RingCentral is up 25% following partnership with Mitel
- RingCentral is set to become Mitel’s exclusive UCaaS partner.
- Mitel will continue to concentrate on providing the world with top UC solutions.
- Shares of RingCentral are up 25%
According to the agreement, RingCentral, Inc. (NYSE: RNG) will become an exclusive Mitel UCaaS partner and provide the company’s global client base with a mobile-first, next-gen, cloud communication platform that’s secure, reliable, and broad enterprise application integrations and is rich in functionality.
Mitel claims that it’ll continue to support the clients on the MiCloud Connect platform. In addition, the company claims that working closely with RingCentral will help provide an easy path to its top in-class MVP cloud-based communications platform for its global clientele in a pace and manner that best suits their needs.
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Senior management statements
Mitel’s newly appointed Chief Executive Officer and President, Tarun Loomba, said:
We are excited to bring the market-leading UCaaS solution to our customers and channel partners with RingCentral as our exclusive UCaaS partner.
The new CEO continued and said:
The unique depth of this partnership furthers our strategy of delivering world-class communications to our customers and providing them a clear and flexible path for the future.
RingCentral’s Chief Executive Officer, chairman, and founder, Vlad Shmunis, said:
We are bringing together the best of Mitel and RingCentral to give customers the right communications and collaboration solutions for their needs.
The CEO of RingCentral said:
Given our maniacal customer-centric focus, we’re delighted to now be able to offer customers a flexible and differentiated digital transformation path.
CloudLink is an innovative cloud-based communication platform that enables people to integrate their own infrastructures with modern-day cloud apps. This will allow Mitel clients to leverage existing PBX functionalities through the RingCentral app.
This use case will provide customers with a highly differentiated and seamless transition to full cloud-based apps adoption.
RingCentral is set to pay a consideration of $650 million to Mitel to acquire IP rights and patents that cover call and network management, infrastructure, and security. This will help demonstrate the company’s excitement and commitment to the agreement.
The product will still keep the name ‘RingCentral’ MVP. This will help accelerate availability.