Zoom announced on Sunday that it’s acquiring Five9, a provider of cloud contact centre software, in a stock transaction worth $14.7 billion. The deal is Zoom’s first billion-dollar purchase. It’s the second-biggest US tech deal this year, after Microsoft’s $16 billion purchase of Nuance Communications, according to FactSet.

“We are continuously studying ways to improve our platform, and Five9 will deliver even more happiness and value to our customers,” said Zoom CEO Eric Yuan in a press release. Five9 closed on Friday with a market cap of $11.9 billion, or $177.60 per share. Zoom said Five9 stockholders would receive 0.5533 shares of Zoom Video Communications. That values Five9 at $200.28 a share and describes 14 per cent of Zoom’s market cap to $107 billion.

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After increasing revenue by 326 per cent in 2020, Zoom faced a slowdown as companies reopen and return to face-to-face meetings. The company has originated new products to consider with coming changes in the business. It needs new revenue sources as Microsoft is a competition in video chat with its video chat app Teams.