San Francisco — June 11, 2024 — Genesys®, a global cloud leader in AI-powered experience orchestration, today reported the results for the first quarter of its fiscal year 2025 (Feb. 1 – April 30, 2024). On the heels of a company record-setting fiscal year 2024, the Genesys Cloud™ platform continued its strong momentum, exceeding $1.5 billion annual recurring revenuei for the first quarter, growing more than 40% year-over-year. Notably, Genesys Cloud new bookings from standalone AI products were up over 2X year-over-year in the first quarter, including its largest ever seven-figure AI annual contract value (ACV) win as part of a large customer experience (CX) transformation with a community service and wellbeing organization.
As of the end of the first quarter, more than 40% of nearly 6,000 Genesys Cloud customers, including Coca-Cola Bottlers’ Sales and Services (CCBSS), PureGym, Beyond Bank and many more, are using the platform’s AI capabilities to deliver loyalty-building, highly personalized experiences for their customers and employees. Customer demand for the Genesys Cloud platform’s best-in-class AI — spanning conversational, predictive and generative capabilities — has been driven by the company’s consistent delivery of innovations to help businesses address real problems and drive results. This pace of innovation has been fueled in part by a more than $300 million investment in Genesys Cloud research and development during the 12-month period that ended April 30, 2024.
“This strong first quarter continued our impressive track record of growth as we make bold moves to help our customers achieve increased loyalty and revenue,” said Tony Bates, chairman and CEO of Genesys. “Through Genesys Cloud and our industry-leading AI, we’re paving the way for a future where universal orchestration can transcend customer-facing activities across the front and back offices, enabling organizations to reimagine the contact center, customer and employee experiences, and their business overall. With our unmatched experience orchestration capabilities and clear vision forward, our customers have confidence that Genesys will prepare them for a new era of AI.”
First Quarter Fiscal Year 2025 Business Highlights
- The average number of unique agents for each of the top 50 Genesys Cloud customers increased to nearly 10,500, a more than 20% increase year-over-year.
- Genesys had strong profitability during the quarter, continuing to deliver high 20s Adjusted EBITDAii
- Genesys sustainability practices helped influence more than $55 million in new and sustained business during the first quarter.
- An average of more than 54.5 million conversationsiii were orchestrated daily on the Genesys Cloud platform, reaching nearly 5 billion total conversations during the quarter, a 60% year-over-year increase.
- The number of words transcribed by Genesys Cloud Speech and Text Analytics surpassed 1 trillion during the 12-month period that ended April 30, 2024.
- Genesys continued to deliver on its reputation for reliability with an uptime of 99.999%, equivalent to less than 90 seconds of downtime for the entire Genesys Cloud platform during the quarter.
- Following the completion of the acquisition of Radarr Technologies, Genesys has made Radarr public social media capabilities available on the Genesys AppFoundry® Marketplace, giving organizations deeper customer insights and new channels in which to engage.
- Genesys was recognized as a Leader in the IDC MarketScape: Worldwide Front-Office Conversational AI Software 2024 Vendor Assessmentiv for the expansive conversational and generative AI capabilities of Genesys Cloud AI.
- Genesys continues to foster a strong sense of inclusion across its global workforce, achieving a score in the high 80s for employees’ feelings of belonging within the organization.
Innovating for the Future
Focused on helping companies transform how they do business now and in the future, Genesys continues to deliver innovation that enables customers to drive more value from Genesys Cloud. Continuing the success of a strong first quarter, the company announced significant new capabilities, collaborations and milestones in May 2024, including:
- The launch of Genesys Copilots, Virtual Agents, a Modern Agent Desktop and Empathy Detection for Genesys Cloud to empower organizations to unleash the next era of customer experiences, grounded in a strong AI-human partnership.
- The availability of native journey management capabilities to the platform, an integral element for companies to deliver AI-powered experience orchestration.
- Most recently, Genesys and ServiceNow announced a strategic partnership and unveiled Unified Experience, a turnkey, AI-powered solution, making it easier for organizations to further transform customer and employee experiences through native integration between the Genesys Cloud platform and ServiceNow Customer Service Management.
- Committed to contributing to a better future for the planet by helping organizations innovate with a sustainable AI-powered platform, Genesys announced that the operations of Genesys Cloud are now carbon neutralv— a milestone achieved in part by the company’s expansion of customer access to more energy-efficient cloud services through use of Amazon Web Services (AWS) and investment in carbon credits with Rubicon Carbon to cover residual emissions.
Delivering the Future of Experiences Around the World
Genesys Cloud is recognized around the world for its innovative AI, automation and digital technologies, as highlighted by its extensive recognition by G2 as a Leader for Enterprise Contact Center across North America, Latin America, Europe and Asia based on authentic, timely reviews from real users. Available in 20 AWS Regions, the Genesys Cloud platform is well positioned to enable organizations of all sizes around the world to scale their customer experiences.
Globally, Genesys continued to gain momentum across various industries during the quarter, including over 65% year-over-year revenue growth from the healthcare sector, over 50% year-over-year revenue growth from the retail sector and nearly 50% year-over-year revenue growth from the financial services sector. Highlighted new and expanded customers include:
North America
- Instacart, the leading grocery technology company in North America, was looking for a solution to deliver faster and more personalized customer experiences at scale. With Genesys Cloud AI-powered solutions and CX Cloud from Genesys and Salesforce, Instacart can now transform its agent experience with data and AI capabilities, including Genesys Cloud Predictive Engagement, Genesys Cloud Agent CoPilot and Automated Knowledge Surfacing.
- The Trevor Project, the leading 24/7 suicide prevention organization for LGBTQ+ young people who are experiencing a mental health crisis, needed a solution to scale for the needs of more than 500,000 yearly digital and voice interactions, as well as better efficiencies for its more than 3,000 counselors. Within the first two weeks of deploying AI-powered Genesys Cloud Workforce Engagement Management, The Trevor Project saved each supervisor around two hours of work a day by eliminating administrative manual tasks.
Latin America
- Santander Brazil, the third largest private bank in the Brazilian financial system, needed a solution to help improve experiences for its approximately 66 million customers and more than 10,000 agents. By contracting Genesys Cloud, Santander Brazil will move from an on-premises contact center — without omnichannel — to a cloud-based platform that will provide a significant improvement for both the customer and agent experience.
Europe, the Middle East and Africa
- Almosafer, the leading travel and tourism group from Saudi Arabia, evolved from its legacy solutions onto the all-in-one Genesys Cloud platform. The company saw positive results in a reduction of lead time, an increase in cross-sales, operational efficiency and an increase in agent productivity.
- With its vision to bridge the gap between traditional automotive retail and the digital demands of today, LKQ Euro Car Parts — a leading UK distributor and car maintenance provider with over 280 branches — evolved its telephony system operations to Genesys Cloud. LKQ Euro Car Parts is now using Genesys Cloud across multiple channels, such as voice and WhatsApp, to deliver a more seamless customer experience.
Asia Pacific
- Carnival Japan, the world’s most iconic cruise brand, operates as the Japan office for Princess Cruises. It has implemented Genesys Cloud in its contact centers to significantly enhance the customer experience by providing robust support for cruise booking and inquiries related to cruise applications.
- Western Sydney University (WSU), one of Australia’s leading higher learning institutions, ranked in the top 250 universities globally and the Genesys CX Achiever 2024 winner, tapped Genesys Cloud AI-powered experience orchestration capabilities to improve the number of touchpoints with its students through messaging, SMS and WhatsApp channels. It improved its voice abandonment rates by 90% and achieved a 65% improvement in average speed of answer, leading to more positive and seamless student experiences.
- Kiwibank, the largest New Zealand-owned bank, and the winner of Genesys CX Innovator Award 2024, deployed a Genesys voicebot to achieve a 28% decrease in abandonment rates, while improving business efficiency by automatically routing queries requiring escalation to the right agent for resolution. By implementing Genesys Cloud AI capabilities, Kiwibank improved its digital and voice-based self-service. It implemented the Genesys voicebot within four months and witnessed a 19% reduction in average handle time and a 27% decrease in transfer rates.
- Beyond Bank, one of the largest customer-owned banks in Australia serving over 300,000 customers, adopted the Genesys Cloud AI-powered experience orchestration platform to revolutionize its employee and customer experiences, resulting in bank agents being trained 50% faster and improvements in customer satisfaction scores. After activating Genesys Cloud AI functionality, handle times decreased by 13% using Genesys Cloud Predictive Routing and a conversational AI chatbot is now able to handle 60% of incoming chats.
Learn more about how Genesys innovations are transforming the way organizations engage with customers and employees here.
About Genesys
Genesys empowers more than 8,000 organizations in over 100 countries to improve loyalty and business outcomes by creating the best experiences for customers and employees. Through Genesys Cloud, the #1 AI-powered experience orchestration platform, Genesys delivers the future of CX to organizations of all sizes so they can provide empathetic, personalized experience at scale. As the trusted, all-in-one platform born in the cloud, Genesys Cloud accelerates growth for organizations by enabling them to differentiate with the right customer experience at the right time, while driving stronger workforce engagement, efficiency and operational improvements.
©2024 Genesys. All rights reserved. Genesys, the Genesys logo, Genesys Cloud, Genesys Cloud CX, GCNow, Experience as a Service, Radarr and AppFoundry are trademarks, service marks and/or registered trademarks of Genesys. All other company names and logos may be registered trademarks or trademarks of their respective companies.
Media Contacts
Janelle Dickerson
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Method Communications
Genesys@Methodcommunications.com
I Annual Recurring Revenue (ARR) is defined as Genesys Cloud quarterly revenue multiplied by four
ii Adjusted EBITDA represents Earnings before Interest, Taxes, Depreciation & Amortization, plus other adjustments such as one-time expenses, restructuring charges and stock-based compensation expense
iii A conversation is the end-to-end discussion between two or more participants across at least one media type, such as, call, chat, or email.
iv IDC, IDC MarketScape: Worldwide Front-Office Conversational AI Software 2024 Vendor Assessment, Doc #US51955724, March 2024
v Genesys calculates the annual emissions from the operations of Genesys Cloud based on (i) the estimated annual emissions from Genesys Cloud AWS usage and its internal IT computing on AWS using the AWS Customer Carbon Footprint Tool, plus (ii) the estimated annual emissions of Genesys Cloud Edge (i.e., telephony hardware) devices. Genesys plans to apply carbon credits purchased from Rubicon Carbon against these annual emissions, resulting in a carbon-neutral footprint for the operations of Genesys Cloud.
