RingCentral founder and CEO Vlad Shmunis spoke with Jim Cramer on CNBC about how they are competing and leading in cloud communications, winning business from huge legacy companies such as Cisco and Avaya:
What RingCentral does is we change ways in which companies communicate, communicate internally with their employees as well as their customers. We have the Tampa Bay Buccaneers and two other NFL teams as customers which we can’t announce yet. They’re franchises and they are also companies. They have employees, they have customers who want to reach out to them and communicate with them. What we do at RingCentral is we make all of that very easy and very modern.
What do we do that is different? We enable companies and people to communicate the way that they want to. What does this mean? They can communicate via any mode, any device, whether it be voice, video, texting, or messaging. We have an open platform which means that people can enable our communications within their workflows. None of this was ever available before the cloud came in and we happened to be leading in the cloud.
We’re winning business from Cisco all the time. The number one provider or company that we replace happens to be Cisco followed by Avaya. These would be the two, what we call, legacy ventures. It is a huge field, it’s a hundred-billion-dollar market and we are in the lead. All of the legacy providers are in secular decline.