The Genesys Cloud CX platform has surpassed one million users, as the CCaaS leader ended Q2 with nearly $1.2BN in annual recurring revenue (ARR).
Much of this growth stems from a hike in its enterprise install base. Indeed, the 50 biggest Genesys Cloud CX customers now average over 8,900 users on the platform. Year-over-year (YoY), that figure is up by more than 30 percent.
Moreover, the CCaaS platform has enjoyed significant growth across several sectors. For instance, its YoY revenue growth is up by 145 percent in retail, 120 percent in healthcare, and 65 percent in financial services.
Several big wins in Q2 also played their part in Genesys’s sharp enterprise customer growth. These include new and expanded deals with a global automaker, a Fortune 20 healthcare organization, and a Fortune 100 computer hardware business.
Migrations from its legacy base have likely helped secure such significant wins after Genesys pumped the breaks on its on-premise innovation last year.
In addition, some may have migrated from its Multicloud CX Platform, which Genesys began to shut down in October.
Nevertheless, the numbers seem impressive, with Genesys Cloud CX experiencing a 50 percent hike in overall revenue growth compared to the same quarter last year.
Toasting these figures, Tony Bates, CEO and Chairman of Genesys, stated:
Quarter after quarter, our results show that our customers, partners, and industry experts have confidence in the strength of Genesys Cloud CX to lead the industry into a new era of AI-powered experiences.
“With our innovations and ecosystem, we’re revolutionizing how businesses deliver higher levels of personalization to customers and empower their workforces for experiences that rise above the competition.”
Genesys also revealed a total liquidity of over $850 million, including $600MN of cash in hand. That may fund further innovation to drive new levels of customer personalization and workforce engagement – areas that Bates doubled down on.
Yet, while these figures all seem impressive, it’s worth noting that Genesys is a private company. As a result, it can pick and choose which earnings results it releases.
In addition, it does not have to release more comprehensive financial records, as many of its market rivals must – including AWS, Five9, and NICE.
Elsewhere at Genesys…
August has proven a month full of positive news for Genesys. For starters, the vendor cemented its market leader position in the 2023 Gartner Magic Quadrant for CCaaS.
Genesys then backed this up by ranking highest in three out of five contact center use cases in the corresponding Gartner Critical Capabilities report. These include: Global Contact Center, High-Volume Customer Call Center, and Customer Engagement Center.
Alongside this, Genesys received five new government security certifications. That includes FedRAMP authorization, which demonstrates to US government agencies that its Cloud CX solution is secure and compliant.
The vendor has also built momentum around its generative AI strategy, offering platform users access to Amazon Bedrock, which followed the launch of its native GenAI models for auto-summarization earlier this year. These models help to accelerate agent post-call processing.
Such AI innovation seems to be resonating with many end-users. Indeed, the number of Cloud CX customers implementing three or more of Genesys’s native AI solutions grew by more than eight times in Q2 – compared to the same period last year.
That statistic suggests that not only is Genesys driving more business to its platform, but it’s expanding customer value over time – a seemingly positive recipe for long-term CCaaS success.
