Five9 shareholders voted down the software firm’s $14.7 billion sales to Zoom Video. Under the Zoom-Five9 deal announced in July, Five9 shareholders will have got 0.5533 Zoom shares for every Five9 share. The terms indicated a 12.8 per cent premium in Five9’s market rate and valued the company at $14.7 billion. Since then, Zoom’s stock has decreased over 25 per cent as they reported slower growth on its second-quarter earnings call.
Five9 granted a pleasant means to bring clients an integrated contact centre offering, Zoom CEO Eric Yuan said. “It was in no way to the success of our platform and the not only way for us to offer our customers a contact centre solution,” he said. The company said that it will launch Zoom Video Engagement Center in early 2022. Five9 said it would continue the partnership with Zoom.
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Zoom became famous as the pandemic happened, and businesses and schools used its services to have virtual classes and office meetings. But with the increasing vaccination and life coming back to normal, Zoom was trying for revenue sources beyond its primary business, which faces competition from rivals like Microsoft, Cisco Systems and Slack.