Video conferencing platform Zoom acquires cloud contact center software company Five9. The deal is worth $ 14.7 billion.
“We’re constantly looking for ways to improve our platform, and the addition of Five9 is a natural step that will bring even more happiness and value to our customers,” Zoom CEO Eric Yuan said in a statement.
He added that the deal will add more business customers to Zoom’s customer base and that Five9 “complements” its Zoom Phone cloud system.
Under the terms of the agreement, Five9 will become Zoom’s operating arm, with CEO Rowan Trollope taking over as president of the company and reporting directly to Eric Yuan. In 2020, Five9’s annual revenue grew 33% to $ 435 million.
Five9 is Zoom’s first billion-dollar purchase. The deal comes when the company is trying to maintain the momentum it received during the coronavirus pandemic, as people worked and studied remotely during the quarantine. Now, many employees return to their offices, at least from time to time.
“The trend towards a hybrid workforce has intensified over the past year, driving the transition of contact centers to the cloud and increasing customer demand for personalized and personalized experiences,” said Eric Yuan.
Zoom has more than tripled its stock value since the coronavirus-triggered isolation began last year. But now, this growth has started to slow down a little. In 2020, the company’s revenue grew by 326%. In the first quarter of 2021, Zoom reported about 191% growth to $ 956 million.
A source: The verge