Genesys raises $808m in new funding round

Customer experience orchestration company Genesys has raised US$580 million (AU$808.5 million) in a new funding round, valuing the company at a whopping US$21 billion.

The oversubscribed round was led by Salesforce Ventures with participation from other investors ServiceNow Ventures; Zoom Video Communications; and funds and accounts managed by BlackRock, D1 Capital Partners and another large US-based West Coast mutual fund manager.

Genesys plans to use the proceeds to advance its strategy of enhancing its ecosystem through new and expanded strategic alliances. The company most recently announced a partnership with Google Cloud.

Genesys’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.

The company recently launched its Genesys DX conversational AI solution targeted at new sales and marketing audiences.

“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,” Genesys CEO and Chairman Tony Bates said.

“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.”

Image credit: ©stock.adobe.com/au/Piotr Pawinski