Five9 Secures a Record $40+ Million Contract Win

Charlie Mitchell

The deal with a global healthcare conglomerate is the largest in its history

Five9 Latest News
Five9 Secures a Record $40+ Million Contract Win

Five9 has finalized a deal with one of the largest companies in the world, which will roll out tens of thousands of seats on the Five9 Cloud Contact Center.

The vendor anticipates the deal to achieve an annual recurring revenue (ARR) of over $40 million in software subscriptions alone.

It secured the deal with the global healthcare conglomerate – made up of many notable retail, pharmacy, and health insurance brands – after competing with other giants of the CCaaS space.

Now, Five9 will implement its cloud solution, strive to enhance contact center performance, and build a more connected enterprise.

Such outcomes are crucial, given the technology troubles the company had previously endured. Describing these on an earnings call, Dan Burkland, President at Five9, stated:

They were very siloed through many years of acquisitions and expansions and are now replacing all of their legacy on-premises solutions from Avaya, Cisco, Genesys, and NICE with Five9.

Why Five9? Burkland highlighted four significant reasons:

  1. Its ability to transform and deliver a reimagined, consistent, and highly differentiated customer experience.
  2. Its track record of providing insights and analytics, which allows companies to evolve and optimize their contact center operations continuously.
  3. Its deep and proven integration with Salesforce.
  4. Its complete WFO suite powered by Verint.

In addition, he believed: “We were the only provider they felt could service them effectively across all of their subsidiaries and businesses.”

The sheer scale of the deal means that it is likely to be one of the largest global CCaaS deployments in history, capping off a series of recent mega-deals for Five9.

Last year, the company announced a contract win with a global parcel delivery service company, which is now ramping towards an anticipated ARR of over $30 million.

Meanwhile, in the final quarter of 2021, the company welcomed a fresh cohort of 134 customers. Many of these will likely reach $1 million in ARR before the year’s end.

Commenting on these results, Rowan Trollope, CEO at Five9, said:

We’ve been investing to fulfill our vision to move upmarket and win larger and larger contact centers. You’ve seen concrete evidence of the success we’re having in pursuit of this vision, winning mega deals and achieving a significant increase in the trajectory of customers.

These wins showcase the strong start to the year that Five9 has enjoyed, with first-quarter revenues growing by 33% year-over-year.

Alongside these statistics, the company also teased future innovations, including new developments to its agent-assist capabilities, as Five9 plans to increase its stranglehold on the CCaaS market.

 

 


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