Monday, October 25, 2021
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Zoom Acquired Five9 To Develop Customer Engagement Platform

Zoom has recently announced that it has acquired a cloud contact data center Five9 through a whopping $14.7 billion deal. With this new acquisition, the company wants to expand into other industries apart from video calling. 

Zoom will integrate its solution with Five9’s contact centers to develop a new customer engagement platform for the future that would transform the way of business communication. 

The companies have arranged a video conference on 19th July to inform the investors about new developments. The company mentioned that it expects an acceleration of its long-term growth after this acquisition in a press release. Zoom had offered a 13% premium to Five9, which had a market valuation of $11 billion to crack this deal. 

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Founder and Chief Executive Officer of Zoom, Eric S. Yuan, said, “We are continuously looking for ways to enhance our platform, and the addition of Five9 is a natural fit that will deliver even more happiness and value to the customers. Zoom is built on a core belief that robust and reliable communications technology allows interactions that build greater empathy and trust, and we believe that holds particularly true for customer engagement.” 

He further added that they are thrilled to work with the Five9 team to develop an industry-leading communication platform. This acquisition will help Zoom to expand its customer base, using Five9’s market presence. Five9’s stakeholders are yet to approve the transaction that is expected to close by the first half of 2022. 

Chief Executive Officer of Five9 Rowan Trollope said, “It has always been Five9’s mission to make it easy for businesses to fix the problem and engage with their customers in a more meaningful and efficient way. Joining forces with Zoom will provide Five9’s business customers access to best-of-breed solutions.” 

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Dipayan Mitra
Dipayan is a news savvy writer, who does not leave a single page of news paper unturned. He is also a professional vocalist who enjoys ghazals. Building a dog shelter is his forever dream.

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