RingCentral Shares Jump After Strategic Partnership related to Cloud-Based Unified Business Communications
Nov 10, 2021 By MarketDepth
RingCentral, Inc. (NYSE: RNG) stock skyrocketed about 28% on Wednesday after the software-as-a-service solutions provider announced a strategic partnership to provide Mitel’s global customer base with a seamless migration path to RingCentral’s Message Video Phone™ (MVP®) cloud communications platform.
According to the Company, RingCentral becomes Mitel’s exclusive UCaaS partner as part of the agreement, providing their customers with a next generation, mobile-first, cloud communications platform with high reliability and security, rich functionality, and broad enterprise app integrations. In the meantime, Mitel will continue to support customers on its MiCloud Connect platform and, working with RingCentral, provide a seamless path to RingCentral’s best-in-class cloud-based MVP for all its customers in a manner and pace that best fits each customer’s needs.
“We are excited to bring the market-leading UCaaS solution to our customers and channel partners with RingCentral as our exclusive UCaaS partner. The unique depth of this partnership furthers our strategy of delivering world-class communications to our customers and providing them a clear and flexible path for the future.”Tarun Loomba, newly appointed president and chief executive officer at Mitel
RingCentral, Inc. provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.
“We are bringing together the best of Mitel and RingCentral to give customers the right communications and collaboration solutions for their needs. Given our maniacal customer-centric focus, we’re delighted to now be able to offer customers a flexible and differentiated digital transformation path.”Vlad Shmunis, RingCentral’s founder, chairman and chief executive officer