RingCentral (RNG) provides a sophisticated set of telephony capabilities to the small business (SMB) market. It's naturally delivered as a cloud-based solution based on IP networking. RingCentral provides a set of services that business pay for on a monthly basis. (SaaS model)

At the low end the company competes with more personal options like Google Voice or Skype. At the higher end the company goes against hardware providers like Cisco (CSCO) or Avaya or software solutions from Microsoft (MSFT) and Broadsoft (BSFT).

For 2012 the company posted revenue of $115M and is growing at 40%. Gross margins are . . .

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