Avaya Holdings Corp. (NYSE:AVYA) shares are trading higher after the company announced a partnership with RingCentral, Inc. (NYSE:RNG), an enterprise cloud communications contact center.
The partnership will introduce "Avaya Cloud Office by RingCentral," which is a communications as a service (UCaaS) solution.
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“Avaya and RingCentral’s joint investment and commitment to bringing Avaya Cloud Office to market creates an unprecedented opportunity to accelerate the transition to the cloud with attractive economics for our customers and partners,” said Jim Chirico, CEO of Avaya.
“This also gives us the opportunity to unlock value from a largely unmonetized base of our business as it brings compelling value to our customers and partners. We believe this highly complementary partnership is a game changer that expands the total addressable market for Avaya and creates meaningful value for both Avaya and RingCentral.”
Avaya shares were trading up 16.7% at $11.81 in Friday’s pre-market session. The stock has a 52-week high of $22.35 and a 52-week low of $9.72.
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