According to a recent report, the Global Unified Communication as a Service (UCaaS) market is expected to grow 9.6% annually over the next few years to reach $26.2 billion by 2027. Five9 (Nasdaq: FIVN) recently announced its quarterly results that surpassed market expectations.

Five9’s Financials

For the first quarter, Five9’s revenues grew 45% to $137.9 million, ahead of the market’s forecast of $122.63 million. EPS came in at $0.23 per share, also ahead of the market’s forecast of $0.13 per share.

For the second quarter, Five9 expects revenues of $131.5-$132.5 million with an EPS of $0.13-$0.14. The market was looking for revenues of $132.4 million for the quarter with an EPS of $0.14. For the year, Five9 expects revenues of $548.5-$551.5 million with an EPS of $0.89-$0.93. The market is expecting revenues of $551.3 million and an EPS of $0.91.

Five9’s Partner Expansion

Recently, Five9 announced a multi-year partnership with Mitel. The partnership will allow Mitel to feature the Five9 Intelligent Cloud Contact Center as its exclusive contact center as a service partner for its worldwide client base. It will allow both companies to provide a holistic offering for organizations looking for an integrated Contact Center and Unified Communications solution within their total customer experience strategy. As part of the agreement, Mitel’s global customer base will have access to all of Five9’s products, such as the core Five9 Platform, Workforce Optimization, Intelligent Virtual Agents, Agent Assist, and Workflow Automation.

It also announced its partnership with Neustar. The partnership will assist the implementation of the FCC-mandated STIR/SHAKEN call authentication for Five9 customers through Neustar’s product, Certified Caller. By leveraging Certified Caller, Five9 customers that use Five9-provided phone numbers and place calls to the PSTN network will become automatically compliant with the STIR/SHAKEN mandate without the extra cost or additional actions. The STIR/SHAKEN call authentication framework has been designed to prevent callers from falsifying the information displayed on caller ID during incoming calls. It requires that digital certificates validate the caller ID of calls carried over Internet Protocol (IP) networks, thus blocking wrongfully displayed caller IDs.

Five9’s partnerships are helping it deliver product upgrades. It recently launched the Five9 Customer Experience (CX) Maturity Model, a framework focused on helping enterprises design a path to digital customer experience maturity. The framework has been developed through their partnership with Blackchair, a renowned leader in CX automation and optimization. The solution allows organizations to assess their current maturity level and plan transformation goals and their CX strategies.

Five9’s stock is currently trading at $168.48 with a market capitalization of $11.1 billion. It touched a 52-week high of $201.75 earlier this month. It has recovered from the 52-week low of $99.29 that it had fallen to in March last year.