BELMONT, Calif.--(BUSINESS WIRE)--
RingCentral,
Inc. (NYSE:RNG), a leading provider of global enterprise cloud
communications and collaboration solutions, today announced that
according to Synergy
Research Group, an independent market research firm, the company has
extended its market share lead in UCaaS. On October 16, 2017, Synergy
announced details of its Q2 2017 Synergy UCaaS Market Share report and
also announced that RingCentral was once again recognized as the #1
worldwide market share leader in both revenue and subscriber seats for
unified communications as a service (UCaaS).
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Figure 1: Synergy Research Group Q2 2017 Report on UCaaS Worldwide Revenue Market Share (August 2017) (Graphic: Business Wire)
RingCentral's market share leadership position has increased to 19.5% in
Q2 2017 from 16.4% in the year ago quarter, and 18.8% in the prior
quarter, according to Synergy Research Group. As shown in Figure 1,
RingCentral is the market share leader and is breaking away from the
competition.
"The UCaaS market is accelerating at an annualized rate of 29% due to
the continued erosion of on-premises PBX systems, which declined -11%,
and the rapid pace of adoption among enterprises that are migrating to
the cloud looking for richer and more cost-effective collaborative
communication solutions," said Jeremy Duke, Synergy Research Group's
founder and chief analyst. "We are also seeing an up-market acceleration
of UCaaS adoption, moving from serving smaller sized organizations to
gaining traction in businesses of over 100 seats and over 1,000
seats. RingCentral is capitalizing on these trends and continues to
execute well, which is reflected in its continued strong growth."
"We're honored to be recognized as the largest and fastest-growing UCaaS
provider by leading market research firm, Synergy Research Group," said
David Sipes, chief operating officer of RingCentral. "The cloud is
winning and RingCentral is winning in the cloud. The reason cloud is
winning is due to the rapid pace of innovation it is delivering to
customers, which can't be matched by legacy on-premises and hosted
solutions. We continue to relentlessly focus on innovation while
delivering a best-in-class experience for our customers."
For more information about the Q2 2017 UCaaS market share data published
by Synergy Research Group, view their press
release here.
About RingCentral
RingCentral, Inc. (NYSE:RNG) is a leading provider of global enterprise
cloud communications and collaboration solutions. More flexible and
cost-effective than legacy on-premises systems, RingCentral empowers
today's mobile and distributed workforce to communicate, collaborate,
and connect from anywhere, on any device. RingCentral unifies voice,
video, team messaging and collaboration, conferencing, online meetings,
and integrated contact center solutions. RingCentral's open platform
integrates with leading business apps and enables customers to easily
customize business workflows. RingCentral is headquartered in Belmont,
California, and has offices around the world.
Forward-Looking Statements
This press release contains "forward-looking statements," including but
not limited to, statements regarding the growth of the UCaaS market, our
market share and leadership position, and our growth rates.
Forward-looking statements are subject to known and unknown risks and
uncertainties and are based on assumptions that may prove to be
incorrect, which could cause actual results to differ materially from
those expected or implied by the forward-looking statements. Among the
important factors that could cause actual results to differ materially
from those in any forward-looking statements are: our ability to grow at
our expected rate of growth; our ability to add and retain larger and
enterprise customers and enter new geographies and markets; our ability
to continue to release, and gain customer acceptance of, new and
improved versions of our services; our ability to compete successfully
against existing and new competitors; our ability to enter into and
maintain relationships with resellers; our ability to manage our
expenses and growth; and general market, political, economic, and
business conditions, as well as those risks and uncertainties included
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations," in our Form
10-Q for the quarter ended June 30, 2017, filed with the Securities and
Exchange Commission; and in other filings we make with the Securities
and Exchange Commission from time to time.
All forward-looking statements in this press release are based on
information available to RingCentral as of the date hereof, and we
undertake no obligation to update these forward-looking statements or to
provide interim reports or updates on the progress of the current
financial quarter.
Disclaimer
While RingCentral believes that the information provided by Synergy is
reliable, it has not independently verified any of the data or
ascertained the underlying economic assumptions relied upon by Synergy.
Synergy research publications consist of the opinions of Synergy's
research organization and should not be construed as statements of fact.
©2017 RingCentral, Inc. All rights reserved. RingCentral and the
RingCentral logo are trademarks of RingCentral, Inc. Other third-party
marks and logos displayed in this document are the trademarks of their
respective owners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171019005527/en/
RingCentral Inc.
PR Contact:
Mariana Kosturos,
650-562-6545
mariana.kosturos@ringcentral.com
Source: RingCentral, Inc.