Genesys Secures Its “Largest Ever” Standalone AI Deal, Reveals Significant CCaaS Growth

The vendor also surpassed the $1.5BN in annual recurring revenue (ARR) milestone for CCaaS

3
Genesys Secures Its “Largest Ever” Standalone AI Deal, Reveals Significant CCaaS Growth
Contact CentreLatest News

Published: June 12, 2024

Charlie Mitchell

Last quarter, Genesys experienced a 200+ percent year-over-year (YoY) surge in new bookings for its standalone AI products.

That includes its “largest ever” AI win, which has a seven-figure annual contract value (ACV).

While Genesys shared little more information, it did reveal that the deal is part of a “large” customer experience transformation within a community service and well-being organization.

The deal comes as more of the 6,000 Genesys CCaaS customers start to leverage AI.

Indeed, over 40 percent of those customers now utilize the native AI capabilities included in the Genesys Cloud CX.

Such customers include Beyond Bank, Coca-Cola Bottlers’ Sales and Services (CCBSS), and PureGym.

Genesys credits its rising AI success to delivering conversational, generative, and predictive capabilities that address “real problems” within CX operations.

With this aim, Genesys recently released an AI-driven agent copilot, a “next-gen” virtual agent, and new journey orchestration features.

According to the vendor, that combination of AI and journey orchestration is the next frontier for contact centers in improving service experiences.

Tony Bates, Chairman & CEO of Genesys, doubled down on this while celebrating the vendor’s surging AI business.

He said: “We’re paving the way for a future where universal orchestration can transcend customer-facing activities across the front and back offices, enabling organizations to reimagine the contact center, customer and employee experiences, and their business overall.

With our unmatched experience orchestration capabilities and clear vision forward, our customers have confidence that Genesys will prepare them for a new era of AI.

Genesys is also pumping funds into executing that vision, investing more than $300MN in Genesys Cloud research over a 12-month period.

Alongside AI and journey orchestration, much of those funds have gone into its co-innovation with Salesforce and ServiceNow.

In addition, Genesys has bolstered its Magic-Quadrant-leading core CCaaS offering, which also appears to be gaining momentum…

The Genesys Cloud Is Up 40 Percent YoY

Alongside its AI successes, Genesys has revealed that its CCaaS business as a whole is enjoying “substantial growth” and is up 40 percent YoY.

As a result, Genesys has surged past the $1.5BN in annual recurring revenue (ARR) milestone for CCaaS revenues.

To put that number into perspective, NICE is the only other vendor to have announced that it has surpassed the $1BN mark.

Meanwhile, Genesys also shared several more statistics regarding its business growth.

For example, it disclosed that the average number of unique agents across its top 50 CCaaS customers hiked to almost 10,500. That is up 20+ percent, emphasizing how Genesys is migrating more large enterprises to the cloud.

In addition, almost five billion conversations took place on Genesys Cloud CX last quarter, which is up 60 percent – again underlining the platform’s growth.

Elsewhere, the vendor transcribed over a trillion words on its Genesys Cloud Speech and Text Analytics, while its sustainability practices influenced “more than $55 million” in new and sustained business over the quarter.

Finally, Genesys achieved a CCaaS uptime of 99.999 percent, added new social media capabilities to AppFoundry following its Radarr Technologies roll-up, and confirmed its “strong profitability” during the quarter.

Yet, it’s critical to note that Genesys is a private company. As such, it can pick and choose the earnings statistics it releases into the public domain.

Of course, that means the vendor doesn’t face the same revenue scrutiny as industry rivals, like AWS, Five9, and NICE. Nevertheless, these numbers are impressive, especially those around CCaaS growth.

 

Artificial IntelligenceCCaaSEnterprise

Brands mentioned in this article.

Featured

Share This Post