Genesys Raises $580 Million in Funding at $21 Billion Valuation
Bangalore: Genesys®, a global cloud leader in customer experience orchestration, today announced a $580 million round of funding, which is intended to accelerate the company’s leadership in the Experience as a Service market globally. The oversubscribed round was led by Salesforce Ventures with participation from other investors ServiceNow Ventures; Zoom Video Communications; funds and accounts managed by BlackRock, D1 Capital Partners and another large US-based West Coast mutual fund manager. This offering values Genesys at a valuation of $21 billion.
“Two years ago, we saw the challenge businesses faced in meeting the expectations of consumers and employees around digital experiences. We realised we had an opportunity to transform not only our company but the overall industry,” said Tony Bates, CEO and Chairman of Genesys. “We believe this fundraise, including raising from leading strategic investors, validates the achievements we have made to date and will accelerate our continuing efforts to expand and realise the vast Experience as a Service market opportunity ahead.”
Over the last two years, Genesys has undergone a significant transformation across its leadership, business model, solution portfolio and ecosystem, resulting in strong growth. The company’s cloud and subscription bookings, which make up more than 90% of total new bookings, grew more than 100% year-over-year in the first half of fiscal year 2022 (February 1, 2021 to July 31, 2021).
Genesys also introduced the industry’s first multicloud architecture, delivered several hundred innovations across its customer experience platforms, released a new workforce engagement solution and launched the Genesys DXTM solution, a conversational artificial intelligence (AI) and digital experience product targeted at new sales and marketing audiences. Acquisitions also further enhanced the company’s capabilities in AI and experience orchestration.
“Customer expectations continue to rise exponentially around personalised, empathetic, and connected experiences,” said John Somorjai, EVP of Corporate Development and Salesforce Ventures at Salesforce. “We believe our investment in Genesys will not only help accelerate the company’s success but the success of our joint customers.”
Today’s announcement reflects the company’s ongoing commitment to enhance its ecosystem through new and expanded strategic alliances, most recently with Google Cloud. Genesys has also introduced initiatives for system integrators, channel partners, technology partners and independent consultants that provide them with a programmatic path to business as part of the ecosystem.
Nearly 7,000 organisations around the world, including 17 of the top 20 Fortune 500 companies, now deliver customer or employee experiences with Genesys. Given the strength of the Genesys cloud offerings, ecosystem and customer momentum, the strategic investments highlight the commercial opportunities for new use cases, new industries, new buyers and new geographies.
Genesys was advised by Goldman Sachs as exclusive placement agent and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.