Genesys Cloud CX Surpasses $1 Billion ARR During Q1 Fiscal Year 24
Genesys continues to seize market share driven by strong demand for cloud experience orchestration platform
SAN FRANCISCO, June 7, 2023 /PRNewswire/ — Genesys®, a global cloud leader in AI-powered experience orchestration, today announced that the Genesys Cloud CX™ platform has surpassed $1 billion annual recurring revenue (ARR)i. Achieving this milestone comes in less than four years since the company surpassed $100 million ARR. With Genesys Cloud CX ARR growth greater than 45% year-over-year during the first quarter of the company's fiscal year (February 1–April 30, 2023), Genesys continues to seize market share, growing faster than its closest Contact Center as a Service (CCaaS) competitor during the same period.
"Leading brands understand great business outcomes are grounded in great experiences," said Tony Bates, Genesys CEO and chairman. "Our business momentum is validation that our strategy to enable personalized, empathetic experiences at scale is resonating — organizations everywhere are partnering with Genesys to set the new standard in loyalty defining customer and employee engagement. With Genesys Cloud CX, we're not only writing the next chapter but delivering on the future of experiences through continuous innovation, modern AI-powered orchestration and unmatched global presence, trusted by thousands of customers of all sizes, scale and industries."
Genesys saw significant demand for Genesys Cloud CX across segments and geographies during the quarter. Highlighted new customers include a Fortune 100 logistics company and a major US insurance provider, as well as a European auto insurance company that consolidated its contact center with Genesys Cloud CX, replacing NICE and several other vendors. The company also deepened relationships with existing customers, including a Fortune 100 retailer that expanded its experience orchestration capabilities and a Fortune 100 provider of insurance and retirement savings accounts, which evolved from a hybrid cloud to Genesys Cloud CX. In addition to these large enterprise deals, over 75% of new customers during the quarter were from small- and mid-sized businesses (SMB) as well as mid-market segments.
Highlighted growth includes:
More than 80% year-over-year increase in Genesys Cloud CX revenue in healthcare; Genesys serves six of the top 10 of the global healthcare providers
More than 50% year-over-year increase in Genesys Cloud CX revenue in financial services; Genesys serves eight of the top 10 global financial services providers
The top 50 Genesys Cloud CX customers averaged more than 8,000 unique agents on the platform, up nearly 30% year-over-year
Market demand for Genesys Cloud CX has been accelerated by significant customer traction for Genesys AI, offering new generative AI features released this year and comprehensive capabilities spanning conversation automation, agent assistance, conversation intelligence, workforce engagement management, and predictive engagement and routing. During the quarter:
Genesys had a year-over year increase of more than 3X for its conversational and predictive artificial intelligence (AI) solutions revenue
The number of customers using three or more native Genesys AI solutions grew nearly 9X year-over-year
The number of customers implementing Genesys digital and voicebots grew nearly 110% year-over-year
Genesys status as a leader in the customer experience (CX) industry continues to be recognized, most recently by Forrester, where it was named a Leader in "The Forrester Wave™: Contact Center as a Service, Q1 2023.ii The Genesys Cloud CX platform received the highest scores possible in the AI architecture, workforce optimization and customer self-service criteria, and among the highest scores in the outbound capabilities criteria. With this placement, Genesys has been named a Leader by Forrester across the company's four customer experience priorities.
In addition to traditional business results, Genesys includes environmental, social and governance (ESG) results as part of its key success metrics. Notable updates during the company's first quarter include:
The representation of women leaders at Genesys eclipsed the 30% threshold. This is a net increase of 23.8% in the representation of women leaders across the global workforce at Genesys since the official establishment of the Diversity, Equity and Inclusion (DEI) program during 2020.
Genesys launched a pilot of its Diversity Accelerator Program (DAP) designed to create promotion velocity for women and underrepresented groups at the company.
The results of the quarter's employee engagement survey illustrated a strong Inclusion Score of 84, indicating from the Genesys global workforce that the company is on the right track with its inclusion and belonging initiatives.
Genesys won over $30 million in RFPs when sustainability was a significant selection criterion.
Nearly 15 million experiences were orchestrated for charitable customers using Genesys Cloud CX.
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 Service® 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 Annual Recurring Revenue (ARR) is defined as Genesys Cloud quarterly revenue multiplied by four ii The Forrester Wave: Contact Center as a Service, Q1 2023, Forrester Research, Inc., Max Ball, March 27, 2023 The Forrester Wave™: Workforce Optimization Platforms, Q4 201, Forrester Research, Inc, Vasupradha Srinivasan, December 2, 2021 The Forrester Wave™: Journey Orchestration Platforms, Q2 2022, Forrester Research, Inc., Joana de Quintanilha, Paul McKay, June 27, 2022 The Forrester New Wave™: Conversation Automation Solutions, Q3, 2022, Forrester Research, inc. Jessie Johnson, Steven Casey, Faith Born, Arianne Burnette September 1, 2022
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 Service®, 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.