RISING TIDES
Observations from the IMC Research Process

“Wait, Is This a Person?”

AI agents are talking, and communication platforms are cashing in.

• The Voice Takeover. AI is flipping the script on software. We are moving from manual workflows to automated interactions where AI agents handle calls, verification, and support autonomously. This is sparking a dual-track rally: infrastructure layers are winning on sheer volume, while application platforms are capturing value by managing where those conversations happen. Both are seeing price strength and fundamental reacceleration.
• The Connective Tissue. AI might generate the agent, but communication platforms control the execution. They handle the routing, identity, and compliance across APIs and contact centers. Because they own the orchestration and distribution layer, these platforms are becoming the essential connective tissue for the AI economy, where value accrues through workflow ownership, integration depth, and increasing automation.
• The Collectors: Twilio ($TWLO) offers the purest play on rising API-driven interaction volume. Bandwidth ($BAND) sits deeper in the stack, monetizing underlying voice and messaging traffic at the infrastructure layer. The platforms: RingCentral ($RNG), 8×8 ($EGHT), Zoom ($ZM), and Ooma ($OOMA) are all evolving into AI command centers. Their value now lies in helping customers deploy and manage automated agents, driving higher monetization through deeper workflow integration.