Video conferencing application Zoom Video Communications has reached an agreement to acquire Five9, a cloud contact center company, for a total of $14.7 billion (12.45 billion euros) in stock.
Zoom will pay 0.5533 of its own shares for each Five9 share, valuing each of the company’s shares at 200.28 dollars, which brings the transaction amount to some 14.7 billion dollars, reports Europa Press.
The boards of Zoom and Five9 have approved the transaction and Five9’s management recommends that the company’s shareholders approve the transaction and support the merger agreement, which could close in the first half of 2022.
Zoom is confident that the purchase of Five9 will help enhance its presence in the enterprise customer segment, as well as boost its long-term growth by adding the roughly $24 billion (€20.327 billion) market for the cloud-based contact center business.
“We continually look for ways to enhance our platform and the addition of Five9 is a natural fit that will deliver even more value to our customers,” said Eric S. Yuan, CEO and founder of Zoom.