Genesys Announces Strong Fiscal Year 2022 Business Results
- Total Revenue of over $1.9 Billion
- Cloud and Multicloud Revenue of over $825 Million, up over 60% Year-over-Year
- More than 90% of New Bookings were Recurring in the Fiscal Year
LONDON, March 30, 2022 -- Genesys®, a global cloud leader in customer experience orchestration, today announced preliminary results for the company’s fiscal year 2022 (February 1, 2021-January 31, 2022).
“This past fiscal year was record-setting for Genesys and evidence that our customers see our experience orchestration and thriving ecosystem as how they can deliver unique experiences at scale,” said Tony Bates, CEO and Chairman of Genesys. “While products and services are important, research shows that more than 80% of consumers see personalised experiences as the key to their brand loyalty and advocacy. That’s why many of the most-forward looking organisations in the world have already turned to us to help them rethink how they build lifelong relationships with their employees and customers.”
Organisations have turned to Genesys to navigate the loyalty-reckoning they are facing in today’s experience economy. Just one bad experience can lead a customer to a new brand — and cultures in where employees don’t feel valued or set up to thrive are contributing to the “Great Resignation.” The common thread behind this decline in loyalty is a lack of empathy. Too many organisations have yet to focus on people-centric experiences.
As the leader of Experience as a Service SM, Genesys is enabling organisations to transcend business centricity and scale empathy across their organisations to deliver positive experiences to customers, partners and employees — and driving the trust and loyalty that sets them apart.
Fiscal Year 2022 Financial and Business Highlights
·Total Revenue of greater than $1.9 billion had year-over-year growth more than double the 9% rate in the prior year as the company completed its transition to being a cloud company.
·Cloud and multicloud Revenue of greater than $825 million, up more than 60% year-over-year, driven by strong customer adoption of the Company’s Genesys Cloud CXTM and Multicloud CXTM products in the fiscal year.
·More than 40% of the company’s revenues came from outside of North America.
·Cloud net revenue retention of greater than 120% in the fiscal fourth quarter, a level achieved for more than eight consecutive quarters.
·Closed more than 15 deals over $5 million new ARR, including six over $10 million new ARR.
·Signed the largest deal in company history, a nine-figure total contract value (TCV) multiyear agreement with a leading North American financial services institution to transform its global contact centre operations.
·Displaced legacy vendors Avaya and Cisco, by more than three per day, on average, throughout fiscal year 2022, consistent with fiscal year 2021.
·Expanded Genesys relationships with partners, with more than 50% of new bookings influenced by partners in the fiscal year, and an increase in the number of partners in the AppFoundry® Marketplace by more than 35% year-over-year. During fiscal year 2022, more than 70% of Genesys customers used the company’s public APIs to customise the customer experiences to meet their unique needs.
In fiscal year 2022, Genesys also vastly expanded its capabilities in digital, AI and experience orchestration, with the acquisitions of Bold360, Exceed.ai and Pointillist. Through these acquisitions, the company expanded its industry leadership with journey analytics and conversational AI for marketing and sales — unifying the customer experience across all touchpoints. Additional milestones included:
·In December 2021, announced that the company raised $580 million in equity funding to accelerate its leadership in the Experience as a Service market globally.
·Released enhancements to Genesys Cloud CX, with new AI-based call routing, intent-aware bots and asynchronous web messaging. Organisations have seen success with these improved capabilities; Probe Group, an Australian Business Process Outsourcing consultancy, for example used Genesys Predictive Routing to reduce average handle time by 14%.
·Launched the Genesys DXTM product, an all-digital customer engagement solution that enables organisations to move the customer experience beyond transitional chat interactions.
·Formed a partnership with Qualtrics to help companies deliver world-class customer service experiences at scale. Bringing together Genesys engagement data and Qualtrics’ experience data, the alliance helps organisations understand every factor impacting customer satisfaction in a single view.
·Extended the power of Genesys Multicloud CX with availability on Microsoft Azure through an expanded partnership with Google Cloud to help organisations connect customer support and experiences in a more distributed, digital world. The partnership brings the Genesys Multicloud CX platform to Google Cloud, enabling organisations to deploy and deliver exceptional customer experiences on their infrastructure of choice.
·Created a collaboration with Thrive Global to help organisations counter the employee burnout crisis. Thrive Reset for Genesys, a first-of-its-kind employer-initiated stress intervention solution will launch on the Genesys AppFoundry, which we announced in Q1 FY23.
·Multinational beer company, HEINEKEN UK, the UK’s leading beer, cider and pub business, migrated to Genesys Cloud CX to continue delivering truly connected, omnichannel customer experiences;
·Electrolux, the home appliance manufacturer, added new technology solutions and expanded its footprint with Genesys around the world;
·eTraveli Group, a worldwide online travel agency and leading global provider of flight technology, has standardised on Genesys Cloud CX and increased employee productivity by 15% and increased cost savings by 10% on IVR systems and call transfers;
·Notable executive hirings in EMEA region include Helen Biggs as senior vice president and general manager for EMEA and EJ Cay as vice president for the UK & Ireland;
·Extended sponsorship with Connacht Rugby linking the organisations through to 2025 ensuring Genesys as the Principal Partner of the Connacht Women’s team for this extended period; and
·Earned certification as a Great Place to Work® in Ireland and the United Kingdom.
Recognition of Genesys leadership by industry analysts was significant over the fiscal year, including being named a Leader in Workforce Optimisation Platforms by Forresteri, North American Enterprise Cloud Contact Centre Market by Frost and Sullivanii, and a Leader in Conversational Intelligence by Opus Researchiii. Genesys was named a Leader in 2021 Gartner®iv Magic Quadrant™ for Contact Centre as a Service.
“As much as CEOs and others talk about the importance of the customer experience, too few realise it isn’t merely a check-the-box static outcome; rather, it's a dynamic relationship that changes and morphs over time,” said Alan Webber, VP for CX research at IDC. “The result is that experiences that were good enough yesterday are unlikely to meet today's customer standards. Genesys is working with organisations to see how they can meet these heightened expectations and orchestrate experiences based on the context of each interaction across the enterprise. By adopting the foundation for a dynamic personalised experience, those companies are enabled to deliver the best experiences to their customers.”
Financial Discloser Disclaimer
The unaudited financial results for the fiscal year ended January 31, 2022 included in this press release are preliminary and represent the most current information available to management and are not a comprehensive statement of the financial results for the period discussed. Actual results may differ from the preliminary unaudited results included in this release due to the completion of the company's year-end financial closing procedures, including final adjustments, completion of the audit by the company's independent registered public accounting firm, and other developments that may arise between the date of this press release and the time that financial results for the fiscal year ended January 31, 2022 are finalised.
Every year, Genesys® delivers more than 70 billion remarkable customer experiences for organisations in over 100 countries. Through the power of the cloud and AI, our technology connects every customer moment across marketing, sales and service on any channel, while also improving employee experiences. Genesys pioneered Experience as a Service...