The unified communications and collaboration application ‘RingCentral MVP’ has reached the milestone of five million paid seats.
RingCentral believes its MVP (Message, Video, Phone) solution has exceeded market expectations, and the milestone is a validation of the company’s decision to invest in enterprise UC and mobility.
The news was announced by the CEO of RingCentral, Vlad Shmunis, during its company earnings call last week.
Zeus Kerravala, Principal Analyst of ZK Research, said: “Reaching five million seats sold for RingCentral MVP is a major milestone.
“It’s amazing to think of the market opportunity ahead with more than several hundred million legacy on-premises seats out there.
“It shows that we’re still in the early innings of digital transformation as businesses migrate their communications systems to the cloud.”
Other statistics brought to light by Shmunis include the company now having $2 billion Annualised Recurring Revenue (ARR), and the RingCentral Contact Centre is accumulating more than $250 million ARR.
RingCentral has equalled its quarterly record of over $1 million in total contract value (TCV) deals, making the total nearly 500, he said.
Finally, Shmunis announced the company’s Q2 in 2022 had a record operating margin of 11.3%, which is an increase of 110 basis points (BPS) year-over-year.
What’s Behind MVP’s Success?
RingCentral says the success of MVP is due to its focus on four “mega-trends” in business today, including hybrid work, mobility, Microsoft Teams, and cloud-based unified communications and contact centres.
Another explanation for the success of MVP, offered by RingCentral, is the strong ROI customers receive using RingCentral, plus a 41% increase in employee productivity and a 69% increase in employee mobility, uncovered in its Customer Success Metrics study.
The company believes these statistics help to explain why MVP customer satisfaction rose by 48% and employee satisfaction increased by 57%, compared with their previous solutions.
What is RingCentral MVP?
RingCentral MVP is designed to improve workforce communications using message, video, and phone to collaborate and connect.
MVP has been integrated with a contact centre solution in order to improve its single provider offering, reducing the software management workload for IT departments.
The mobile-first software allows employees to work from anywhere and on any device.
MVP has been built on an open platform, allowing users to integrate third-party applications and customise workflows.
According to RingCentral, the application has now been made available in 45 countries.
Mo Katibeh, President and Chief Operating Officer at RingCentral, said: “I’m proud of all these accomplishments and reaching new milestones.
“RingCentral’s journey to becoming the world’s No. 1 cloud business communications provider could not have happened without our global team, dedicated to delivering industry-leading innovation and serving our customers’ needs.
“And of course, none of this would be possible without our customers, who are revolutionising the business world today. We appreciate each and every one of you and remain committed to innovating our tools to meet your evolving needs as you grow.”
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An executive from RingCentral took part in a UC Today round table on fusing UCaaS & CCaaS for Digital CX.
