Vonage Reports 22% Revenue Growth
Another successful year of innovation and strategic strides
In 2018, Vonage reported business revenues of $608 Million, a 22% increase over 2017. In the fourth quarter, Vonage’s business revenues had reached, $170 Million, a 27% year-over-year increase. The UC giant’s fourth quarter Vonage Business Service earnings were $149 Million, a 32% year-over-year increase
In total, its 2018 consolidated revenues resulted in $1.05 Billion, a 5% year-over-year increase. Vonage also saw the successful execution of its long-term product vision through two strategic acquisitions and internal development of its One Vonage Platform. This is all according to a statement released by the business telecom provider.
Vonage CEO, Alan Masarek said:
“2018 was a year of great strategic progress for Vonage, fueled by our financial strength,”
“We significantly advanced our strategy by acquiring TokBox, the industry leader in WebRTC programmable video, and NewVoiceMedia, a world leader in CCaaS. Both are integral to our One Vonage platform strategy and our ability to deliver great employee and customer experiences. Vonage now owns its entire technology stack across unified communications, contact center, and programmable APIs, and uniquely covers the entire cloud communications total addressable market.”
A year of acquisitions
In the second half of 2018, Vonage announced the acquisitions of TokBox and NewVoiceMedia. The additions to Vonage’s portfolio will help address the needs of today’s businesses by leveraging the Cloud to create an exceptional customer experience via intelligent interactions, Senior Manager, Corporate Communications at Vonage, Santina Stankevich told UC Today. She continued:
“Vonage will provide businesses with the tools necessary to connect with customers across multiple communication channels, using contextual communications”
Stankevich also told us, Vonage is looking to quickly become the worldwide leader in programmable video. In 2018, Vonage rolled out its programmable platform via Nexmo, the Vonage API Platform. In doing so, Vonage expanded its core communications APIs across voice, SMS, IP messaging, and video. This addition enables businesses to benefit from simple, flexible, and scalable programmable video solutions that create deeper customer relationships for businesses, Stankevitch shared.
2019, a shift to experience
In the first quarter of 2019, Vonage announced the launch of two new products designed to augment its One Vonage Platform. The first, CX Cloud Express, which acts as an expansion of Vonage Business Cloud. CX Cloud Express is a CRM-integrated contact center solution for customer, agent and employee experiences.
For medium-sized businesses, Vonage’s complete cloud contact center solution might appeal to them, as they can quickly install and change their operations as needed.
Vonage also released its Number Programmability service, which enables Vonage Customers to route to a host of API-driven capabilities with the use of a few lines of code. With its latest offerings, it is easy to see how Vonage is looking to enhance the user experience, offering functionalities that make it simpler to communicate with those in different languages and even a virtual assistant:
- An automated virtual receptionist
- An intelligent transcription service
- A robot-enabled meeting scheduler
- A real-time translator
What do you think or this news? Vonage Customer? Tell us your thought in the comments below.