What has caused the RingCentral, Inc. (RNG) stock to jump higher?

RingCentral, Inc. (RNG) has seen an increase of 21.55% immediately after the company announced third-quarter 2021 results. With that, the last trading session closed at $233.64 with an increase of 1.23%.

Strategic Partnership of RNG & Mitel – A good change?

On 9th November 2021, RNG announced that it has established a new collaboration with Mitel to enable a seamless migration route to RingCentral’s Message Video Phone cloud communications platform for Mitel’s worldwide client base. RingCentral will become Mitel’s sole UCaaS partner as a result of this agreement, offering clients a next-generation, mobile-first cloud communications platform with high reliability and security, comprehensive functionality, and wide business app integrations.

Mitel will continue to service customers on its MiCloud Connect platform, and in collaboration with RingCentral, will enable a smooth route to RingCentral’s best-in-class cloud-based MVP for all of its customers in the manner and speed that best suits their needs.

Company’s plans in the future

The company is pleased to deliver the market-leading UCaaS solution to the clients and channel partners with RingCentral as the exclusive UCaaS partner. This partnership’s depth adds to the aim of offering world-class communications to the clients while also delivering them with a distinct and adaptable route into the future.

Moreover, the company aims to combine the best of Mitel with RingCentral to provide clients with the greatest communications and collaboration solutions available. Lastly, the company will also offer consumers a flexible and distinctive digital transformation route.

Third Quarter 2021 Financial Results

RNG reported third-quarter 2021 financial results on 9th November 2021. The total revenue as per the company reports came out to be $415 million with an operating income of $83 million. Moreover, the total cash and cash equivalents were $345 million as compared to $325 million at the end.

The third quarter’s results were exceptional, with rapid growth driven by increasing contributions from important partners and momentum from our upscale customers Furthermore, the company’s dedication to establishing trust with our clients, relentless pace of innovation, and unique partner network with industry leaders have all contributed to RNG’s success. Lastly, the company presumes that they are distinctively positioned to address the increasing worldwide demand for cloud-based communications solutions.

Dental Support Organization – Will RNG help the business to grow?

On 4th November 2021, RNG announced that Heartland Dental is adopting RingCentral MVP to enable business interactions among its workers and teams throughout the country. Heartland Dental has over 2,300 dentists in more than 1,400 dental clinics in 38 states. Moreover, Heartland Dental has also enhanced support office contact center communications by shifting from one system to the RingCentral Contact Center cloud solution, which has helped the company improve the patient experience while also expanding new revenue prospects.

Did RNG support Heartland dental? – Honest Review

According to Heartland, RingCentral has enabled them to connect, interact, and work more effectively with their supported practices’ patients, despite the fact that they have over 1,500 dental offices spread throughout the country. The company has also managed a higher volume of calls as well as expanded patient chat to supported practice websites, allowing them to meet patients where they like to communicate. Analytics has proven to be a game-changer. Heartland can assist their sponsored doctors to develop their companies by having all of the call data at their fingertips. The company has considered it the first time they’ve had such much visibility.