Zoom Video Communications Inc. agreed to acquire Five9 Inc. for $14.7 billion in cash, adding a cloud-based call centre and contact management provider that has been on an acquisition tear itself, as the videoconferencing specialist tries to build its software-as-a-service empire.
The Zoom video announced the deal on Sunday and agreed to pay Five9 investors. They will be paid from the Class A stock of Zoom. The value of it will be around 0.5533 shares. After the deal is signed, the agreement reads out that Five9 are now part of the shares and will be up to the mid of 2022.
Zoom, which has long offered online video conferencing software, has been working for years to adjust its products to the distance learning and remote work trends. In the global pandemic, it was the software that was used by everyone for their work. However, now people have started going back to the offices which means that the video call platform won’t be used much. However, the deal with Five9 can prove vital for Zoom and can make up to $24 billion in the market.
“Zoom is committed to continually enhancing its quality of service,” Zoom’s Chief Executive Officer Eric Yuan said. “Five9 is a natural fit for our platform and will help us continue to provide top-notch customer support in the future.” He added. Even the Five9 owners are happy with this deal and have stated that “Zoom and Five9 are partnering because it makes sense — our customers have a lot of things in common. We have a shared commitment to customer satisfaction. And I’m confident that, together, we’ll create the best solutions for your business.”
Both the companies have been working to provide the best services to the people during this pandemic. And now it looks like they both will be giving their best to make their services even better.