Cloud firm Genesys raises $580 mn at $21 bn valuation

Global Cloud company Genesys on Tuesday announced it has raised $580 million in a new funding round, taking its valuation to $21 billion.

The round was led by Salesforce Ventures with participation from investors like ServiceNow Ventures, Zoom Video Communications, among others.

"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," said Tony Bates, CEO and Chairman, Genesys.

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The company’s cloud and subscription bookings, which make up more than 90 per cent of total new bookings, grew more than 100 per cent year-over-year in the first half of fiscal year 2022 (February 1-July 31 this year).

"Customer expectations continue to rise exponentially around personalised, empathetic, and connected experiences," said John Somorjai, EVP of Corporate Development and Salesforce Ventures at Salesforce.

Nearly 7,000 organisations around the world, including 17 of the top 20 Fortune 500 companies, now deliver customer or employee experiences with Genesys, the company said in a statement.

It has introduced the industry’s leading multi-cloud 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.

Every year, Genesys orchestrates more than 70 billion customer experiences for organisations in more than 100 countries.