Genesys: Riding the AI Wave to Unprecedented Growth
September 13, 2024, 5:48 pm
Location: United States, Colorado, Fort Collins
Employees: 10001+
Founded date: 1995
Location: United States, California, Daly City
Employees: 5001-10000
Founded date: 1990
Total raised: $580M
Location: United Kingdom, Wales, Newport, Wales
Employees: 1001-5000
Founded date: 1954
In the fast-paced world of technology, Genesys is making waves. The company, a leader in AI-powered experience orchestration, has reported remarkable growth in the first half of fiscal year 2025. The numbers tell a compelling story. Genesys Cloud™ surpassed $1.6 billion in annual recurring revenue (ARR) for the second quarter, marking a staggering 35% increase year-over-year. This surge is not just a fluke; it’s a testament to the growing demand for AI capabilities.
AI is the engine driving this growth. It accounted for over 10% of Genesys Cloud bookings during the first half of the fiscal year. This isn’t just a trend; it’s a revolution. The adoption of standalone AI products has skyrocketed, with the number of deals exceeding $1 million in annual contract value (ACV) tripling compared to last year. Deals that included AI were, on average, five times larger than those without. The numbers paint a clear picture: businesses are investing heavily in AI to enhance automation, personalization, and analytics.
The highlights of the first half of fiscal year 2025 are impressive. Genesys Cloud’s Net Revenue Retention (NRR) has consistently exceeded 120%. New customer bookings have surged by over 45% year-over-year. Large enterprises are flocking to Genesys, with the average number of unique agents for the top 50 customers rising to nearly 11,500—a 25% increase from the previous year.
Financially, Genesys is on solid ground. The company reported strong profitability and positive free cash flow, boasting over $900 million in total liquidity as of July 31, 2024. This financial stability allows for continued investment in research and development, with nearly $325 million allocated over the past year. Such investment fuels the high-velocity innovation that keeps Genesys at the forefront of the industry.
Sustainability is also a key focus. Genesys’ sustainability practices have influenced over $150 million in new and sustained business. This commitment to the environment resonates with customers and stakeholders alike, enhancing the company’s reputation and market position.
Recognition follows success. Genesys has been named a Leader in the IDC MarketScape for Worldwide Contact Center-as-a-Service Applications Software 2024. Additionally, IDC ranked Genesys first for market share in the Worldwide Contact Center Applications Software Market Shares 2023 report. Forrester also acknowledged Genesys as a Strong Performer in Customer Journey Orchestration Platforms, highlighting its superior security measures.
The customer success stories are compelling. Over 6,000 organizations have turned to Genesys Cloud to elevate their customer and employee experiences. The City of Clearwater, for instance, transformed its utility services, improving answer rates from 47% to 98% in just two weeks. Abandoned calls dropped significantly, and employee turnover rates plummeted. This is not just a success story; it’s a blueprint for others.
Equatorial Energia, a major player in Brazil’s electric sector, orchestrated over 7 million interactions through Genesys Cloud. The integration of AI enabled its virtual assistant, “Clara,” to provide more empathetic and efficient services, improving service request success rates by over 20 percentage points.
In the UK, the Home Office migrated 22 locations to Genesys Cloud in under three months. This swift transition resulted in a 15% reduction in call handle times and a 37% increase in agent satisfaction. Such results underscore the effectiveness of Genesys Cloud in enhancing operational efficiency.
I-Net Support Co., Ltd. made a significant shift from on-premises to cloud infrastructure, reducing project setup time from two weeks to less than one. This agility positions I-Net Support to drive digital transformation and expand into non-voice areas.
Itaú Bank Chile consolidated its contact center operations onto the Genesys Cloud platform, reducing operational costs and speeding up the implementation of new functions. This transformation illustrates the versatility and effectiveness of Genesys solutions across various sectors.
Magenta Telekom, a leading telecommunications provider in Austria, chose Genesys Cloud for its stable technology foundation. This decision is poised to fuel advanced AI innovation, enhancing customer experiences and operational productivity.
Rainmaker, a Finnish business process outsourcer, leveraged Genesys Cloud and AI innovations to achieve a 115% increase in sales and a 20% reduction in costs. These results highlight the tangible benefits of adopting AI-driven solutions.
Saudia, the award-winning airline of Saudi Arabia, adopted the Genesys Cloud AI-powered platform to enhance guest and employee experiences. The results speak volumes: a 20% increase in digital channel usage and a 15% cost savings through technology consolidation.
In conclusion, Genesys is not just riding the AI wave; it’s leading the charge. The company’s impressive growth, financial stability, and commitment to innovation position it as a key player in the technology landscape. As organizations increasingly turn to AI for enhanced customer experiences, Genesys stands ready to meet the demand. The future looks bright, and the journey has only just begun.
AI is the engine driving this growth. It accounted for over 10% of Genesys Cloud bookings during the first half of the fiscal year. This isn’t just a trend; it’s a revolution. The adoption of standalone AI products has skyrocketed, with the number of deals exceeding $1 million in annual contract value (ACV) tripling compared to last year. Deals that included AI were, on average, five times larger than those without. The numbers paint a clear picture: businesses are investing heavily in AI to enhance automation, personalization, and analytics.
The highlights of the first half of fiscal year 2025 are impressive. Genesys Cloud’s Net Revenue Retention (NRR) has consistently exceeded 120%. New customer bookings have surged by over 45% year-over-year. Large enterprises are flocking to Genesys, with the average number of unique agents for the top 50 customers rising to nearly 11,500—a 25% increase from the previous year.
Financially, Genesys is on solid ground. The company reported strong profitability and positive free cash flow, boasting over $900 million in total liquidity as of July 31, 2024. This financial stability allows for continued investment in research and development, with nearly $325 million allocated over the past year. Such investment fuels the high-velocity innovation that keeps Genesys at the forefront of the industry.
Sustainability is also a key focus. Genesys’ sustainability practices have influenced over $150 million in new and sustained business. This commitment to the environment resonates with customers and stakeholders alike, enhancing the company’s reputation and market position.
Recognition follows success. Genesys has been named a Leader in the IDC MarketScape for Worldwide Contact Center-as-a-Service Applications Software 2024. Additionally, IDC ranked Genesys first for market share in the Worldwide Contact Center Applications Software Market Shares 2023 report. Forrester also acknowledged Genesys as a Strong Performer in Customer Journey Orchestration Platforms, highlighting its superior security measures.
The customer success stories are compelling. Over 6,000 organizations have turned to Genesys Cloud to elevate their customer and employee experiences. The City of Clearwater, for instance, transformed its utility services, improving answer rates from 47% to 98% in just two weeks. Abandoned calls dropped significantly, and employee turnover rates plummeted. This is not just a success story; it’s a blueprint for others.
Equatorial Energia, a major player in Brazil’s electric sector, orchestrated over 7 million interactions through Genesys Cloud. The integration of AI enabled its virtual assistant, “Clara,” to provide more empathetic and efficient services, improving service request success rates by over 20 percentage points.
In the UK, the Home Office migrated 22 locations to Genesys Cloud in under three months. This swift transition resulted in a 15% reduction in call handle times and a 37% increase in agent satisfaction. Such results underscore the effectiveness of Genesys Cloud in enhancing operational efficiency.
I-Net Support Co., Ltd. made a significant shift from on-premises to cloud infrastructure, reducing project setup time from two weeks to less than one. This agility positions I-Net Support to drive digital transformation and expand into non-voice areas.
Itaú Bank Chile consolidated its contact center operations onto the Genesys Cloud platform, reducing operational costs and speeding up the implementation of new functions. This transformation illustrates the versatility and effectiveness of Genesys solutions across various sectors.
Magenta Telekom, a leading telecommunications provider in Austria, chose Genesys Cloud for its stable technology foundation. This decision is poised to fuel advanced AI innovation, enhancing customer experiences and operational productivity.
Rainmaker, a Finnish business process outsourcer, leveraged Genesys Cloud and AI innovations to achieve a 115% increase in sales and a 20% reduction in costs. These results highlight the tangible benefits of adopting AI-driven solutions.
Saudia, the award-winning airline of Saudi Arabia, adopted the Genesys Cloud AI-powered platform to enhance guest and employee experiences. The results speak volumes: a 20% increase in digital channel usage and a 15% cost savings through technology consolidation.
In conclusion, Genesys is not just riding the AI wave; it’s leading the charge. The company’s impressive growth, financial stability, and commitment to innovation position it as a key player in the technology landscape. As organizations increasingly turn to AI for enhanced customer experiences, Genesys stands ready to meet the demand. The future looks bright, and the journey has only just begun.