RingCentral‘s total revenue grew by 25 percent throughout the fiscal year 2022, with revenue up from $1.59bn in 2021 to $1.99bn in 2022.
The company revealed the figure during its fourth quarter FY 2022 earnings call, in which the company reported a revenue of $525 million, representing 17 percent year-over-year growth.
Vlad Shmunis, RingCentral’s Founder, Chairman and CEO, commented: “We are in a select category of SaaS companies with over $2 billion of recurring revenue, and our Q4 results reflect our ability to deliver healthy growth and increasing profitability as we continue to scale.
“We are executing well in the current environment given our product leadership, which provides customers with the market’s leading UCaaS platform, as well as an integrated CCaaS solution.”
Although with its earnings, RingCentral has also announced in recent days it is extending its strategic partnership with Avaya and that it is also entering a new one with Amazon Web Services (AWS).
Both partnerships are designed to help organisations accelerate their journeys to the cloud for communications and collaboration.
Avaya
Earlier this week, Avaya announced it was filing for a chapter 11 bankruptcy to wipe off more than 75 percent of its $3.4bn debt.
At the same time as the bankruptcy announcement, RingCentral confirmed that it was extending and expanding its strategic partnership agreement with Avaya.
The union sees the two organisations bring Avaya Cloud Office (ACO) by RingCentral to the market; however, details of the new terms between the duo are still vague.
Shmunis said: “We announced an extended and expanded agreement to our strategic partnership with Avaya, with significantly improved terms.
“Avaya Cloud Office by RingCentral remains Avaya’s exclusive multi-tenant U.K. solution to Avaya customers.
“Avaya continues to hold the world’s largest base of unified communications on-prem users, and we remain best positioned to migrate this base to the cloud.”
RingCentral has confirmed that some of the new terms include minimum seat commitments and a better-aligned incentive structure to drive an accelerated migration to ACO.
Mo Katibeh, President and COO, RingCentral, is predicting there will be an increased focus on ACO once Avaya restructures its finances.
He commented: “We expect to see renewed focus in selling ACO after Avaya finalizes their recapitalization.
“We expect that Avaya will emerge stronger and better positioned to migrate the world’s largest on-premises installed base to Avaya Cloud Office by RingCentral, the best UCaaS destination for every Avaya unified communications customer.”
RingCentral has also confirmed that Avaya will be compensated in cash as ACO seats are sold, and there will be no prepaid commissions amount to Avaya as the company looks to get back on its feet.
AWS
RingCentral’s new Strategic Collaboration Agreement with AWS will aim to help organisations accelerate their cloud journeys and transform their employee and customer communications.
The partnership is a multi-year agreement that will see AWS offer RingCentral Message Video Phone (MVP) and RingCentral Contact Centre to its customers.
The two companies have stated they will work on delivering vertical solutions with end-to-end cloud migration for businesses in healthcare, financial services, retail, education, and the public sector.
Katibeh said: “This announcement with AWS marks the beginning of an important collaboration for RingCentral, whereby we will work together to deliver technologies and innovations that improve business communications for today’s hybrid workforce of both knowledge workers and frontliners.
“We are very encouraged by our initial work with AWS, which has resulted in new customers signing up for RingCentral solutions.
“We believe RingCentral’s proven track record as a trusted partner, together with the innovation and scale of AWS, will give organizations the power of the world’s best business communications service with the unmatched security, compute power, data residency, and privacy of AWS.”
The collaboration will build on RingCentral’s cloud communications platform and enable users with flexible migration options through bring-your-own-carrier (BYOC) and hybrid PBX solutions.
RingCentral also plans to provide technical resources for workstreams to make its offerings functional and transactable for AWS customers.
