Zoom acquires cloud call center developer Five9
Video chat platform Zoom is one of the ‘winners’ of the corona crisis. Video calling, conferencing and meeting became extremely popular during the lockdowns and all contact restrictive measures such as mandatory working from home. That certainly did not harm platforms such as Zoom. The good results now enable these platforms to (significantly) continue to develop and expand. The acquisition of Five9 by Zoom, for an amount of almost 15 billion dollars, which is paid entirely in shares, is an example of this.
Logical extension for Zoom
Five9 is a developer of cloud-based call center software. According to Zoom’s CEO, the acquisition of that developer fits right in with the strategy for expanding the video chat platform. “It’s a natural extension for Zoom that will bring even more happiness and value to our customers,” said Eric S. Yuan. It is not the first acquisition that Zoom has made since the corona crisis, but it is by far the largest in terms of value.
Although both parties have already agreed on the amount and terms of the acquisition, it will still need to be reviewed and approved by both stock and regulators. Zoom and Five9 aim to complete the acquisition before the summer of next year (2022).
Five9 and Zoom
Five9 is a provider of cloud-based call and contact center solutions with more than 2000 customers worldwide. The company was founded in 2001. Following the acquisition, Zoom will integrate Five9’s solutions as a separate operating business unit. Five9’s current CEO will stay on, at least for now.
“Five9 is a pioneer in cloud-based contact and call center software. The secure and scalable solutions deliver a comprehensive suite of easy-to-use applications to manage and optimize customer interactions across many different channels. Combining Five9’s Contact Center as a Service (“CCaaS”) solution with Zoom’s broad communications platform will transform the way businesses connect with their customers. In this way, we want to build the customer engagement platform of the future,” said Yuan.