Genesys Grows New Booking and Subscriptions More than 100% Year-over-Year as Companies Adopt Its Experience as a Servicesm Vision
Genesys, a global cloud leader in customer experience orchestration, announced results for the company’s first six months of the fiscal year 2022. This significant momentum comes after the company’s record-setting fiscal year 2021. Halfway through fiscal year 2022, the Genesys Cloud CX™ platform achieved more than 100 % year-over-year growth in new cloud bookings, compared to the first six months of fiscal 2021. In the same period, the Genesys Multicloud CX™ solution also achieved more than 100% year-over-year growth in cloud and subscription bookings.
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After just two years under the helm of CEO Tony Bates, the company has nearly completed its business model transition with cloud and subscription bookings making up more than 90% of total new bookings, up from nearly 75% in fiscal year 2021 and 53% in calendar year 2019, driven by Genesys Cloud CX and Genesys Multicloud CX success.
In experience economy, consumers have high expectations for their relationships with the companies engrained in their daily lives. Consumers are defining new rules for engagement as they are always-on, looking for what they need—when they need it—and expecting to be heard and understood. Yet, customer contact centers have traditionally been built for transactional efficiency and effectiveness. What has been missing is the critical element of empathy at scale. It’s no surprise that a June 2021 study by Forresteri found that nearly 80% of consumers rated brand experiences as “ok” or “poor.” Companies everywhere are reevaluating how they connect with their customers to provide empathetic experiences to earn customer loyalty.
“Experience as a Service is the next step in the evolution of customer engagement,” said Tony Bates, CEO and Chairman of Genesys. “Businesses look to Genesys as the leader in executing this vision and enabling them to deliver empathy at scale through innovations in AI and journey orchestration. For companies that need to meet the needs of digital environment and provide rewarding experiences across all customer touchpoints, Genesys is the natural choice.”
Organizations around the world are turning to Genesys to transform transactional consumer touchpoints into orchestrated customer experiences. In the first six months of fiscal year 2022, Genesys Cloud CX and Genesys Multicloud CX drove a combined growth of 125% in the number of deals over $2.5 million annual recurring revenue compared to the first half of fiscal year 2021. Notable Genesys deals include one of the most iconic US fashion retailers, a popular vacation rental company, a global auto loan financer and a national healthcare company that added 18,000 agents to Genesys Cloud CX, contributing to the more than 400,000 agents that are now on that platform.
Additionally, based on this powerful cloud solution portfolio, Genesys continued to displace legacy vendors during the period — more than three per day from Avaya and Cisco alone, including 20,000 agents on Genesys Multicloud CX in an eight-figure annual deal with a Fortune 100 telecom company.
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During the first half of the fiscal year, Genesys continued its momentum on delivering innovative solutions and growing its ecosystem, including the following milestones.
- Introduced multiple advancements in artificial intelligence (AI) with new features for Genesys Cloud CX, including Genesys Predictive Routing, Genesys Web Messaging and Intent Miner for Bots. These new features enable businesses to be more customer-centric, powering fluid and personalized experiences on consumers’ preferred channels.
- Launched the Genesys DX™ solution, helping companies move beyond transaction-based chat conversations and deliver intuitive digital experiences for their customers, understand customer needs and predict intent with groundbreaking capabilities. Genesys DX leverages the Genesys customer experience expertise and Genesys AI with predictive engagement to enhance conversational AI and dynamic knowledge base features from the Bold360 acquisition.
- Launched Genesys Choice, a flexible consumption model that provides access to all voice, AI, workforce engagement/optimization and digital capabilities — all with a single annual subscription. This new offering enables companies to leverage any Genesys capability when they need it, without having to change their contract. This includes the ability to quickly scale up or down Genesys Cloud CX or Genesys Multicloud CX usage to adjust for business needs.
- Launched Genesys Multicloud CX ™ on Azure, the first cloud contact center service on the Microsoft Azure cloud platform. With this omnichannel service, enterprises have the security and scalability needed to connect every customer touchpoint, and the ability to innovate faster with a full breadth of capabilities large enterprises require. Genesys also delivered its first Genesys Multicloud CX™ private edition, a cloud solution that companies can deploy themselves or run through partners on any cloud platform.
- Enabled organizations to interact with consumers via Instagram private messaging with the launch of Messenger API for Instagram, helping them engage with their customers on a more personalized level.
- Partnered with Qualtrics to bring together Genesys engagement data and Qualtrics experience data to help companies understand every factor affecting customer satisfaction in a single view.
- Partnered with Limitless to create more authentic, human connections between companies and consumers by extending their contact center teams using a gig workforce of brand experts.
- Increased the number of partners and cloud solutions available on the Genesys application marketplace, AppFoundry® by 24% and 22%, respectively. Many cloud solutions in the AppFoundry Marketplace are pre-integrated with Genesys Cloud CX and can be instantly deployed and used, providing businesses even more options to customize and deliver remarkable customer experiences based on their needs.
The strength of Genesys business momentum and cloud leadership garnered significant industry analyst recognition over the calendar year, most notably being named a Leader in Contact Center as a Service by Gartner® in its annual Magic Quadrant TMii, as well as Visionary for Workforce Engagement Management (WEM)iii. Most recently, Genesys was ranked No. 1 for 2020 market share for Worldwide Contact Center Applications by IDCiv. Additionally, Genesys was named Growth and Innovation Leader by Frost and Sullivanv and a leader by Opus Research in Conversational Intelligencevi.
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