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Zoom is taking advantage of the impressive rise in its share price over the past year to make its first major acquisition. The popular video conferencing company, which was valued at around $ 9 billion when it went public two years ago, said Sunday evening it had reached a deal to buy the cloud call center service provider Five9 for around $ 14.7 billion in an all-stock deal.
Five9, 20, will become an operating unit of Zoom after the deal, which is expected to be finalized in the first half of 2022, the two companies said.
The proposed acquisition is Zoom’s latest attempt to expand its offerings. In the past year, video conferencing software has added several office collaboration products, a cloud phone system, and an all-in-one home communication device.
The acquisition of Five9 – which has amassed more than 2,000 customers worldwide, including Citrix and Under Armor and handles more than 7 billion minutes of calls per year – will help Zoom enter the “24 billion dollar market. Of contact centers, the company said.
“We are always looking for ways to improve our platform, and the addition of Five9 is a natural solution that will bring even more happiness and value to our customers,” said Eric S. Yuan, Founder and General Manager de Zoom, in a press release. .
The joining of forces will provide the two companies with “significant” cross-selling opportunities in their respective customer bases, the two companies said.
“Companies devote significant resources to their contact centers each year, but still struggle to provide a seamless experience for their customers,” said Rowan Trollope, Managing Director of Five9.
“Five9’s mission has always been to make it easy for businesses to solve this problem and interact with their customers in a more meaningful and effective way. By partnering with Zoom, Five9’s corporate clients will have access to the best solutions, especially Zoom Phone, which will enable them to generate more value and achieve real results for their business. This, combined with Zoom’s “ease of use” philosophy and its broad communications portfolio, will truly allow customers to engage through whatever channel they choose. “
The two companies will make a joint Zoom call on Monday to learn more about the transaction.
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