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.
On Monday, Zoom Video Communications, Inc. announced that it has entered into a definitive agreement to acquire Five9, Inc., a leading provider of the intelligent cloud contact center, in an all-stock transaction valued at approximately 14.7 billion dollars.
The acquisition will combine Five9’s Contact Center as a Service (“CCaaS”) solution with Zoom’s broad communications platform to transform how businesses connect with their customers, building the customer engagement platform of the future.
Zoom hopes to use this opportunity to enhance its presence with enterprise customers and allow the platform to accelerate its long-term growth opportunity by adding the 24 billion dollar-contact center market.
Five9 is a pioneer of cloud-based contact center software. Its highly scalable and secure cloud contact center delivers a comprehensive suite of easy-to-use applications that allow management and customer interactions across many different channels.
“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…we believe this acquisition creates a leading customer engagement platform that will help redefine how companies of all sizes connect with their customers. We are thrilled to join forces with the Five9 team, and I look forward to welcoming them to the Zoom family,” said Eric S. Yuan, Chief Executive Officer and Founder of Zoom.
Commenting on the new venture, Rowan Trollope, Chief Executive Officer of Five9 noted that businesses spend significant resources annually on their contact centers, but still struggle to deliver a seamless experience for their customers.
“As such, 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. 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’s acquisition of Five9 is complementary to the growing popularity of its Zoom Phone offering. 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 also offers both companies significant cross-selling opportunities to each other’s respective customer bases. As a result of the acquisition, Zoom will play an even greater role in driving the digital future and bringing companies and their customers closer together.
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 Eric Yuan.