Global unified communications as a service (UCaaS) provider ThinkingPhones today announced that it has rebranded as Fuze and closed $112 million in funding led by growth equity investor Summit Partners. The new capital will be used to expand global operations and support continued investment in innovation, with a specific focus on simplifying enterprise communications.
The rebrand and latest round of funding stand to accelerate Fuze’s growth, positioning the company as the only fully cloud-based voice, video, and collaboration solution on one mobile-capable platform. This latest round of investment brings the company’s total funding to $200 million.In 2015, the company grew revenue by more than 100 per cent, adding more than 175 new customers and expanding existing customer relationships.
Fuze plans expansion across Europe as a key part of its growth strategy in 2016. In the last 12 months, it increased revenue in Europe by 150 per cent year-over-year and added 60 new customers. In addition, the company’s European headcount rose from 15 in January 2015 to more than 120 employees today.Fuze recently opened new offices in Germany and Switzerland to run alongside existing full business operations in the UK, the Netherlands, Denmark and France. A new office has also opened in Australia.
“The way we communicate at work simply doesn’t match up to the experience we expect in our personal lives,” said Luca Lazzaron, Senior VP of International Operations at Fuze. “Despite almost two decades of IP telephony and an established UC market, little has fundamentally changed. It’s time for a revolution in workplace communication.”
“Over the past decade, our mission has been to transform the way businesses communicate,” said Steve Kokinos, CEO and co-founder of Fuze, adding: “While that mission hasn’t changed, the way we market and sell is evolving. Voice is only the beginning of our story. Work life is dynamic and unpredictable, and the new Fuze is all about flexible, always-on business communications, video conferencing, messaging, and collaboration. When voice, text, data, and video are ‘fuzed’ on a single platform, great things can happen.”
In 2015, MarketsandMarkets valued the total UCaaS market share at $15.1 billion. By 2022, Transparency Market Research projects the global UCaaS market to grow to more than $37 billion in value. The video conferencing market is expected to reach $6.4 billion by 2020, up from $3.6 billion in 2015, and web conferencing is projected to add an additional $2.9 billion in market opportunity by 2017.