Genesys Announces Strong Fiscal Year 2022 Business Results
Total Revenue of over $1.9 Billion
Cloud and Multicloud Revenue of over $825 Million, up over 60% Year-over-Year
More than 90% of New Bookings were Recurring in the Fiscal Year
SAN FRANCISCO, March 30, 2022 /PRNewswire/ — Genesys®, a global cloud leader in customer experience orchestration, today announced preliminary results for the company's fiscal year 2022 (February 1, 2021–January 31, 2022).
"This past fiscal year was record-setting for Genesys and evidence that our customers see our experience orchestration and thriving ecosystem as how they can deliver unique experiences at scale," said Tony Bates, CEO and Chairman of Genesys. "While products and services are important, research shows that more than 80% of consumers see personalized experiences as the key to their brand loyalty and advocacy. That's why many of the most forward-looking organizations in the world have already turned to us to help them rethink how they build lifelong relationships with their employees and customers."
Organizations have turned to Genesys to navigate the loyalty-reckoning they're facing in today's experience economy. Just one bad experience can lead a customer to a new brand — and cultures in which employees don't feel valued or set up to thrive are contributing to the "Great Resignation." The common thread behind this decline in loyalty is a lack of empathy. Too many organizations have yet to focus on people-centric experiences.
As the leader of Experience as a Service SM, Genesys is enabling organizations to transcend business centricity and scale empathy across their organizations to deliver positive experiences to customers, partners and employees — and to drive the trust and loyalty that sets them apart.
Fiscal Year 2022 Financial and Business Highlights
Total revenue of greater than $1.9 billion with year-over-year growth more than double the 9% rate in the prior year, as the company completed its transition to a cloud company.
Cloud and multicloud revenue of greater than $825 million, up more than 60% year-over-year, driven by strong customer adoption of the company's Genesys CloudTM and Genesys Multicloud CXTM products in the fiscal year.
More than 40% of the company's revenues came from outside North America.
Cloud net revenue retention of greater than 120% in the fiscal fourth quarter, a level achieved for more than eight consecutive quarters.
Closed more than 15 deals over $5 million new ARR, including six over $10 million new ARR.
Signed the largest deal in company history, a nine-figure total contract value (TCV) multiyear agreement with a leading North American financial services institution to transform its global contact center operations.
Displaced legacy vendors Avaya and Cisco by more than three per day, on average, throughout fiscal year 2022, consistent with fiscal year 2021.
Expanded Genesys relationships with partners, with more than 50% of new bookings influenced by partners in the fiscal year, and an increase in the number of partners in the AppFoundry® Marketplace by more than 35% year-over-year. During fiscal year 2022, more than 70% of Genesys customers used the company's public APIs to customize the customer experience to meet their unique needs.
In fiscal year 2022, Genesys also expanded its capabilities in digital, artificial intelligence (AI) and experience orchestration, with the acquisitions of Bold360, Exceed.ai and Pointillist. Through these acquisitions, the company expanded its industry leadership with journey analytics and conversational AI for marketing and sales — unifying the customer experience across all touchpoints. Additional milestones include:
In December 2021, announced that the company raised $580 million in equity funding to accelerate its leadership in the Experience as a Service market globally.
Released enhancements to Genesys Cloud, with new AI-based call routing, intent-aware bots and asynchronous web messaging. Organizations have seen success with these improved capabilities; Probe Group, an Australian Business Process Outsourcing consultancy, for example used Genesys Predictive Routing to reduce average handle time by 14%.
Launched the Genesys DXTM product, an all-digital customer engagement solution that enables organizations to move the customer experience beyond transitional chat interactions.
Formed a partnership with Qualtrics to help companies deliver world-class customer service experiences at scale. Bringing together Genesys engagement data and Qualtrics experience data, the alliance helps organizations understand every factor impacting customer satisfaction in a single view.
Extended the power of Genesys Multicloud CX with availability on Microsoft Azure and an expanded partnership with Google Cloud to help organizations connect customer support and experiences in a more distributed, digital world. The partnership brings the Genesys Multicloud CX platform to Google Cloud, enabling organizations to deploy and deliver exceptional customer experiences on their infrastructure of choice.
Created a collaboration with Thrive Global to help organizations counter the employee burnout crisis. Thrive Reset for Genesys, a first-of-its-kind employer-initiated stress intervention solution will launch on the Genesys AppFoundry, which we announced in Q1 FY23.
Earned certification as a Great Place to Work® in Australia, Brazil, Canada, India, Ireland, Japan, New Zealand, Philippines, United Kingdom and the United States.
"As much as CEOs and others talk about the importance of the customer experience, too few realize it isn't merely a check-the-box static outcome; rather, it's a dynamic relationship that changes and morphs over time," said Alan Webber, VP for CX research at IDC. "The result is that experiences that were good enough yesterday are unlikely to meet today's customer standards. Genesys is working with organizations to see how they can meet these heightened expectations and orchestrate experiences based on the context of each interaction across the enterprise. By adopting the foundation for a dynamic personalized experience, those companies are enabled to deliver the best experiences to their customers."
Financial Discloser Disclaimer The unaudited financial results for the fiscal year ended January 31, 2022 included in this press release are preliminary and represent the most current information available to management and are not a comprehensive statement of the financial results for the period discussed. Actual results may differ from the preliminary unaudited results included in this release due to the completion of the company's year-end financial closing procedures, including final adjustments, completion of the audit by the company's independent registered public accounting firm, and other developments that may arise between the date of this press release and the time that financial results for the fiscal year ended January 31, 2022 are finalized.
About Genesys Every year, Genesys orchestrates billions of remarkable customer experiences for organizations in more than 100 countries. Through the power of our cloud, digital and AI technologies, organizations can realize Experience as a ServiceSM, our vision for empathetic customer experiences at scale. With Genesys, organizations have the power to deliver proactive, predictive, and hyper personalized experiences to deepen their customer connection across every marketing, sales, and service moment on any channel, while also improving employee productivity and engagement. By transforming back-office technology to a modern revenue velocity engine Genesys enables true intimacy at scale to foster customer trust and loyalty. Visit www.genesys.com.
i The Forrester Wave™: Workforce Optimization Platforms, Q4 2021
ii Frost Radar™: North American Enterprise Cloud Contact Center Market, 2021
iii Opus Research Report: Conversational Intelligence Intelliview
iv Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Genesys empowers more than 7,500 organizations in over 100 countries to improve loyalty and business outcomes by creating the best experiences for customers and employees. Through Genesys Cloud, the #1 AI-powered experience orchestration platform, Genesys delivers the future of CX to organizations of all sizes so they can provide empathetic, personalized experience at scale. As the trusted, all-in-one platform born in the cloud, Genesys Cloud accelerates growth for organizations by enabling them to differentiate with the right customer experience at the right time, while driving stronger workforce engagement, efficiency and operational improvements.