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 in one simple cloud-based application. This approach to communications provides greater flexibility to the firm, its employees, and the customers it communicates with on a daily basis. We think the core importance of communication, combined with the company’s leadership position, provides RingCentral with a long-tailed growth opportunity. However, intense competition has led to uneven returns and informs our no-moat rating.