Genesys Unveils Fiscal Year 2024 Record Business Performance

Genesys, an AI-driven experience management organization, announced its unprecedented fiscal performance for the year 2024. Following its achievement of the highest annual contract value (ACV) bookings in the company's history during the fourth quarter, Genesys Cloud concluded the quarter with an annual recurring revenue (ARR) of around $1.4 billion, marking a year-over-year growth of approximately 45%.

Throughout the fiscal year, close to 750 new clients embraced the comprehensive Genesys Cloud platform, featuring ready-to-deploy AI for delivering personalized experiences on a large scale. The adoption of Genesys AI witnessed significant acceleration, encompassing conversational, generative, and predictive functionalities.

Usage of digital bots surged by over fourfold, while voicebots experienced more than a threefold increase year-over-year. Moreover, since its introduction in the third quarter, over 1.2 million summaries have been generated through Genesys' generative AI-based Auto Summarization for Agent Assist, showcasing its efficacy in aiding agents.

Throughout the year, Genesys consistently introduced over 400 new features within Genesys Cloud, with almost 70 incorporating AI and over 100 focusing on workforce engagement management (WEM). Moreover, in February 2024, Genesys completed the acquisition of Radarr Technologies, a prominent AI-driven social and digital listening, analytics, and consumer engagement firm.

The integration of Radarr's capabilities into Genesys Cloud aims to enable organizations to better synchronize data and enhance their customer experiences. Furthermore, to propel the company's digital and AI advancements, Genesys allocated $300 million for research and development in Genesys Cloud during fiscal year 2024 and inaugurated a new R&D center in Budapest within the same period.

“Genesys is changing how companies around the world connect with employees and customers in the era of AI,” said Tony Bates, CEO and Chairman of Genesys. “Our record-setting bookings are evidence that our vision to ensure every customer and employee interaction is personalized and continually optimized is resonating with the industry. Our customers are looking to us to lead them into that future, which happens in the cloud with Genesys AI-powered experience orchestration.”

Fiscal Year 2024 Key Financial Highlights -

• In the past year, Genesys Cloud secured over 85 contracts exceeding $1 million in Annual Contract Value (ACV), with a remarkable increase of over 65% in deals surpassing $5 million in ACV compared to the previous year.
• In the fourth quarter, the average number of unique agents per top 50 Genesys Cloud customers exceeded 10,000, marking a nearly 30% rise compared to the previous year.
• Since its launch in September 2023, CX Cloud from Genesys and Salesforce has garnered nearly 20 victories, with notable clients such as Benify and Colruyt Group among them.
• The company's sustainability practices influenced over $200 million in new and sustained business during fiscal year 2024.
• Annual revenue experienced a growth of over 10% compared to the previous year, propelled primarily by Genesys Cloud. Genesys Cloud concluded the year with revenue exceeding $1.2 billion, marking a remarkable year-over-year growth of more than 45%.
• Genesys Cloud sustained its momentum across diverse industries, witnessing significant growth. The healthcare sector saw an impressive year-over-year annual revenue surge of over 75%, while both the business services and retail sectors experienced remarkable year-over-year annual revenue growth of more than 65%.
• In both the fourth quarter and the entire year, Genesys Cloud achieved net revenue retention rates surpassing 120%.

Customer Success

With over 5,700 organizations utilizing Genesys Cloud, including over 950 customers transitioning from the company's legacy solutions, Genesys stands at the forefront of the future of customer experience (CX). Notable new and expanded customers in the fiscal year encompass Swisscom, The Trevor Project, Vibrant Emotional Health, LG U+, SKY Perfect Customer-relations Corporation (SPCC), and others.

• Emirates, aiming to provide innovative and smooth experiences for its global airline passengers, upgraded its largest commercial contact center to Genesys Cloud. This transformation spans seven sites and involves 1,800 agents, with further enhancements anticipated. Alongside deploying various Workforce Engagement Management (WEM) features, Emirates now utilizes Genesys Cloud for managing voice and digital customer service channels, such as web messaging and WhatsApp.
• Fabletics, a global active lifestyle brand under the TechStyle Fashion Group, prioritizes its community by striving to deliver the best experience to its over 2.3 million members. Utilizing Genesys Cloud, the company has already achieved significant milestones, doubling self-service adoption and reducing abandoned calls by one-third. Presently, Fabletics aims to elevate both member and agent experiences further by tailoring its AI capabilities through the Genesys AppFoundry Marketplace. This customization aims to enhance containment rates, minimize the use of external applications by agents, and augment automated authentication processes.
• Schneider Electric, a global expert in energy management and automation committed to energy efficiency and sustainability, transitioned to Genesys Cloud to enhance both customer and employee experiences. Leveraging the platform's flexibility and composability, the company successfully transformed its customer service, optimized operational efficiency for 3,200 agents proficient in 15 languages across 62 contact centers, and tailored its approach to accommodate local nuances in the 100+ countries where it operates.