Popular video communication app Zoom has acquired Five9, a leading provider of the intelligent cloud contact center, for $14.7 billion in an all-stock deal, which is its first major acquisition.
The acquisition is set to help enhance Zoom’s presence with enterprise customers and allow it to accelerate its long-term growth opportunity by adding the $24 billion contact center market.
Five9 is a pioneer of cloud-based contact center software and delivers a comprehensive suite of easy-to-use applications that allows management and optimization of customer interactions across many different channels.
?Zoom has gained immense popularity amid the pandemic as millions of people get connected via its platform for remote work and learning from home.
“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 our customers,” said Eric S Yuan, CEO, and Founder of Zoom.
“We believe this acquisition creates a leading customer engagement platform that will help redefine how companies of all sizes connect with their customers,” he said in a statement late on Sunday.
Following the close of the transaction, Five9 will be an operating unit of Zoom, and Rowan Trollope will become a President of Zoom and continue as CEO of Five9, reporting to Yuan.
“Joining forces with Zoom will provide Five9’s business customers access to best-of-breed solutions, particularly Zoom Phone, that will enable them to realize more value and deliver real results for their business,” said Trollope.
“This, combined with Zoom’s ‘ease-of use’ philosophy and broad communication portfolio, will truly enable customers to engage via their preferred channel of choice”, he added.
Zoom Phone is a modern, cloud phone system that offers a digital alternative to legacy phone offerings, enabling organizations to connect and interact in new and convenient ways to keep businesses moving.
The combination of Zoom’s robust communications platform with Five9’s intelligent cloud contact center will enable organizations to reimagine the way they engage with their customers