Growth Is Elusive as RingCentral Helps Modernize Enterprise Telephony

RingCentral is a leading provider of unified communications as a service, or UCaaS, software that combines voice, video, and messaging communication modalities in one simple cloud-based application. This approach to communications provides greater flexibility to the company, its employees, and the customers it communicates with daily. We think the core importance of communication, combined with the company’s leadership position, provides RingCentral with a significant growth opportunity. However, uneven returns and intense competition inform our no-moat rating.