Zoom has acquired cloud contact center Five9 in an all-stock transaction valued at approximately $14.7 billion USD.
The video communications giant announced the deal on Sunday, which will combine Five9’s contact center as a service solution with Zoom’s popular platform. The company says that the deal will “transform how businesses connect with their customers, building the customer engagement platform of the future.”
“Zoom is built on a core belief that robust and reliable communications technology enables interactions that build greater empathy and trust, and we believe that holds particularly true for customer engagement,” said Zoom CEO and founder Eric Yuan. “Enterprises communicate with their customers primarily through the contact center, and we believe this acquisition creates a leading customer engagement platform that will help redefine how companies of all sizes connect with their customers.”
Zoom’s acquisition of Five9 seeks to compliment its Zoom Phone feature, a cloud phone system that brings previous legacy phone offerings into the digital age.
“As a result of the acquisition, Zoom will play an even greater role in driving the digital future and bringing companies and their customers closer together,” the press release states.
Since the start of the COVID-19 pandemic, Zoom has grown in popularity as lockdowns forced people to find alternative ways to connect. In its second quarter results released in August, the company announced a total revenue of $663.5 million USD, an increase of 355 percent year-over-year.
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