CXApp announces multi-year agreement with Google CloudAlphabet

CXApp “reported its largest “expansion” deal with a major enterprise customer in the financial sector that is now scaling its footprint globally after the initial pilots. This customer’s annual recurring revenue (ARR) grew by 112% as a result of this expansion. The bookings growth was also accomplished by renewals and expansion by four other customers in different verticals. The subscription to one-time revenue split was 85% for the quarter compared to 79% last year, gross margin was 80% upward from 75% from last year and the net retention rate (NRR) was 105%. The Company has continued to optimize the operational cost structure leveraging investments in AI resulting in a net 15% operating expense reduction from Q2’23 to Q2’24. The Company also announced today the signing of a multi-year multi-million dollar strategic agreement with Google Cloud. This agreement entails mutual commitment on the development and delivery of advanced AI infrastructure, security and application products. Google Cloud will also co-invest with CXApp Inc. in the continuous deployment, monitoring and modernization of the AI-native CXAI platform.”