Zoom Video Communications Inc. plans to buy Five9 Inc., a cloud-based customer service software company, in a $14.7 billion acquisition.
Zoom has become well-known videoconferencing software since the COVID-19 pandemic shifted the workforce to a remote environment and as schools began to rely on online learning. Since then, the valuation of Zoom stocks has more than tripled, however, as the pandemic comes to a close Zoom is finding ways to offer customized and personalized experiences to their customers.
The acquisition of Five9 will be Zoom’s largest acquisition to date and is expected to allow Zoom to tap into a $24 billion market. One of the main goals of the Five9 Acquisition is for Zoom to begin offering the Zoom Phone business in which companies can replace office telephones with cloud-based services.
The board of directors for both Zoom and Five9 have agreed to the acquisition and now are only waiting on the approval of the Five9 shareholders. Once the shareholders approve the deal, the acquisition will be finalized in the first half of 2022.
Source: Wall Street Journal