Campbell, California, United States
Region: US 🇺🇸
Year Founded: 1987
IPO Date: 07-26-1996
Market Cap: $1.4 billion
Number of Employees: Approx. 1,499
Revenue: $743.938 million (2023)
Net Income: -$73.143 million (2023)
8x8, Inc. is a cloud communications company that went public on June 26, 1997.
The initial public offering (IPO) was priced at $6 per share, and the company was listed on the NASDAQ stock exchange under the ticker symbol “EGHT.”
Since its IPO, 8x8 has experienced significant growth and has become a leading player in the cloud-based communication and collaboration industry.
8x8 IPO Prospectus
A prospectus is a formal document required by and filed with the Securities and Exchange Commission (SEC) that provides details about an investment offering to the public. You can find 8x8’s Prospectus here.
Company Overview & History
8x8 was founded in 1987 by Dr. Chi-Shin Wang, originally as Integrated Information Technology, Inc. The company later rebranded to 8x8, Inc. in 1996.
Initially, it focused on semiconductor products and applications, but over the years, it evolved its business to concentrate on cloud-based communication services.
Today, 8x8 provides a comprehensive suite of cloud-based voice, video, chat, and contact center solutions for businesses of all sizes.
Throughout its history, 8x8 has been at the forefront of technological innovations in the communication industry.
It has pioneered advancements in Voice over Internet Protocol (VoIP) technology and has played a crucial role in transforming traditional telephony into modern cloud-based communications.
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8x8 operates on a subscription-based business model, providing its customers with various communication and collaboration services on a monthly or annual basis.
The company’s revenue streams come from subscription fees, professional services, and add-on features.
The subscription packages offer different levels of service, catering to the needs of small businesses, enterprises, and everything in between.
Additionally, 8x8 offers customized solutions and enterprise-grade services, ensuring scalability and flexibility for its clients.
Market Cap Over the Years
Like any company in the technology sector, 8x8 faces certain risk factors that could impact its business operations and financial performance.
Some of the key risk factors include:
1. Intense Competition The cloud communication industry is highly competitive, with numerous established players and new entrants constantly emerging.
2. Technological Changes Rapid advancements in technology could require continuous upgrades to 8x8’s services and infrastructure to remain competitive.
3. Data Security and Privacy Concerns As a provider of communication services, 8x8 must address potential cybersecurity threats and maintain robust data protection measures.
4. Global Economic Conditions Economic downturns or uncertain market conditions can affect customer spending on communication services.
5. Regulatory Compliance The company must comply with various telecommunications regulations and privacy laws across different countries where it operates.
8x8 operates in the broader Unified Communications as a Service (UCaaS) market, which is witnessing significant growth as businesses increasingly adopt cloud-based communication solutions.
The demand for remote collaboration tools and flexible communication services has surged in recent years, driven by the rise of remote work and distributed teams.
8x8 is well-positioned to capitalize on this market opportunity and expand its customer base.
- Zoom Video Communications
- Microsoft Teams
- Cisco Webex
- Google Meet
Key/Fun Company Facts
- 8x8’s headquarters are located in San Jose, California, USA.
- The company serves customers in over 150 countries worldwide.
- In 2021, 8x8 was recognized as a Leader in the Gartner Magic Quadrant for Unified Communications as a Service, Worldwide.
- 8x8’s solutions have been trusted by businesses of all sizes, including small and medium-sized enterprises (SMEs) as well as Fortune 500 companies.
- The company’s name, “8x8,” was inspired by the 64 squares on a chessboard, signifying strategic communication and decisive moves.