Good deal: how an immigrant from Odessa became a billionaire in the USA
We are talking about a native of Ukraine, Vlad Shmunis, who moved to the United States with his family in the 1970's. He became a dollar billionaire thanks to the transaction of his startup RingCentral with the American company Avaya.
A native of Odessa, entrepreneur Vlad Shmunis became a dollar billionaire thanks to a recent deal made by his company RingCentral, Forbes reports. RingCentral is based in Belmont, California, and provides companies with corporate services related to telephone, messaging, video conferencing, etc., writes RBC.
As said on official website“Vlad Schmunis founded RingCentral to leverage the power of cloud technology to rethink business communications. The company's vision is to provide first-class solutions that meet the needs of a rapidly changing business environment. RingCentral allows a modern workforce to communicate, collaborate and connect from anywhere on any device using any form of communication. The focus is on providing flexible and cost-effective solutions that ruin the business of legacy local telephone systems while providing other important communications capabilities.
With the advent of cloud-based communications solutions, RingCentral integrates voice, video, team messaging and collaboration, conferencing, online meetings, and an integrated contact center. Today, RingCentral is a cloud communications provider used by more than 350 000 companies around the world. ”
On October 3, RingCentral announced it would partner with Avaya, a telecommunications equipment provider, on a new cloud platform. Under the terms of the deal, RingCentral will pay Avaya $ 500 million, including an advance of $ 375 million, as well as an investment in preferred shares of $ 125 million. The deal will give RingCentral access to Avaya’s 100 million (compared to 2 million RingCentral) and help pay off significant debt.
Following the announcement of the deal, RingCentral shares rose 28% and continue to rise. The company's market capitalization already exceeds $ 14 billion, the newspaper writes.
According to Forbes, the fortune of Shmunis, who holds the position of CEO of RingCentral, is now valued at $ 1,3 billion. The status of his partner, Vlad Vendrova, a graduate of a university in St. Petersburg, the magazine estimated at $ 600 million. RingCentral declined to comment.
Schmunis and his family immigrated to the United States in the 1970's. After graduating from California State University in San Francisco with a master's degree in computer science, he got an engineer job at one of Silicon Valley startups. Before launching RingCentral, Schmunis founded Ring Zero Systems, a corporate communications software company, in 1992.
The startup offered computer manufacturers an application for the Windows system, which served as a switch - received and delivered calls and voicemail. Ring Zero was eventually acquired by Motorola in 1998 for an unknown amount. In 1999, Schmunis launched RingCentral along with Vendrov, who was previously an engineer at Ring Zero and Motorola.
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