RingCentral has almost doubled its RingCX customer base in the first quarter of 2024.
Announced during the company’s Q1 earnings call, RingCX – an AI-powered CCaaS platform – now boasts over 200 customers, having experienced significant growth since the fourth quarter of 2023.
While Vlad Shmunis – Founder & CEO of RingCentral – praised the recent success of the solution, he was also keen to emphasize the importance of RingCX’s expansion into new international markets, suggesting that he anticipates further growth in the remainder of the year and beyond.
Having previously launched in the US and Canada, RingCX was made generally available in the UK, France, Germany, and Australia at the end of March – spreading the solution’s reach to a total of six countries across three continents.
Indeed, despite only being introduced to these new markets at the very end of the quarter, the company secured a Q1 deal with Rotherham Metropolitan Borough Council in the United Kingdom, which included the purchase of over 200 RingCX seats and over 3,000 RingEX licenses.
Speaking during the call, Shmunis outlined how he believed RingCX was able to land the UK-based deal, chalking it up to the solution’s reliability and integration capabilities, commenting:
Two key factors for our win. One, our unmatched reliability as their prior cloud provider had consistent outages; and two, our fully integrated RingEX and RingCX solution.
“They will be using RingCX to provide a range of services for their almost 300,000 residents, including addressing income and social care planning, housing and business regulation and enforcement questions. We are rapidly innovating with RingCX.”
But what else was revealed in RingCentral’s latest earnings call?
Featuring RingCX’s New Features
As well as adding customers, the company also announced that it had added over 300 features to RingCX in Q1, meaning the solution now possesses over 1000 capabilities.
Among these attributes, RingCX’s flexibility stands out. The CCaaS platform now includes native integration with the following major CRM providers:
- Salesforce
- HubSpot
- ServiceNow
- Zendesk
- Microsoft Dynamics
Moreover, RingCentral has also “opened” RingCX, allowing the platform to expand its “ecosystem of partners” that already includes Google, Dialogflow, Cognigy, Yellow.ai, Balto, and Calabrio.
In discussing the overall success of RingCX this quarter, Shmunis commented:
“Our strength in voice, ease of deployment, use and maintenance and our attractive pricing and packaging give us confidence that we will continue to see positive results from RingCX going forward.”
A Record Deal
Away from RingCX, RingCentral announced its largest-ever UCaaS deal.
Shmunis revealed that the company secured a significant contract with a Fortune 500 retailer, selling 40,000 seats in an eight-figure deal, with sales exceeding $20 billion.
In addition to this milestone, total revenues grew by nine percent year-over-year in Q1 to $584 million, surpassing the upper end of the company’s projected outlook.
Alongside robust total revenue figures, RingCentral also experienced a 10 percent increase in Subscription revenue in Q1, reaching $557 million.
Additionally, the operating margin saw a notable rise to 20.7 percent, exceeding last year’s performance and surpassing the guided 19.5 percent. This achievement was attributed to surpassing revenue projections and the timing of certain operating expenses.
RingCentral now anticipates total revenue for the year to be between $2.379 and $2.399 billion, reflecting growth of 8 to 9 percent.
More News from RingCentral
Introducing, the artist formerly known as …
It may not quite have the gravitas of Prince’s infamous name change, but RingCentral recently announced a rebrand of their own – updating RingCentral MVP to “RingEX,” a platform centered on enhancing the employee experience, augmented by RingSense AI technology.
RingEX aims to empower every employee within an organization with intelligent conversational tools to improve efficiency, offering features such as generative AI conversation searches, real-time call notes, and message recaps.
Additionally, RingCentral is incorporating custom AI into the platform to boost productivity and business collaboration. This expanded AI integration will cover most of RingCentral’s suite, including RingCX, RingEX, RingSense for Sales, and RingCentral Events.
