−Removed: Five9 is a pioneer and leading provider of intelligent cloud software for contact centers.
−Removed: We were “born in the cloud,” and since our inception, we have exclusively focused on delivering our platform in the cloud and are disrupting a significantly large market by replacing legacy on-premise contact center systems.
−Removed: Contact centers are vital hubs of interaction between organizations and their customers and, therefore, are essential to delivering successful customer service, sales and marketing strategies.
−Removed: Our mission is to empower organizations to transform their contact centers into customer engagement centers of excellence, while improving business agility and significantly lowering the cost and complexity of their contact center operations.
−Removed: Our purpose-built, reliable, scalable and secure Virtual Contact Center, or VCC, cloud platform delivers a comprehensive suite of easy-to-use applications that enable the breadth of contact center-related customer service, sales and marketing functions.
−Removed: We have become an established leader in the cloud contact center market with more than 3,000 clients.
−Removed: We believe our ability to combine software and telephony into a single unified platform that is delivered in the cloud creates a significant advantage.
+Added: Five9 is a leading provider of intelligent cloud software for contact centers.
+Added: We were “born in the cloud,” and since our inception, we have focused on delivering our platform in the cloud and are disrupting a large market by replacing legacy on-premises contact center systems and working with newer companies by starting their contact center journey in the cloud.
+Added: Contact centers are vital hubs of interaction between organizations and their customers and are, therefore, essential to delivering successful customer service, sales, and marketing strategies.
+Added: Our mission is to empower organizations to transform their contact centers into customer experience centers of excellence, while improving business agility, customer satisfaction, and significantly lowering the cost and complexity of their operations.
+Added: Our reliable, secure, and scalable Intelligent CX Platform, powered by Five9 Genius AI, delivers a comprehensive suite of easy-to-use applications that enable the breadth of customer service, sales, and marketing functions.
+Added: We have become an established leader in the cloud contact center market with more than 3,000 customers.
+Added: We believe our ability to combine software, including artificial intelligence, or AI, solutions, with telephony into a single unified platform that is delivered in the cloud creates a significant advantage.
We believe there are three key industry trends driving growth in the cloud contact center market.
−Removed: First is the rapid increase in adoption of cloud contact center software solutions as a result of several distinct factors.
−Removed: The increasing adoption of cloud computing, especially within customer relationship management, or CRM, is creating strong demand for integrated cloud contact center software solutions.
−Removed: In addition, cloud contact center software solutions now offer the functionality required by large, complex enterprise contact centers.
−Removed: Furthermore, we believe organizations typically refresh their on-premise contact center systems every eight to 10 years, which provides an opportunity for cloud solutions to replace legacy on-premise contact center systems when these replacement decisions arise.
−Removed: On-premise systems require large up-front investments, long deployment cycles, and are burdensome to maintain.
+Added: First is the increasing adoption of cloud-based solutions within companies around the world, which is creating strong demand for integrated cloud contact center software solutions.
+Added: Cloud contact center solutions offer the functionality, reliability, scalability and security required by large, complex enterprise contact centers.
+Added: Furthermore, organizations periodically refresh their on-premises contact center systems, which provides an opportunity for cloud solutions to replace legacy on-premises contact center systems.
+Added: On-premises systems require large up-front investments, long deployment cycles, and are burdensome to scale and maintain.
These systems are also often inflexible, complex, and require significant duplication of effort and integration across multiple sites.
−Removed: In addition, commencing during the COVID-19 pandemic, agents increasingly work remotely, which presents a challenge to on-premise based systems that, by design, are focused on a particular physical location.
−Removed: This creates substantial challenges for clients with on-premise contact center systems.
−Removed: As a result, cloud contact center software solutions are continuing to replace legacy on-premise contact center systems.
+Added: AI technologies generally require cloud deployment and, therefore, provide additional incentives for customers to migrate away from their legacy on-premises solutions.
+Added: In addition, agents increasingly work remotely, which presents a challenge to on-premises based systems that, by design, provide capabilities within a specific physical location.
+Added: This creates substantial challenges for customers with on-premises contact center systems.
+Added: As a result, cloud contact center software solutions are continuing to replace legacy on-premises contact center systems.
Second is digital transformation.
−Removed: Consumers have the ability to easily and quickly switch brands after experiencing poor customer service.
+Added: End user consumers can easily and quickly switch brands after experiencing poor customer service.
Therefore, it is more critical than ever to provide the tools and technologies to meet consumer demands for a seamless experience across their engagement channels of choice.
−Removed: Cloud contact center software solutions provide organizations with the agility to adapt to a rapidly evolving environment and innovative functionalities to reimagine the way they engage with customers.
−Removed: Third is advancements in artificial intelligence, or AI, which enable improved customer experience, significant operational efficiencies and business insights.
−Removed: The recent advances in Generative AI, including Large Language Models, or LLMs, enable new capabilities in contact centers that were not possible in prior generations.
−Removed: Our AI Summaries feature uses Generative AI to automatically summarize a call at the end, reducing after-call work time.
−Removed: Natural language voice and chat bots, using Generative AI, speech recognition, intent detection, and text-to-speech technologies quickly and effectively handle mundane contact center tasks, allowing agents to focus on more complex issues.
−Removed: Generative AI technologies are also used in our AI Insights product, which gives customers an understanding of reasons for customer calls, customer sentiment, and call resolution status, with little up-front configuration.
−Removed: AI technologies generally require cloud deployment and, therefore, provide additional incentives for customers to move off their legacy on-premise solutions.
−Removed: Our solution, comprised of our VCC cloud platform with native AI and automation capabilities, including Interactive Virtual Agent, or IVA, Agent Assist, Workflow Automation, or WFA, Workforce Engagement Management, or WEM, AI Insights and AI Summaries, allows simultaneous management and optimization of customer interactions across voice, chat, email, web, social media and mobile channels, either directly or through our application programming interfaces, or APIs.
−Removed: Our VCC cloud platform matches each customer interaction with an appropriate agent resource and delivers relevant customer data to the agent in real-time through integrations with adjacent enterprise applications, such as CRM software, to optimize the customer experience and improve agent productivity.
−Removed: Our solution ensures our clients always have the latest version of our software.
−Removed: Delivered on-demand, our solution enables our clients to quickly deploy agent seats in any geographic location with only a computer,
−Removed: headset and broadband internet connection, and rapidly adjust the number of contact center agent seats in response to changing business requirements.
−Removed: Unlike legacy on-premise contact center systems, our solution requires limited up-front investment, can be rapidly deployed and is maintained by us in the cloud.
−Removed: Our sales model consists of a field sales team that sells our solution into larger opportunities and a telesales team that sells our solution into smaller opportunities.
+Added: Cloud contact center software solutions provide organizations with the agility to adapt to a rapidly evolving environment and leverage innovative functionalities to improve the way companies engage with customers.
+Added: Third is advancements in artificial intelligence, or AI.
+Added: AI is a significant advancement to improve customer experience across self-service, agent assistance, managerial insights, and workflow automation use cases.
+Added: This often provides significant operational efficiencies and improved business insights and intelligence.
+Added: The recent advances in Generative AI, including Large Language Models, or LLMs, enable new capabilities in contact centers that were not previously possible.
+Added: Our AI Summaries capability uses Generative AI to automatically summarize a call, reducing after-call work time.
+Added: Natural language voice and chat-bots, using Generative AI, provide speech recognition, intent detection, and text-to-speech technologies to quickly and effectively handle mundane contact center tasks, allowing agents to focus on more complex issues.
+Added: Generative AI technologies are also used in our AI Insights product, which gives customers an understanding of the reasons for customer calls, provides customer sentiment, and call resolution status, with little up-front configuration or setup.
+Added: Our AI Agents product redefines virtual agents, with the power of Generative AI, to deliver a hyper-personalized customer experience, unlocking additional efficiencies with automation, and is easy and quick to deploy.
+Added: Our solution empowers our customers to harness the value of these three market trends.
+Added: Comprised of our Intelligent CX Platform and automation capabilities, including Intelligent Virtual Agent, or IVA, Agent Assist, Workflow Automation, or WFA, Workforce Engagement Management, or WEM, AI Insights and AI Summaries, Revenue Execution, and our most recent AI capability, AI Agents, our solution allows simultaneous management and optimization of customer interactions across voice, chat, email, web, social media and mobile channels, either directly or through our application programming interfaces, or APIs.
+Added: Our Intelligent CX Platform matches each consumer interaction with an appropriate agent resource and delivers relevant consumer data to the agent in real-time through integrations with adjacent enterprise applications,
+Added: such as CRM software, to optimize the consumer experience and improve agent productivity.
+Added: Delivered on-demand, our solution ensures customers always have the latest version, and enables them to quickly deploy agents in any geographic location with only a computer, headset and broadband internet connection.
+Added: Our customers are able to adjust the level of our solutions used to meet their changing contact center volume needs.
+Added: Unlike legacy on-premises contact center systems, our solution requires limited up-front investment, can be rapidly deployed, and is maintained by us in the cloud.
+Added: Our sales model consists of a field sales team that sells our solution into mid-size, enterprise, and Fortune 1000 companies and a telesales team that sells our solution into smaller companies.
We have developed a proven, high-velocity, metrics-driven sales and marketing strategy, designed to effectively identify, qualify and close sales opportunities.
−Removed: To complement this go-to-market strategy, we have developed a strategically-built ecosystem of technology alliances, solution providers and system integrator partners, which also provide sales leads, and independent software vendors to help increase awareness of our solution in the market and drive additional sales opportunities with new and existing clients.
−Removed: We have also established, and are continuing to increase, our network of technology solution distributors who provide sales leads and resellers that integrate our solution into their service offerings to new clients.
+Added: To complement our go-to-market strategy, we have developed a strategically-built ecosystem of technology alliances, solution providers and system integrator partners, which also provide sales leads, and independent software vendors to help increase awareness of our solution in the market and drive additional sales opportunities with new and existing customers.
+Added: We have also established, and are continuing to increase, our network of technology solution distributors who provide sales leads and resellers that integrate our solution into their service offerings to new customers.
Our partner ecosystem has helped us access new routes to market and increase our penetration in domestic and international markets.
−Removed: We provide our solution through a software-as-a-service, or SaaS, business model with recurring revenue made up of subscription revenue, based primarily on the number of agent seats, and usage, based on minutes, as well as the specific functionalities and applications our clients deploy such as virtual agents.
+Added: We provide our solution through a software-as-a-service, or SaaS, business model.
+Added: We generate subscription revenue from our Intelligent CX Platform, and also generate usage-based telephony revenue.
+Added: We charge our customers monthly subscription fees for access to our solution, primarily based on the number of licenses.
+Added: Our AI solutions are sold to our customers on a consumption or capacity basis.
We have achieved significant growth in recent periods.
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Our solution is designed to enable our customers to increase and improve the efficiency of their operations, increase revenue opportunities and business agility, and provide insights into the behaviors of their workforce and customers as it relates to customer experience.
−Removed: Our platform facilitates this through key capabilities such as interaction routing and prioritization across channels, automation and integration of back and front end systems and the ability to leverage the power of AI through IVA and more.
+Added: Our platform facilitates this through key capabilities such as interaction routing and prioritization across channels, automation and integration of back and front-end systems and the ability to leverage the power of AI through self-service, agent assistance, management insights, and more.
Our solution also empowers agents and supervisors through WEM.
−Removed: Organizations of a broad variety of sizes use our solution to improve customer service and create customer loyalty.
+Added: A broad range of organizations use our solution to improve customer service and create customer loyalty.
These capabilities are offered across a wide variety of engagement channels from chat and SMS to e-mail and voice.
−Removed: Consumers are able to engage using their channel of choice and clients are able to facilitate fluid experiences that drive digital transformation.
+Added: Consumers are able to engage using their channel of choice and customers are able to facilitate seamless experiences that benefit from digital transformation.
Our agent interface is an intuitive, modern browser-based design that provides easy visualization of customer profiles, context and cross-channel history.
−Removed: Our solution is built on a modern SaaS architecture, leveraging both our own global data centers and public cloud deployments in a scalable, secure, and redundant manner.
−Removed: Our VCC platform is based on a modern micro services-based open enterprise architecture built with representational state transfer, or REST, APIs and software development kits, or SDKs, that enable customers, partners and developers to bridge any operational gaps within their unique systems.
+Added: Our solution is built on a modern SaaS architecture, leveraging both global data centers and public cloud deployments in a scalable, secure, and redundant manner.
+Added: Our Intelligent CX Platform is based on a modern micro services-based open enterprise architecture with open APIs and software development kits, or SDKs, to enable customers, partners and developers to integrate our solution into their unique systems.
AI is an embedded part of our platform.
−Removed: We provide high quality inbound and outbound voice services leveraging our global network infrastructure, key strategic carrier partnerships, complex real time call routing, and wide range of customer connectivity options for secure, resilient interconnectivity to our network.
−Removed: Our complete end-to-end capabilities include Computer-Telephony Integration, or CTI, IVA, Interactive Voice Response, or IVR, WFA, Agent Assist, AI Insights, AI Summaries, Automatic Call/Contact Distribution, or ACD, with skills-based routing, reporting, dashboards, agent and supervisor desktops, outbound dialer, pre-built third-party integrations, quality management, speech and desktop analytics, customer surveys and workforce management.
+Added: We provide high quality inbound and outbound voice services leveraging our global network infrastructure with key strategic carrier partnerships, including complex real-time call routing, and a wide range of customer connectivity options for secure and resilient interconnectivity to our network.
+Added: Our complete end-to-end capabilities include IVA, Interactive Voice Response, or IVR, WFA, WEM, Agent Assist, AI Insights, AI Summaries, Revenue Execution, AI Knowledge, AI Agents, Automatic Call/Contact Distribution, or ACD, with skills-based routing, reporting, dashboards, agent and supervisor desktops, outbound dialer, pre-built
+Added: third-party integrations, quality management, speech and desktop analytics, customer surveys and more.
+Added: Our solution also includes revenue execution capabilities, including outbound campaigns, compliance and out-reach solutions through our acquisition of Acqueon Inc., or Acqueon, in 2024.
Our solution provides the following advantages:
• Rapid implementation, seamless updates and pre-built integrations.
−Removed: Our solution is designed to be deployed quickly and seamlessly with minimal disruption to a client’s operations.
−Removed: The pre-built integrations with leading CRM and other enterprise applications reduce the complexity and burden of integrating with the client’s business applications.
−Removed: Our solution is designed to be seamlessly updated so that clients are always operating on the latest version of the software, while maintaining their existing configurations, ensuring minimal disruption to the client’s contact center operations.
+Added: Our solution is designed to be deployed quickly and seamlessly with minimal disruption to a customer’s operations.
+Added: The pre-built integrations with leading CRM and other enterprise applications reduce the complexity and burden of integrating with the customer’s business applications.
+Added: Our solution is designed to be seamlessly updated so that customers are always operating on the latest version of the software, while maintaining their existing configurations, to ensure minimal disruption to the customer’s contact center operations.
• Highly flexible platform.
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• Scalable, secure and reliable multi-tenant architecture.
−Removed: Our solution provides organizations of all sizes with the robust contact center functionality, scalability, flexibility and security required in the most sophisticated and distributed environments.
−Removed: Our solution is designed to provide the following key benefits to clients:
+Added: Our solution provides organizations of all sizes with robust contact center functionality, scalability, flexibility and security required in the most sophisticated and distributed environments.
+Added: Our solution is designed to provide the following key benefits to customers:
+Added: • A complete omnichannel solution.
+Added: Our Intelligent CX Platform offers a comprehensive and rich collection of interaction capabilities including voice, email, SMS, chat, and more.
+Added: By offering a collection of services to interact with customers in multiple ways, our customers benefit from closer engagement, improved brand loyalty, and higher repeat purchases by meeting customers where they are.
• Improved customer experience.
−Removed: Our intelligent contact routing and self-service IVA and IVR capabilities, pre-built CRM and other integrations, and multichannel engagement ensure that customers receive an omnichannel experience.
−Removed: Each new contact is quickly routed to an appropriate agent resource.
+Added: Our intelligent contact routing and self-service IVA, IVR, and AI Agent capabilities, including pre-built CRM and other integrations, and omnichannel engagement ensure that consumers have a great experience.
+Added: New contacts are quickly routed to an appropriate agent.
Using the rich contact history and additional context through integrations with CRM and other applications, agents have immediate access to the most current, relevant and accurate information about the customer, resulting in increased first contact resolutions and a more satisfying experience for the customer.
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Our solution empowers agent productivity and effectiveness by allowing agents to handle both inbound and outbound calls and interact with customers across multiple digital engagement channels, including voice, chat, email, web, social media and mobile.
−Removed: Our solution gives agents the ability to switch between media channels through an easy-to-use, unified interface that provides agents with all of the relevant content and tools needed to complete the task at hand.
+Added: Our solution enables agents to switch between media channels through an easy-to-use, unified interface that provides agents with all of the relevant content and tools needed to respond to customer needs.
Furthermore, our AI enabled automation features are designed to enable agent efficiency and cost reductions, including through the utilization of LLMs and natural language processing, or NLP.
• Enhanced end-to-end visibility.
−Removed: Our solution provides clients’ operations staff, quality team and leadership with a complete view of contact center performance through a comprehensive set of historical reports, real-time dashboards, and quality and performance management tools.
−Removed: Clients can also extract reporting data from our solution for further analysis using a spreadsheet application or using the sophistication of an enterprise business intelligence application.
+Added: Our solution provides contact center management, operations staff, quality team and executive leadership with a complete view of contact center performance through a comprehensive set of historical reports, real-time dashboards, and quality and performance management tools.
+Added: Customers can also extract reporting data from our solution for further analysis using a spreadsheet application or using the sophistication of an enterprise business intelligence application.
Our advanced reporting solution enables us to connect to external data sources such as ACDs, WEM platforms, CRM solutions, and many more pre-built integrations.
−Removed: This insight provides an organization-wide view of customer engagement performance and allows clients to quickly address changing circumstances.
+Added: Our acquisition of Aceyus, Inc., or Aceyus, enables us to connect disparate reporting and intelligence data sources, and synthesize them for use across different systems.
+Added: The combination of Five9 reporting, Five9 Analytics, and Aceyus VUE provides an organization-wide view of customer engagement performance and allows customers to quickly address changing circumstances.
• Greater operational efficiency.
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Our solution has robust intelligence and analytics capabilities to help supervisors optimize operations and campaigns in real-time to drive increased efficiency.
−Removed: Our role-based interfaces deliver specific functionality to both desktops and mobile devices to meet the unique needs of agents, supervisors and administrators.
+Added: Additionally, we believe our Genius AI suite provides efficiencies across our customers’ overall operations.
• Compelling value proposition.
−Removed: We provide a unified cloud-based software platform for contact center operations, including software applications, technology infrastructure, maintenance, monitoring, storage, security, client support and upgrades, which enables our clients to simplify their technology infrastructure and streamline IT costs.
−Removed: We manage upgrades and deployments remotely, resulting in lower total cost of operations relative to legacy on-premise contact center systems that often require in-house technical support staff.
+Added: We provide a unified cloud-based software platform for contact center operations, including software applications, technology infrastructure, maintenance, monitoring, storage,
+Added: security, customer support and upgrades, which enables our customers to simplify their technology infrastructure and streamline IT costs.
+Added: We manage upgrades and deployments remotely, resulting in lower total cost of operations relative to legacy on-premises contact center systems that often require in-house technical support staff.
+Added: • Implementing AI successfully.
+Added: We provide our AI Blueprint program to assist customers with strategic planning and implementation of powerful solutions from our Genius AI suite.
+Added: Our consultative approach to identifying business opportunities for enhancement and growth, leveraging Generative AI is helping companies take advantage of these new technologies to improve CX and increase customer satisfaction.
Our Competitive Strengths
We believe that our position as a leading provider of cloud contact center software results from several key competitive strengths, including:
−Removed: • Global Cloud-based, enterprise-grade platform and end-to-end application suite.
−Removed: We deliver a cloud-based enterprise-grade platform and applications suite with multi-channel capabilities that allows our clients to manage their entire contact center operation.
−Removed: Our highly scalable, secure and multi-tenant architecture enables us to serve large multi-national enterprises with complex contact center requirements, as well as smaller organizations, all from our platform comprised of globally distributed physical data centers and public cloud deployments, all interconnected with a robust, redundant, private WAN and diverse regionalized Internet connectivity.
+Added: • Global Cloud-based, AI infused, enterprise-grade platform and end-to-end application suite.
+Added: We deliver a cloud-based, enterprise-grade, AI-infused platform and applications suite with multi-channel capabilities that allows our customers to manage their entire contact center operation.
+Added: Our highly reliable, scalable, secure and multi-tenant architecture enables us to serve large multi-national enterprises with complex contact center requirements, as well as smaller organizations, all from our platform comprised of globally distributed physical data centers and public cloud deployments.
We have also commenced investments in a dedicated U.S.-based data center deployment to support Federal Risk and Authorization Management Program, or FedRAMP, customers.
−Removed: • Rapid deployment and support of our comprehensive solution.
+Added: • Customer success with our consultative approach.
Our high-touch engagement model for larger implementations accelerates agent activation and targets desired business outcomes by leveraging a proven lifecycle approach including detailed discovery, design, testing, training and optimization.
−Removed: Through the use of tools and processes that have been refined over thousands of customers, we can also efficiently meet the needs of our smaller clients.
−Removed: We offer flexibility and integrate with a number of leading CRM vendors, including:
−Removed: Microsoft Corporation, or Microsoft, Oracle Corporation, or Oracle, Salesforce.com, Inc., or Salesforce, ServiceNow, Inc., or ServiceNow, Zendesk, Inc., or Zendesk, and others.
+Added: Through the use of proprietary tools and processes that have been refined over thousands of customers, we can also efficiently meet the needs of our smaller customers.
+Added: We offer flexibility and integrate with a number of leading CRM vendors, including Microsoft Corporation, or Microsoft, Oracle Corporation, or Oracle, Salesforce.com, Inc., or Salesforce, ServiceNow, Inc., or ServiceNow, Zendesk, Inc., or Zendesk, among others.
We also offer integrations into UC partners such as Microsoft Teams, Nextiva, RingCentral, Zoom Video Communications, or Zoom, and others.
3 unchanged sentences
These customer success representatives build deep relationships with our customers to help maximize the value of our platform.
−Removed: As a result, our clients’ contact centers become fully operational faster and they recognize time to value quicker than with legacy on-premise contact center systems.
+Added: As a result, our customers’ contact centers become fully operational faster and they recognize time to value quicker than legacy on-premises contact center systems.
• Reliable, secure, compliant and scalable platform.
1 unchanged sentence
cybersecurity using a defense-in-depth approach;
−Removed: scalability to accommodate the requirements of larger clients;
−Removed: and legal and regulatory compliance features designed to assist our clients in complying with applicable laws, regulations and industry standards.
+Added: scalability to accommodate the requirements of larger customers;
+Added: and legal and regulatory compliance features designed to assist our customers in complying with applicable laws, regulations and industry standards.
• Proven, repeatable and scalable go-to-market model.
−Removed: We engage with our clients through a highly scalable and metrics-driven sales and marketing organization that effectively identifies, qualifies and closes sales opportunities.
+Added: We engage with our customers through a highly scalable and metrics-driven sales and marketing organization that effectively identifies, qualifies and closes sales opportunities.
The deep domain expertise of our field sales team is instrumental in selling to larger opportunities, and our highly efficient telesales model enables us to cost-effectively identify, qualify and close a high volume of smaller opportunities.
1 unchanged sentence
We believe our go-to-market model gives us an efficient and effective means of targeting organizations of all sizes.
−Removed: • Established market presence and a large, diverse client base.
−Removed: We have a large, diverse client base of over 3,000 organizations across multiple industries.
−Removed: We believe our clients view us as a key strategic solution provider.
−Removed: The performance, reliability, ease-of-use and comprehensive nature of our solution has resulted in high client retention.
+Added: • Established market presence and a large, diverse customer base.
+Added: We have a large, diverse customer base of over 3,000 organizations across multiple industries.
+Added: We believe our customers view us as a key strategic solution provider.
+Added: The performance, reliability, ease-of-use and comprehensive nature of our solution has resulted in high customer retention.
• Extensive partner ecosystem.
−Removed: We have cultivated a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;
+Added: We have built a robust ecosystem of partners including a variety of leading CRM software vendors such as Microsoft, Oracle, Salesforce, ServiceNow and Zendesk;
WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint;
−Removed: unified communications vendors such as Microsoft Teams, Nextiva, RingCentral and Zoom;
+Added: unified communications vendors such as Microsoft Teams, RingCentral and Zoom;
system integrators such as Accenture PLC, Deloitte Consulting LLP, IBM, Kyndryl, Inc., PwC LLP and Slalom Consulting, LLC;
−Removed: technology solution distributors such as Avant, LLC, Intelysis and Telarus, value-added resellers such as British Telecom, CDW Corporation, NWN Carousel, Presidio Networked Solutions Group, LLC, and Worldwide Technologies;
−Removed: independent software vendors;
+Added: technology solution distributors such as Avant, LLC, Intelysis and Telarus, value-added resellers such as AT&T Inc.
+Added: and British Telecom, CDW Corporation, NWN Carousel, Presidio Networked Solutions Group, LLC, and Worldwide Technologies;
+Added: independent software vendors such as Cresta AI, Pindrop, Blackchair, Level AI, Calabrio and Verint;
and telephony providers.
−Removed: We believe this ecosystem has enabled us to increase our brand awareness and enhance the functionality and value of our solution for our clients.
+Added: We believe this partner ecosystem has enabled us to increase our brand awareness and enhance the functionality and value of our solution for our customers.
• Focus on innovation and thought leadership .
Since our inception, we have been an innovator of intelligent cloud contact center software.
−Removed: Our investment in research and development has driven our growth and enabled us to deliver a cloud contact center software solution with the features and functionality to power the most complex contact centers.
−Removed: We strive to be a thought leader in our industry, identifying and developing cloud capabilities to transform traditional contact center operations into customer engagement centers of excellence.
−Removed: Contact centers are a rich source of the data that powers AI, from call detail records to full recordings of calls and customer interactions.
−Removed: Recent advances in Generative AI enable us to deliver even more innovation by integrating it deep into our VCC platform.
−Removed: We believe that AI, and Generative AI in particular, will profoundly impact how businesses deliver services to their customers.
−Removed: We have a large, diverse and global client base comprised of more than 3,000 organizations as of December 31, 2023, with no single client representing more than 10% of our revenues in 2023, 2022 or 2021.
−Removed: Our client base spans organizations of all sizes across multiple industries, including banking and financial services, business process outsourcers, retail, healthcare, technology and education.
+Added: Our investment in research and development has driven our growth and enabled us to deliver an Intelligent CX Platform with the capabilities and functionality to power the most complex contact centers.
+Added: We strive to be a thought leader in our industry, identifying and developing cloud capabilities to transform traditional contact center operations into customer experience centers of excellence.
+Added: Contact centers are a rich source of the contextual data that powers AI, from interaction data such as call transcripts to customer data from extensive integrations to back office systems, as well as brand information.
+Added: Recent advances in Generative AI enable us to deliver even more innovation by integrating it deep into our Intelligent CX Platform.
+Added: We believe that AI, and Generative AI in particular, will profoundly impact how businesses deliver experiences to their customers.
+Added: We have a large, diverse and global customer base comprised of more than 3,000 organizations as of December 31, 2024, with no single customer representing more than 10% of our revenues in 2024, 2023 or 2022.
+Added: Our customer base spans organizations of all sizes across multiple industries, including banking and financial services, business process outsourcers, retail, healthcare, technology and education.
Sales and Marketing
−Removed: To build client awareness and adoption of our solution, our lead generation activities consist of a mix of organic activities such as social, digital presence and search engine optimization, and paid for activations such as search engine marketing, internet advertising, digital marketing campaigns, content syndication, trade shows, industry events, co-marketing with strategic partners, account-based marketing, client referrals and other promotional campaigns.
+Added: To build customer awareness and adoption of our solution, our lead generation activities consist of a mix of organic activities such as social, digital presence and search engine optimization, and paid programs such as search engine marketing, internet advertising, digital marketing campaigns, content syndication, presence at industry events and trade shows, co-marketing with strategic partners, account-based marketing, customer referrals and other promotional campaigns.
In addition, our industry analyst, press and media outreach programs, and web site marketing initiatives are designed to build brand awareness and preference for our solution.
−Removed: We offer online self-service demos and instructional videos to help prospective clients learn about the features and functionality of our cloud platform.
+Added: We offer online self-service demos and instructional videos to help prospective customers learn about the capabilities and functionality of our cloud platform.
We also offer proof of concept service packages and trial opportunities, which include return-on-investment analyses conducted by third parties, to allow prospects to experience the quality and ease-of-use of our cloud solution and quantify the potential benefits of our deployment model.
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Our sales model consists of a field sales team that sells our solution into larger opportunities and a telesales team that sells our solution into smaller opportunities.
−Removed: Our field and telesales teams are also responsible for selling to existing clients that may renew their subscriptions, increase the number of agents using our cloud solution, add new applications from our solution and expand the deployment of our solution across their contact centers.
+Added: Our field and telesales teams are also responsible for selling to existing customers that may renew their subscriptions, increase the number of licenses using our cloud solution, add new applications from our solution and expand the deployment of our solution across their contact centers.
Indirect Sales.
We have cultivated strong partner relationships with technology solution distributors, global system integrators and resellers to drive sales of our solution.
−Removed: We have established, and continue to increase, our network of technology solution distributors, which provide sales leads, global system integrators, which also provide sales leads and help integrate our solution with our client systems, and resellers, which sell our solution to new clients.
−Removed: This network has helped us attract additional clients, and we continue to empower these partnerships to participate in the delivery of our solution and extend the total customer value gained from unique integrated value propositions.
+Added: We have established, and continue to increase, our network of technology solution distributors, which provide sales leads, global system integrators, which also provide sales leads and help integrate our solution with our customer systems, and resellers, which sell our solution to new customers.
+Added: This network has helped us attract additional customers, and we continue to empower these partnerships to participate in the delivery of our solution and extend the total customer value gained from unique integrated value propositions.
Professional Services
−Removed: We offer global comprehensive professional services to our clients to assist in the successful implementation and optimization of our solution.
−Removed: Our professional services include application configuration, system integration, and education and training.
−Removed: Our clients may use our professional services team for implementing our solution or, in many cases, they may choose to perform these services themselves or engage with one of our certified implementation partners to perform these services.
−Removed: Our cloud solution allows us to eliminate the need for lengthy and complex technology integrations, such as deploying equipment or maintaining hardware infrastructure for individual clients.
−Removed: As a result, we are typically able to deploy and optimize our solution in significantly less time than required for deployments of legacy on-premise contact center systems.
+Added: We provide professional services to assist our customers in implementing and optimizing our solution.
+Added: These services include application configuration, system integrations, custom development, AI consulting, and education
+Added: and training.
+Added: Customers can either use our team for implementing our solution, perform these services themselves, engage one of our certified implementation partners, or engage their own third-party service provider.
Research and Development
−Removed: Our ability to compete depends in large part on our continuous commitment to research and development and our ability to improve the functionality of, and add new features to, our VCC cloud platform.
−Removed: Our core research and development center is based in our San Ramon, California headquarters, with additional engineers located in Australia and Portugal, which allows us to benefit from relatively low-cost and highly skilled software developers.
−Removed: In January 2023, we opened our new European Research and Development Hub in Porto, Portugal, which serves as
−Removed: our European engineering headquarters.
−Removed: Our engineering team has deep software and telecommunications skills, and works closely with our sales team to identify our clients’ product requirements.
+Added: Our ability to compete depends in large part on our continuous commitment to research and development and our ability to improve the functionality of, and add new features to, our Intelligent CX Platform.
+Added: Our core research and development center is based in our San Ramon, California headquarters, with additional engineers located in Australia, Portugal, and India, which international locations allow us to benefit from lower cost and highly skilled software developers.
+Added: In January 2023, we opened our new European Research and Development Hub in Porto, Portugal, which serves as our European engineering headquarters.
+Added: Our engineering team has deep software and telecommunications skills, and works closely with our sales team to identify our customers’ product requirements.
In addition, continuous interactions with our partners enable our engineers to enhance the usability and performance of our platform and its integration with best-in-class CRM and other business applications and telephony technologies.
Technology and Operations
−Removed: Our highly scalable and flexible cloud platform is the result of our extensive research, development, client engagement and operational experience.
+Added: Our highly reliable, secure, compliant, and scalable cloud platform is the result of our extensive research, development, customer engagement and operational experience.
Our platform is comprised of in-house developed intellectual property, open source products and commercially available hardware and software.
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We believe that all components can be upgraded, expanded or replaced with minimal or no interruption in service.
−Removed: We currently deliver our services globally from third-party co-location data center facilities located in the United States, the United Kingdom, Europe and Australia and from public cloud locations in Canada, the United Kingdom and Europe.
−Removed: We also host some of our voice services on the public cloud in Europe, Asia, South America and Australia as well as additional core services in Europe.
+Added: We currently deliver our services from third-party co-location data center facilities located in the United States, the United Kingdom, Europe and Australia and from public cloud locations in Canada, the United Kingdom, Europe and India.
+Added: We also host some of our voice services on the public cloud in Europe, Asia, South America, and Australia.
Our infrastructure, including our third-party co-location facilities, is designed to support real-time critical telecommunications, applications and operational support systems.
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We have designed and maintain an operations, capacity and security program to monitor and maintain our platform, ensure efficient utilization of our platform capacity and protect against security threats or data breaches.
−Removed: Our global operations team monitors our data centers for potential performance issues, unauthorized attempts to access secure data or applications and the overall integrity of the platform.
−Removed: The market for contact center software is fragmented, highly competitive and evolving rapidly in response to shifting consumer behavior, especially the transition to mobile devices and use of different channels of engagement, such as social media.
−Removed: The proliferation of each is driving change in contact center technology, as customers expect companies to give them the option of seamless communication across all channels without losing the overall context of customer interactions according to their preferences and needs.
+Added: Our operations team monitors our data centers for potential performance issues, unauthorized attempts to access secure data or applications and the overall integrity of the platform.
+Added: The market for contact center software is fragmented, highly competitive and evolving rapidly.
+Added: The proliferation of different channels of engagement is driving changes in contact center technology, as customers expect companies to give them the option of seamless communication across all channels without losing the overall context of customer interactions according to their preferences and needs.
+Added: More recently, the advent of Generative AI and related technologies has prompted an acceleration in the actual and expected adoption of AI solutions for customer self-service, agent assistance, and management of contact center operations.
Combined with the disruptive nature of the cloud in the contact center, this has resulted in competitors who come from different market and product heritages, and who vary in size, breadth, and scope of products and services offered.
−Removed: We currently compete with large legacy vendors that offer on-premise contact center systems, such as Avaya Inc., or Avaya, and Cisco Systems, Inc., or Cisco.
−Removed: These legacy telephony vendors are increasingly supplementing their traditional on-premise contact center systems with competing cloud offerings, through a combination of acquisitions, partnerships and in-house development.
+Added: We currently compete with large legacy vendors that offer on-premises contact center systems, such as Avaya Inc., or Avaya, and Cisco Systems, Inc., or Cisco.
+Added: These legacy telephony vendors are increasingly supplementing their traditional on-premises contact center systems with competing cloud offerings, through a combination of acquisitions, partnerships, and in-house development.
Additionally, we compete with vendors that historically provided other contact center services and technologies and expanded to offer cloud contact center software such as Genesys Telecommunications Laboratories, Inc., or Genesys, and NICE Ltd., or NICE.
−Removed: We also face competition from many smaller contact center service providers such as Content Guru and Talkdesk, as well as vendors offering both unified communications and contact center solutions such as Zoom.
+Added: We also face competition from many smaller contact center service providers such as Content Guru and Talkdesk, as well as vendors offering both unified communications and contact center solutions such as RingCentral and Zoom.
In addition, Amazon.com, Inc., or Amazon, Twilio Inc., or Twilio, and most recently, Microsoft, have introduced solutions aimed at companies who wish to build their own contact centers and/or contact center components with developers.
−Removed: In addition, CRM vendors are increasingly offering features and functionality that were traditionally provided by contact center service providers.
−Removed: CRM and customer experience vendors also continue to partner with contact center service providers to provide integrated solutions and may, in the future, acquire competitive contact center service providers.
−Removed: These factors could cause CRM vendors to reduce or terminate their partnerships with us, and could result in increased competition.
−Removed: Because CRM integration and partnerships are critical to the success of our solution, these factors could harm our revenue and results of operations.
+Added: In addition, CRM vendors are increasingly offering features and functionality, including AI contact center solutions, that were traditionally provided by contact center service providers.
+Added: CRM and customer experience vendors also continue to partner with
+Added: contact center service providers to provide integrated solutions and may, in the future, acquire competitive contact center service providers.
+Added: We also compete with new market entrants in AI that offer Generative AI solutions that compete as point products in the market.
Our actual and potential competitors may enjoy competitive advantages over us, including greater name recognition, longer operating histories, broader product offerings, larger marketing and product development budgets, as well as greater financial and technical resources.
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We believe the principal competitive factors in our market include:
−Removed: • breadth and depth of solution features;
+Added: • breadth and depth of solution features, including AI;
• reliability, scalability and quality of the platform;
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• ease of application administration and use;
−Removed: • level of client satisfaction;
+Added: • level of customer satisfaction;
• domain expertise in contact center operations;
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• ability to quickly adapt and upgrade to new and evolving technologies, including AI;
−Removed: • ability to quickly adjust agent seats based on business requirements;
+Added: • ability to quickly adjust service levels based on business requirements;
• breadth and domain expertise of the sales, marketing and support organization;
−Removed: • ability to keep pace with client requirements;
+Added: • ability to keep pace with customer requirements;
• extent and efficiency of professional services;
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In addition, we require our employees and independent contractors involved in development of intellectual property to enter into agreements acknowledging that all works, or other intellectual property generated or conceived by them on our behalf, are our property, and assigning to us any rights, including intellectual property rights, that they may claim or otherwise have in those works or property, to the extent allowable under applicable law.
−Removed: As of December 31, 2023, our intellectual property portfolio included three registered U.S.
−Removed: trademarks, two pending U.S.
+Added: As of December 31, 2024, our intellectual property portfolio included nine registered U.S.
+Added: trademarks, three pending U.S.
trademark applications, 23 issued U.S.
−Removed: patents, one pending U.S.
−Removed: patent application and one registered U.S.
+Added: patents, seven pending U.S.
+Added: patent applications and one registered U.S.
As of December 31, 2024, outside the U.S.
−Removed: we also had 10 trademark registrations, five issued patents and three pending international Patent Cooperation Treaty, or PCT, patent applications.
+Added: we also had 27 trademark registrations across various countries, two pending trademark applications, five issued patents and three pending international national phase patent applications.
+Added: There are no Patent Cooperation Treaty, or PCT, patent applications.
The expiration dates of our issued patents range from 2025 to 2043.
−Removed: In general, our patents and patent applications apply to aspects of our VCC cloud platform.
+Added: In general, our patents and patent applications apply to aspects of our Intelligent CX Platform.
We are also a party to various license agreements with third parties that typically grant us the right to use certain third-party technology in conjunction with our solution.
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Any of these third parties might make a claim of infringement against us at any time.
−Removed: We believe that there are seasonal factors that cause our revenues in the first half of a year to be lower than our revenues in the second half of the year.
−Removed: During 2023, 2022 and 2021, 52%, 52%, and 54% of our total revenues were generated in the second half of each year.
+Added: We believe that there are seasonal factors that cause our revenues in the first half of a year to be lower than our revenues in the second half of a year.
+Added: During 2024, 2023 and 2022, 52%, 52%, and 52% of our total revenues
+Added: were generated in the second half of each year.
We believe this is due to increased activities in retail, healthcare and education in the second half of each year.
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Our employee turnover for the last three years has averaged 14.7%.
−Removed: The key human capital measures and objectives that we focus on in managing our business are maintaining our company values, promoting our diversity and inclusion, our total rewards philosophy, our talent development, and our employees’ safety and wellness.
+Added: The key human capital measures and objectives that we focus on in managing our business, and creating an environment where all of our employees can thrive, are maintaining our company values, creating an inclusive environment with a broad base of skill sets and experiences, our total rewards philosophy, our talent development, and our employees’ safety and wellness.
Five9 Values - Bringing Passion and Purpose
At Five9 we are focused on delivering success for our customers, partners and employees.
−Removed: Living our values everyday results in a unique and powerful culture that we call “winning culture” in which every member on our team is passionately committed to achieve collective success.
+Added: Living our values everyday results in a unique and powerful “winning culture” in which every member on our team is passionately committed to achieve collective success.
This powerful team-first culture enables us to overcome obstacles and win year after year, while enjoying the journey together.
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Last year we maintained the highest level of employee engagement according to our vendor, Culture Amp, as noted in its Engagement and Inclusion benchmark (top quartile) based upon responses from approximately 2,000 companies.
−Removed: Employees’ highest rated areas were the following:
−Removed: employee productivity (91%) and engagement (90%).
−Removed: Diversity & Inclusion at Five9
−Removed: At Five9, we celebrate diversity and foster an inclusive environment by creating a culture where our employees can be their authentic selves.
+Added: The areas rated highest by our employees were:
+Added: growth and development (77%) and collaboration and communication (70%).
+Added: Inclusion and Culture
+Added: At Five9, we foster an inclusive environment by creating a culture where our employees can be their authentic selves.
We integrate our core values of honesty and respect and lead with transparency and inclusivity.
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Our goal is to empower our employees to have a voice that’s heard and foster a community where they feel they belong.
−Removed: Our recruiting programs support and encourage diversity.
−Removed: We recruit from various diversity organizations, including historically black colleges and universities, the Professional Diversity Network, Military 2 Career, Ability Careers, Asian Career Network, Women’s Career Channel, Black Career Network, LGBTQ+ Career Network, and Ihispano.
−Removed: In addition, we have several Employee Resource Groups, or ERGs, that are committed to diversity and creating and fostering a culture of inclusion.
−Removed: Our ERGs include Women In Tech, Blatinx, Veterans, Five9 Faith, APIDA and Pride @ Five9.
−Removed: We have implemented an annual ERG leadership summit where our ERG leader’s share ideas and the HR People team shares current Diversity and Inclusion initiatives for feedback and to foster partnership.
+Added: In our recruiting, we seek candidates
+Added: from a broad array of sources to enable us to access the best candidates and build a broad base of skill sets and experience.
+Added: Additionally, we have various employee-led affinity groups that are open to all of our employees.
Women represented 31% of our worldwide employees and racial and ethnic minorities represented 35% of our U.S.
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We are committed to providing a workplace free of harassment or discrimination based on race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status, caste or other legally protected characteristic.
−Removed: We are an equal opportunity employer committed to inclusion and diversity.
+Added: We are an equal opportunity employer committed to inclusion.
Environmental Sustainability
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We are also committed to complying with California’s climate legislation, SB-253 and SB-261.
−Removed: This commitment involves the reporting to Scope 1, 2, and 3 emissions within the mandated reporting period.
+Added: This commitment involves the reporting to Scope 1, 2, and 3 emissions within the mandated reporting periods.
The following summarizes important, but not all, federal, state and foreign regulations that could impact our operations.
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If we do not comply with FCC rules and regulations, we could be subject to FCC enforcement actions, fines and possibly restrictions on our ability to operate or offer certain of our services.
−Removed: Any enforcement action by the FCC, which may be a public process, would hurt our reputation in the industry, possibly impair our ability to sell our services to clients and could harm our business and results of operations.
+Added: Any enforcement action by the FCC, which may be a public process, would hurt our reputation in the industry, possibly impair our ability to sell our services to customers and could harm our business and results of operations.
The Federal Trade Commission, or FTC, also has jurisdiction over some of our business practices, including advertising, trade practices, privacy and telemarketing.
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We must comply with numerous federal regulations, including:
−Removed: • Telephone Consumer Protection Act of 1991, or TCPA, which regulates the use of automatic dialing equipment and pre-recorded messages to contact consumers, and the Telemarketing Sales Rule, which has similar obligations as to telemarketing activities;
+Added: • Telephone Consumer Protection Act of 1991, or TCPA, which regulates the use of automatic dialing equipment and pre-recorded messages to contact consumers, the Telemarketing Sales Rule and state telemarketing laws, which have similar obligations as to telemarketing activities;
• the TRACED Act and corresponding regulations from the FCC, which require carriers to authenticate incoming calls using the STIR/SHAKEN caller ID framework and correspondingly compels providers of telecommunications services to implement capabilities to certify as authentic the traffic they provide to those carriers and to block transmission of certain calls;
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• payment of annual FCC regulatory fees based on our interstate and international revenues;
−Removed: • rules pertaining to access to our services by people with disabilities and contributions to the Telecommunications Relay Services fund;
+Added: • The Communications and Video Accessibility Act and rules pertaining to access to our services by people with disabilities and contributions to the Telecommunications Relay Services fund;
• FCC rules regarding Customer Proprietary Network Information, or CPNI, which require that we limit disclosure of certain information received from customers as a result of a service provider/customer relationship without customer approval, subject to certain exceptions;
• Federal Trade Commission Act and rules promulgated thereunder, which generally relate to avoiding unfair and deceptive trade practices, our advertising, use and deployment of certain AI-based services, and privacy practices;
−Removed: • state privacy laws require compliance with privacy frameworks and include disclosure obligations to consumers for whom we hold or process personal data including, but not limited to:
−Removed: ◦ California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020, or the CCPA, which took effect on January 1, 2023;
−Removed: ◦ Virginia Consumer Data Protection Act, or the VCDPA, which took effect on January 1, 2023;
−Removed: ◦ Colorado Privacy Act, or the CPA, which took effect on July 1, 2023;
−Removed: ◦ Connecticut Data Privacy Act, or CDPA, which took effect on July 1, 2023;
−Removed: ◦ Utah Consumer Privacy Act, or the UCPA, which took effect on December 31, 2023.
+Added: • The Health Information Portability and Accountability Act (or HIPAA) and rules promulgated thereunder, which generally relate to the privacy and security of certain health-related information;
+Added: • an evolving set of comprehensive state privacy laws that require compliance with privacy frameworks and include disclosure and permission-related obligations to individuals for whom we hold or process personal data.
In addition, we must make contributions and other payments on our usage-based fees to state and local governmental entities.
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Non-compliance with the GDPR can trigger steep fines of up to €20 million or 4% of total worldwide annual turnover, whichever is higher.
−Removed: In addition, among other comprehensive privacy laws around the world, we are subject to the UK’s Data Protection Act, Canada’s Personal Information Protection and Electronic Documents Act, or PIPEDA, and analogous provincial laws, and emerging U.S.
−Removed: state privacy laws, which collectively impose similar data privacy and security obligations on our processing of personal data.
−Removed: Our regulatory obligations in foreign jurisdictions could impact the use or cost of our solution in international locations as data protection and privacy laws and regulations around the world continue to evolve, and which may also address the use of certain types of AI-based systems and solutions within their scope.
+Added: In addition, among other comprehensive privacy laws around the world, we are subject to the UK’s Data Protection Act, and Canada’s Personal Information Protection and Electronic Documents Act, or PIPEDA, and analogous provincial laws.
+Added: We also hold a Unified License Virtual Network Operator in India.
+Added: This license requires us to comply with certain quality of service, privacy and billing standards associated with our services in India that may be different than the standards imposed by other countries.
+Added: Our regulatory obligations in foreign jurisdictions could impact the use or cost of our solution in international locations as data protection and privacy laws and regulations around the world continue to evolve, and which may also address the use of certain types of AI-based systems and solutions within their scope, including the EU Artificial Intelligence Act.
Furthermore, we have defined and implemented a layered information governance program comprising a defined framework of policies, operational processes and controls.
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• AICPA - System and Organization Controls SOC 2, Type 2 Security and Availability criteria;
−Removed: • Health Insurance Portability and Accountability Act (HIPAA) that is designed to protect the privacy and security of protected health information (PHI);
• ISO 27017 - Information technology – Security techniques – Code of practice for information security controls based on ISO/IEC 27002 for cloud services;
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It is not possible to predict how such evolution and changes will affect our business or our industry.
−Removed: If we do not comply with current or future rules or regulations that apply to our business, we could be subject to substantial fines and penalties, we may have to restructure our service offerings,
−Removed: exit certain markets, accept lower margins or raise the price of our services, any of which could harm our business and results of operations.
+Added: If we do not comply with current or future rules or regulations that apply to our business, we could be subject to substantial fines and penalties, we may have to restructure our service offerings, exit certain markets, accept lower margins or raise the price of our services, any of which could harm our business and results of operations.
See “Risk Factors — Risks Related to Regulatory Matters” under ITEM 1A of this Form 10-K for more information.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.