Genesys®, a global cloud leader in AI-powered experience orchestration, today reported strong results for the first half of its fiscal year 2025 (Feb. 1 – July 31, 2024). The Genesys Cloud™ platform surpassed $1.6 billion annual recurring revenue (ARR)i for the second quarter of this fiscal year, growing more than 35% year-over-year with exceptional demand for its AI capabilities.
Genesys Cloud AI continues to be an industry leader in growth and innovation, demonstrated by accelerated customer adoption of standalone AI products that contributed to more than 10% of Genesys Cloud bookings during the first half of the fiscal year, including as part of all its top 10 deals during the period. As more organizations invest in Genesys Cloud to deepen automation, personalization and analytics, the number of deals over $1 million annual contract value (ACV) that included AI was up more than 3X year-over-year. Notably, the average ACV of Genesys Cloud deals during the period that included AI was more than 5X larger than deals without AI.
First Half Fiscal Year 2025 Business Highlights:
- Genesys Cloud Net Revenue Retention (NRR) continued to exceed 120%.
- New customer bookings on Genesys Cloud increased over 45% year-over-year.
- As the vendor of choice for large enterprises, the average number of unique agents for each of the top 50 Genesys Cloud customers increased to nearly 11,500 during the second quarter, a more than 25% increase year-over-year.
- Genesys had strong profitability and positive free cash flow during the period, with over $900 million of total liquidity as of July 31, 2024, consisting of cash on hand and an unused revolving credit facility.
- Research and development (R&D) investment in Genesys Cloud was nearly $325 million over the last 12 months to support the continued high-velocity innovation for its customers.
- Genesys sustainability practices helped influence more than $150 million in new and sustained business.
- Genesys was recognized as a Leader in the IDC MarketScape: Worldwide Contact Center-as-a-Service Applications Software 2024 Vendor Assessment.ii Additionally, IDC ranked Genesys first for 2023 market share in the IDC Worldwide Contact Center Applications Software Market Shares 2023 report.iii
- Forrester named Genesys as a Strong Performer in The Forrester Wave™: Customer Journey Orchestration Platforms, Q2 2024.iv The company is the only vendor to earn the highest score possible in the security criterion, defined as superior relative to others in the evaluation.
“This remarkable performance reflects our ongoing commitment to innovation and our ability to meet the evolving needs of our customers,” said Tony Bates, chairman and CEO of Genesys. “We are at the forefront of revolutionizing customer and employee experiences by enabling organizations to harness the power of AI to drive loyalty and business outcomes. We believe the growing customer adoption of Genesys Cloud demonstrates our continued leadership in taking the contact center industry into a future grounded in AI-powered experience orchestration.”
More than 6,000 organizations have turned to Genesys Cloud to elevate their customer and employee experiences, including Best Buy Health, General Medical Council, Netherlands Police, Peabody Housing Association and Qualfon. Highlighted customer success stories include:
- The City of Clearwater transformed how it delivers utility services to residents by implementing Genesys Cloud. In the first two weeks alone, the City’s Utility Customer Service Division improved answer rates from 47% to 98%. Abandoned calls are now down 50 percentage points and employee turnover rates have fallen from 40% to near zero. Now, the organization is implementing Genesys Cloud AI to further transform its customer and employee experiences
- Equatorial Energia, one of the largest companies in the electric sector in Brazil, orchestrated over 7 million interactions through Genesys Cloud in seven different states within the country, resulting in a sales conversion rate of 9.4%. As part of the transformation, Equatorial integrated Genesys Cloud AI to enable its virtual assistant, “Clara,” offering more empathetic and efficient services, and aiding the improvement of customers successfully opening service requests by more than 20 percentage points to 86%.
- The Home Office, which manages one of the UK’s largest contact centers by interaction volume, migrated 22 locations onto Genesys Cloud in less than three months. With a vision to deliver convenient and empathetic services for citizens and employees, the Home Office has already achieved a 15% reduction in call handle times and a 37% increase in agent satisfaction.
- I-Net Support Co., Ltd. has implemented Genesys Cloud, transitioning its contact center infrastructure from on-premises to the cloud. This shift enables I-Net Support to enhance its operations with greater flexibility and improved efficiency, including the reduction of setup time for new projects from two weeks to less than one. Looking ahead, I-Net Support plans to drive digital transformation by leveraging Genesys Cloud AI, expanding into non-voice areas and enhancing system integrations.
- Itaú Bank Chile recently transformed its contact center and digital branches by evolving from legacy solutions and consolidating onto the all-in-one Genesys Cloud platform. After migrating, Itaú Bank has lowered operation costs and shortened implementation time for new functions
- Magenta Telekom in Austria, one of the largest telecommunications providers in the region, selected Genesys Cloud to provide the stable and proven technology foundation it needed to enable a seamless, effective customer experience today and fuel advanced AI innovation in the future. To progress its vision to orchestrate the best experiences, Magenta will also leverage unique CRM system integrations to gain richer insights, boost productivity and streamline customer interactions.
- Rainmaker, a Finnish business process outsourcer, has enhanced its sales and service success using Genesys Cloud and Genesys Cloud AI innovations, including predictive routing, workforce engagement management and chatbots. The AI-driven transformation resulted in a 115% increase in sales, a 28% improvement in first-contact resolution and a 20% cost reduction.
- Saudia, the Kingdom of Saudi Arabia’s award-winning airline, adopted the Genesys Cloud AI-powered experience orchestration platform to transform the experiences of its guests and employees alike. Results include a 20% increase in guests using digital channels, a 13% uplift in self-service and 15% cost savings through consolidation of its previous technology stack.
About Genesys
Genesys empowers more than 8,000 organizations in over 100 countries to improve loyalty and business outcomes by creating the best experiences for customers and employees. Through Genesys Cloud, the #1 AI-powered experience orchestration platform, Genesys delivers the future of CX to organizations of all sizes so they can provide empathetic, personalized experience at scale. As the trusted, all-in-one platform born in the cloud, Genesys Cloud accelerates growth for organizations by enabling them to differentiate with the right customer experience at the right time, while driving stronger workforce engagement, efficiency and operational improvements.
i Annual Recurring Revenue (ARR) is defined as Genesys Cloud quarterly revenue multiplied by four
ii IDC, IDC MarketScape: Worldwide Contact Center-as-a-Service Applications Software 2024 Vendor Assessment, Doc # US52302923, June 2024
iii IDC, Worldwide Contact Center Applications Software Market Shares, 2023: It’s a Cloud World, Doc #US52322824, June 2024
iv Forrester Research Inc., The Forrester Wave™: Customer Journey Orchestration Platforms, Q2 2024, Joana de Quintanilha, June 10, 2024
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