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Five9 shareholders rejected the Zoom acquisition because the offer did not adequately assess the cloud contact center software company, Five9 chief executive said on Friday.
Five9 CEO Rowan Trollope appeared on CNBC’s “Mad Money” after the $ 14.7 billion Zoom deal failed.
“We eventually had to let the shareholders vote and they made it clear that… Zoom’s offer was not going to reduce it,” Trollope said.
The all-stock deal announced in July would have been one of the biggest tech deals of the year. Zoom’s stock has struggled this year, down more than 50% from its highs reached in October 2020.
“There is no acrimony. It is what it is,” Trollope said of Five9’s relationship with Zoom going forward. “We are separating amicably.”
The press release announcing the termination of the agreement said, “Zoom and Five9 will continue the partnership that was in place prior to the announcement, which includes supporting integrations between their Unified Communications as a Service (UCaaS) and contact center as a service (CCaaS)) and joint go-to-market efforts. “
The CEO of Five9 reiterated that the two companies will continue to collaborate.
“We’re going to partner with them and of course we hope to operate independently,” Trollope said.
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