Zoom buys cloud call center firm Five9

Zoom is taking advantage of the impressive rise in its stock price in the previous year to make its first major acquisition. The famous video conferencing firm, which was valued at about $9 billion at its IPO two years ago, said Sunday evening it has agreed a deal to purchase cloud call centre service providers organization Five9 for about $14.7 billion in an all-stock transaction.

20-year-old Five9 will turn into a working unit of Zoom after the deal, which is relied upon to shut in the first half of 2022, the two firms said.

The proposed acquisition is Zoom’s latest attempt to expand its offerings. In the previous year, the video conferencing software has added a several office collaboration products, a cloud phone system, and an all-in one home communication appliance.

The securing of Five9 which has amassed over 2,000 clients overall including Citrix and Under Armor and cycles more than 7 billion minutes of calls yearly will assist Zoom in entering the “$24 billion” market for contact centres, the organization said.