RingCentral Is Well Positioned to Ride the Cloud Wave in Communication Modernization

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 on a daily basis. 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 intensifying competition inform our no-moat rating.