PHOENIX, AZ - Crexendo Inc. (NASDAQ:CXDO), a cloud communication platform provider, has announced a strategic partnership with Symbio, a subsidiary of Aussie Broadband Group (ASX: ABB (ST:ABB)), to introduce AdvancedPBX, a new cloud-based communications solution. This collaboration leverages Crexendo's NetSapiens platform, which boasts over 5 million global users and is recognized by Frost & Sullivan as the third largest and fastest-growing software platform in North America.
AdvancedPBX aims to provide service providers with a comprehensive suite of communication tools, including advanced contact center features and AI-powered smart call transcription. The solution will be integrated with Telcoinabox's operations and business support systems, enabling rapid deployment and management with the capability to turn up service in approximately 5 minutes.
Jeff Korn, CEO and Chairman of Crexendo, emphasized the significance of the partnership, stating that it exemplifies their vision of a 'telco in a box' by delivering a complete system ready for deployment in minutes. Jon Cleaver, CEO of Telcoinabox, highlighted the redesigned toolset offered by AdvancedPBX, which is designed to enhance the capabilities of traditional PBX systems and enable service providers to be more competitive.
The launch of AdvancedPBX marks a key development for both Crexendo and Symbio, as it demonstrates the potential of their partnership to deliver innovative cloud-based communication solutions on an international scale. By merging Crexendo's platform with Symbio's infrastructure, the new offering aims to transform the communications landscape for service providers.
Crexendo's forward-looking statements in the press release indicate its position as a fast-growing global UCaaS platform, with a system designed for rapid scalability and ease of configuration. The company's statements are based on expectations and projections about future events and are subject to risks and uncertainties.
This news report is based on a press release statement and does not constitute an endorsement of Crexendo, Symbio, or their products and services.
In other recent news, Crexendo, Inc. reported significant Q2 2024 results, with revenues reaching $14.7 million, a 16% increase year-over-year. The company's net income also surged by 220%, maintaining GAAP profitability for four consecutive quarters. Crexendo's Software Solutions division experienced a 35% organic growth rate, and the company's backlog grew by 39% year-over-year, indicating a strong pipeline for future revenue.
The company's recent NetSapiens Platform User Group Meeting drew record participation, highlighting the strong demand for the NetSapiens platform's innovative solutions. The platform recently surpassed five million end users, marking a significant milestone in Crexendo's global expansion.
Crexendo is investing in Oracle (NYSE:ORCL) cloud infrastructure and NetSuite to support its future growth. Despite concerns about high acquisition multiples in the current market, the company is exploring growth opportunities in Australia and Europe. Crexendo expects double-digit organic revenue growth for the full year, exceeding 10%, and has a strong backlog of $20.245 million remaining for 2024. These recent developments point to an encouraging future for Crexendo.
InvestingPro Insights
Crexendo's strategic partnership with Symbio aligns well with its growth trajectory, as evidenced by recent financial data from InvestingPro. The company's revenue growth of 24.72% over the last twelve months as of Q2 2024 suggests a strong market demand for its cloud communication solutions. This growth is particularly impressive given the competitive nature of the UCaaS market.
An InvestingPro Tip highlights that Crexendo's net income is expected to grow this year, which could be partly attributed to initiatives like the AdvancedPBX launch. This positive outlook is further supported by the company's robust financial health, with another InvestingPro Tip noting that Crexendo holds more cash than debt on its balance sheet. This financial stability positions the company well to invest in partnerships and product development.
The company's market capitalization of $118.61 million reflects investor confidence in Crexendo's growth potential. While the P/E ratio of 41.56 might seem high, it's worth noting that the PEG ratio of 0.4 suggests the stock could be undervalued relative to its growth prospects.
For investors interested in a deeper analysis, InvestingPro offers 11 additional tips for Crexendo, providing a comprehensive view of the company's financial health and market position.
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