NEW YORK (TheStreet) -- Vonage Holdings (VG) has "a great brand, great team, and great technology," according to its new CEO, Alan Masarek. The company is forging its way into the small enterprise business, which continues to grow at a rapid pace.
In the most recent quarter, 20% of the company's revenues came from enterprise, which is substantially higher than the 3% of revenues it represented in the same quarter last year.
"The focus is on enterprise," Massarek said, but "the consumer space will still be very, very important to us as well."
Shares of Vonage are essentially flat over the past twelve months, rising just 1.1%. The stock climbed as high $4.95 in January, but has fizzled since.
Vonage's current enterprise business, called Vonage Business Solutions, typically handles small- to medium-sized businesses with fewer than 50 phone lines. However, with the company's most recent acquisition of Telesphere, Vonage can look to expand its enterprise business.
Masarek explained that Telesphere, the cloud-based communications platform, can handle anywhere from 50 phone lines to 1,000 phone lines, which vastly expands Vonage's opportunities and ability to provide service for larger companies. This should help drive revenues higher as well.
The solutions don't stop there, he said. The company is constantly coming up with new applications and products in order to benefit the customer experience.