RingCentral software subscriptions up 30% YoY

RingCentral, Inc. (NYSE: RNG), a provider of cloud business communications and collaboration solutions, today announced financial results for the first quarter ended March 31, 2017.

Software subscriptions revenue grew 30% year-over-year to USD 103.7m, while total revenue grew 29% year-over-year to USD 111.8m.

“The first quarter was a great start to the year,” said Vlad Shmunis, RingCentral´s Chairman and CEO. “Our solid results were primarily driven by the momentum we are seeing with mid-market and enterprise customers and with our enterprise reseller partners.”

As of January 1, 2017, RingCentral transitioned from an agency model to a direct phone sales model, under which RingCentral will be recognizing the full sale price and cost of the product instead of receiving a commission for phone sales.

RingCentral provides cloud-based global collaborative communications solutions. More flexible and cost-effective than legacy on-premise systems, RingCentral empowers today´s mobile and distributed workforce to communicate, collaborate, and connect from anywhere, on any device. It is headquartered in Belmont, California and has offices around the world.