Zoom is taking advantage of the impressive growth in its share price over the past year for its first major acquisition. The popular video conferencing company, valued at about 9 9 billion in its IPO two years ago, said on Sunday evening that it had agreed to buy cloud call center service provider Five9 for about .7 14.7 billion in all stock transactions.
After the 20-year Five 9 deal, Zoom will become the operating unit, which is expected to close in the first half of 2022, both companies said.
The proposed edit zoom is the last attempt to expand its fringes. Over the years, video conferencing software has added many office fee collaboration products, a cloud phone system, and an in-one home communications device.
The acquisition of Five 9 – which has more than 2,000 subscribers worldwide including Citrix and Under Armor and handles more than 7 billion minutes of call processing annually – will help Zoom enter the “24 24 billion” market for contact centers, the company said.
“We’re constantly looking for ways to enhance our platform, and the addition of the Five 9 is a natural fit that will bring more joy and value to our customers,” Eric S. Yuan, founder and chief executive of Zoom, said in a statement. .
The joining forces will provide the two companies with “significant” cross-selling opportunities at each other’s respective customer centers, both companies said.
“Businesses spend significant resources annually on their contact centers, but still struggle to deliver a unified experience for their customers,” said Rowan Trollroll Lope, chief executive of Five9.
“It has always been the mission of the Panchayats to make it easier for businesses to fix that problem and engage with their customers more meaningfully and efficiently. Joining forces with Zoom will give Five 9’s business customers the best-of-breed solutions, especially access to the Zoom phone, enabling them to realize more value and deliver real results for their business. This, combined with Zoom’s ‘ease of use’ philosophy and broad communication portfolio, will enable customers to truly engage through the channel of their choice. “
The two companies will call a joint zoom on Monday to share more about the deal.