RingCentral, Inc. (NYSE: RNG), and Avaya Holdings Corp (NYSE: AVYA) have announced the closing of their previously announced strategic partnership, the companies said.
Avaya and RingCentral will introduce a new solution, Avaya Cloud Office by RingCentral (“Avaya Cloud Office”), which will be the exclusive public Unified Communications as a Service (“UCaaS”) solution marketed and sold by Avaya.
Avaya Cloud Office combines RingCentral´s UCaaS platform with Avaya´s technology, services and migration capabilities to create a highly differentiated UCaaS offering. The companies expect to launch Avaya Cloud Office in the first quarter of calendar 2020.
RingCentral is contributing USD 500 million to its partnership with Avaya, including a USD 125 million investment of 3% redeemable preferred equity that is convertible at USD 16 per share and an advance of USD 375 million primarily in stock for future payments and certain licensing rights.
RingCentral is a provider of global enterprise cloud communications, collaboration, and contact center solutions. More flexible and cost-effective than legacy on-premises systems, the RingCentral platform empowers employees to work better together, from any location, on any device, and via any mode to serve customers, improving business efficiency and customer satisfaction.
Avaya builds open, converged and innovative solutions to enhance and simplify communications and collaboration – in the cloud, on-premise or a hybrid of both. Visit www.avaya.com.