RingCentral, the world’s leading UCaaS provider, saw a rise in the company’s annual revenue by 32% during the first half of 2020 to $500.1 million with its ARR at a whopping 33% by the end of June that led it to 1.1 billion. This service uses cloud data centers to provide solutions that deliver voice, video, and messaging. RingCentral took this year by storm with its video and mobile voice minutes on its platform double in Q2, serving the current need for a work-from-home environment. The company also saw a stock rise of 63% in 2020!
While 2020’s unforeseen circumstances have caused companies to struggle to keep their offices open, RingCentral decided to extend its reach and achieve their goals. How did they do this, you ask? First, they partnered with Avaya Cloud Office in June 2020 and then with Unify Office from Atos in July 2020. Finally, they entered into a third, strategic partnership with Alcatel-Lucent Enterprise and came out with a new UCaaS offering, unique to ALE, called the Rainbow Office powered by RingCentral. Both these tech giants have a common goal of developing a program that is a leader in the cloud communication service space for the enterprise market.
During a general shut-down of the business world, these giant strides make the technology world wonder if these strategic partnerships are the three ‘Aces’ of RingCentral’s plan to better equip their customer with cloud solutions that are now proud to be ‘powered by RingCentral’.
Vlad Shmunis, founder, chairman, and CEO of RingCentral said, “We are excited to partner with Alcatel-Lucent Enterprise to bring our industry-leading cloud communications solutions to their customers and partners. Alcatel-Lucent Enterprise’s strong presence in Europe and beyond will enhance our ability to jointly enable customers and partners to accelerate their migration to cloud communication solutions in these markets.”
“Our partnerships are an absolute key pillar of our international growth strategy—Atos Unify, which we announced in July, and Alcatel-Lucent, which we announced in August. So, between the two of them, that’s going to be a core pivot for international growth, and absolutely will [become] a significant portion of the revenue mix, and [make international revenue] a more substantial part of it,” Anand Eswaran, President/COO of RingCentral said.
RingCentral’s Rainbow Office also aims to broaden and enhance the company’s cloud portfolio, with the mission of providing a technology experience that is a made-to-order fit for enterprise needs while operating a verticalized business approach in networking, communications, and cloud.
Rainbow Office powered by RingCentral is all set to be accessible towards the end of 2021’s first quarter. As part of a commercial agreement, these companies will aid in dispersing resources towards marketing, sales, and development of its new services. With all the big waves RingCentral’s been making, the industry has been left guessing as to what will come next – and we certainly look forward to it as well!