Zoom, the video-conferencing platform that became hugely popular during the Covid-19 pandemic, is spending a whopping $14.7 billion on cloud-based software company Five9 to boost its appeal with business clients.
Zoom announced the acquisition Sunday night. In a statement, it said the move will"help enhance Zoom's presence with enterprise customers and allow it to accelerate its long-term growth opportunity." Five9 provides software to customer service centers for over 2,000 clients around the globe. The all-stock deal will give Five9 shareholders about 0.5 a share of Zoom's Class A common stock for each Five9 share they own.
perhaps designed to make an impact from a diversification perspective," Kessler told CNN Business.Back in June, Zoom announced plans to acquire German company Kites, which develops real-time machine translation. Terms of that deal were not disclosed. Zoom, a 10-year-old company based in San Jose, California, has been one of the pandemic's biggest success stories. Just two years ago, the company was valued at almost $16 billion. Its market cap has since swelled to reach about $106.
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