This week, RingCentral published a set of notable 2019 Q2 results, including setting a record of 30 TCV wins of over $1 million. Vlad Shmunis, RingCentral’s Founder, Chairman and CEO, announced that total revenues grew to $215 million, an increase of 34% year-over-year.
During the earnings call Vlad said, “These achievements are a testament to the strength of our market-leading cloud communications solution that uniquely integrates voice, video, team messaging, and contact centre with an open platform and unmatched global footprint. This enables enterprises worldwide to drive productivity enhancements and improve overall customer and employee engagement.”
Global footprint, open APIs and innovation drive enterprise success
RingCentral’s key differentiators in the Unified Communications market include mobile-first integrated voice, video, team messaging, and contact centre solutions with an open platform and a strong global footprint. Our end-to-end solution is offered via RingCentral Global Office in over 40 countries and our global footprint expands to over 100 countries. In addition, our open platform ecosystem continues to expand and is currently at over 23,000 developers and over 2,500 certified app integrations, both up over 60% year-over-year.
Dave Sipes, RingCentral’s Chief Operating Officer, said “Our integrated platform for voice, video, team messaging, and contact centre, combined with global reach, mobility, and open APIs, are driving the enterprise market to RingCentral.” We are seeing enterprise customers increasingly select RingCentral for our differentiated capabilities. Of our seven-digit TCV wins last quarter, about 50% cited team messaging as a key influencing factor in the decision to go with RingCentral. Of these large deals 60% also included contact centre wins.
RingCentral has been ranked first in IHS Markit 2019 Unified Communications as a Service North American Scorecard. Click To Tweet
We are pleased that several of these enterprise deals are coming from the EMEA business. Following deals such as a seven-figure win with Ladbrokes Coral, 45,000 seat win with a major UK retailer and 3,000 seat France based win with Euralis, we are happy to also announce that we recently signed a win for about 2,000 seats with a well-known UK-based global lifestyle brand.
Industry awards and accolades
We are thrilled to continue to receive recognition from respected industry analysts. For the third consecutive year RingCentral has been ranked first in IHS Markit 2019 Unified Communications as a Service North American Scorecard. The IHS Markit annual report evaluates the top 10 North American UCaaS providers based on market share, financial stability, market momentum, service development, and support options.
In addition, RingCentral has been ranked highest for growth and innovation in the new 2019 Frost & Sullivan UCaaS Radar Report. Frost & Sullivan’s first North American hosted IP telephony and UCaaS Radar report delivers analysis of 30 providers across growth strategy, execution, and performance, as well as their ability to develop solutions that are globally applicable and aligned with mega trends and customers’ evolving needs.
Most recently, we were honoured to win UC Today’s award for Best Unified Communications Platform, following last year’s win of Best Cloud Communications Provider. The UC Awards hosted by UC Today is a global event designed to celebrate the pioneers, innovators, and leaders in the market.
Additional growth on the horizon
Based on the Q2 results we can see our unified platform and global go-to-market efforts are driving strong success in mid-market and enterprise segments. As Vlad noted during the quarterly announcement, we are now within striking distance of achieving our goal of exceeding $1 billion in revenue in 2020. As the industry continues to shift focus from legacy systems to the cloud, RingCentral stands ready and excited for the growth to come.