By Gideon Adonai
Zoom Video Communications Inc., the video conferencing service that became a household name globally during the pandemic, plans to parlay some of the resulting rise in its share price into a $14.7bn acquisition to secure growth.
The deal for the cloud-based customer-service software provider will help Zoom expand its potential offerings for business clients.
Zoom Video Communications late on Sunday announced a deal to buy the cloud-based contact center software company Five9 for $14.7bn in Zoom stock.
“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,” Zoom Chief Executive, Eric Yuan, said in a statement.
“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.”