Genesys, a global cloud leader in customer experience orchestration, has 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.
APAC Highlights:
- Genesys gained significant traction onboarding new customers across industry verticals such as government, finance, telecommunications, healthcare, retail and e-commerce. New customers who onboarded include:
- JALPAK, a travel agency that is a part of the Japan Airlines group, shifted to Genesys Cloud CX to better visualise its customer journey in real-time and improve the quality of its service;
- Tokopedia, a technology company with the leading marketplace in Indonesia, strengthened trust with its customers and sellers using the Genesys Cloud CX platform, ensuring service quality is executed in its optimum resulting in 10% increase in customer satisfaction score and 50% increase in SLA rates;
- As a China leading smartphone & IoT brand, the Global Service Center of Xiaomi, shifted to Genesys Cloud CX to provide empathy experience to meet their global customers’ personal requirements;
- The Proactiv Company, a market leader for skin care products in Japan, has streamlined its internal processes with Genesys Cloud CX in order to provide personalised customer care;
- Security Bank Corporation, one of the Philippines’ leading universal banks with major businesses covering retail, corporate and business banking, migrated to Genesys Cloud CX to deliver truly connected and best in class customer experience;
- Tonik, the Philippines’ first neobank, implemented Genesys Cloud CX to drive better user experience and scalability for its employees and increase business productivity while improving customer experience; and
- Other notable Genesys deals include one of the leading private universal banks in the Philippines, and in Japan, one of the largest electrical power companies, as well as a leading automotive insurance company with over 1000 agents.
- Genesys was the first global customer experience organisation to launch cloud capabilities in India and enable businesses across all sectors to deliver more personalised digital-first customer experiences using Genesys Cloud CX
- Genesys bolstered its Asia Pacific presence momentum with new appointments to its regional leadership team amid robust business momentum in the region. Assaf Tarnopolsky helmed the role as Senior Vice President and General Manager of APAC, and Stephen Hamill onboarded as Vice President, ASEAN and South Asia
- Multiple markets in the APAC region were certified a Great Place to Work: Australia, Japan (ranked #17), New Zealand and the Philippines, as well as five consecutive years in India, where the company also ranked the Top 75 in IT & IT-BPM and certified as a Top 100 Best Place to Work for Women in 2021.
Recognition of Genesys leadership by industry analysts was significant over the fiscal year, including being named a Leader in Workforce Optimisation Platforms by Forrester[i], North American Enterprise Cloud Contact Centre Market by Frost and Sullivan[ii], and a Leader in Conversational Intelligence by Opus Research[iii]. 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.”