication of that, it would be from its quarter four earnings report. Five9’s Cloud contact center solution is one of the major causes of its 2018 victories, thanks in large to the only 10-15 percent of companies that have begun transitioning to the Cloud, according to Rowan Trollope, Five9’s CEO.
With the tremendous opportunity for future growth in the Cloud contact center market, Five9’s enterprise business grew to 77 percent in 2018, and enterprise subscriptions rose at a rate of 36 percent.
Customers who spent over $1 million in Annual Recurring Revenue represented one of the fastest-growing segments of Five9’s business, with the company today at over 40 customers generating more than $1 million in revenue. Trollope said this number has ‘doubled over the last two years.’
Highlighting just how vast 2018 was for Five9, CEO Rowan Trollope said:
“We closed 2018 with our strongest quarter ever as a public company, with $72.3 million in revenue, up 31 percent year-over-year and $16.4 million, and adjusted EBITDA representing a 22.7% margin”
“That’s up 3.1 percentage points sequentially, which achieve our intermediate-term target a full year ahead of plan.”
Expanding customer relationships
Five9 saw a rise in the number of large enterprises moving to its omnichannel contact center solution, ones looking to leverage CRM software like Salesforce, Oracle, and Zendesk. Five9’s customers also looked toward its UC integration, which has a host of powerful collaboration features.
With the use of Five9’s Cloud APIs, last year customers integrated with other enterprise software along with their own applications. Realizing they were on the cusp of a fundamental change, Five9 renewed its focus to CX, which holds a substantial share of the company’s portfolio appeal.
“We land the Five9 platform in a new customer and then begin to help them improve their customer experience and productivity. So, that, in turn, combined with the trust that we built in terms of uptime and support helps us drive our expansion as customers look to add seats as well as buy more products and services from Five9,” said Trollope.
Using CX as a key differentiator, Five9 is well-positioned to capitalize on the growing number of companies that want to enhance CX.
Five9 to beef up Artificial Intelligence in contact center solution
The more AI advances, it clasps a tighter grasp on the way we imagine data evaluation and augments how businesses deliver quality customer service.
In 2018, Five9 reported over 5 billion minutes of customer calls recorded. As they maintain strides toward making real-time data understanding practical using automatic speech recognition, they are on the vanguard of shaping real-time data-based decisions in call and contact center environments.
AI models are poised to become smarter, thus making Five9’s contact center solution even more enticing. Today, data combined with machine learning are a winning combination for enterprises of all sizes, and Five9 is sure to remain on the bleeding edge, leading the market in innovation with respect to AI.
What’s in store for Five9’s future? Already, this year, Five9 announced its new CTO and plans to double down in Europe.
