As per the trusted sources of information, the company Zoom is taking advantage of the major increase in its stock price over the past year to look carry out its first ever acquisition. The company, a renowned video conferencing company was valued at USD 9 billion at its IPO two years ago. The company is now looking forward to the deal made by them, with the company named Five9 which offers cloud call centre service, to buy it for USD 14.7 billion over the contract of all-stock transactions as mentioned by the trusted sources of reports.
The company Five9 was launched 20 years ago and is going to become the operating unit of Zoom after the contract with it. The deal is likely to close by the first half of the year 2022, as stated by the two companies involved in the deal.
This acquisition by Zoom is its attempt to increase its offerings. As per the trusted sources, the company further has added several products to their profile like the cloud phone system, office collaboration products as well as the home communications appliance.
Five9 has build around 2000 customers across the world including Under Armour and Citrix. The company further processes more than 7 billion minutes of calls on yearly basis, hence it will help Zoom in entering the USD 24 billion industry for the contact centers as stated by them. The two companies stated that their collaboration will try to offer significant cross selling to both the companies.