CXApp Inc. Announces Major Expansion Deal and Strategic Partnership with Google Cloud

Palo Alto, CA - CXApp Inc. (Nasdaq: CXAI) has reported its Q2 2024 financial results, highlighting a significant transformation to an AI-native SaaS model. The company saw a notable 78% increase in renewal and expansion bookings compared to the same period last year. A major enterprise customer in the financial sector reported a 112% growth in annual recurring revenue (ARR). Key SaaS metrics showed positive trends, including an 85% subscription to one-time revenue split and an 80% gross margin.

CXApp has also signed a strategic multi-year agreement with Google Cloud. This collaboration will focus on developing advanced AI infrastructure, security, and application products. Google Cloud will co-invest in the deployment and modernization of the CXAI platform.

Chairman and CEO Khurram Sheikh expressed confidence in the company's direction, emphasizing the success of their "land and expand" strategy. He highlighted the positive market momentum and the upcoming AI-based analytics platform, CXAI VU, as key growth drivers.