Zoom Video Communications has spent $14.5 billion buying contact center-as-a-service (CCaaS) company Five9. The acquisition is part of the video conferencing company’s plans to expand its existing Zoom Phone product line for business users.
Five9 offers a cloud-based contact center offering with a suite of applications for managing and optimizing customer interactions across multiple channels.
The company said the acquisition of Five9 was complementary to the growing popularity of its phone offering, adding that the combination of Five9’s CCaaS product with the Zoom communications platform would transform the way businesses connect with their customers. creating the customer engagement platform of the future.
Through the acquisition, Zoom said it hopes to grow its enterprise business by addressing the $24 billion contact center market.
“Zoom is built on the fundamental belief that robust and reliable communications technology enables interactions that build empathy and trust, and we believe this is especially true for customer engagement,” said Eric Yuan, CEO and founder of Zoom.
“Businesses communicate with their customers primarily through the contact center, and we believe this acquisition creates a leading customer engagement platform that will help redefine the way businesses of all sizes connect with their customers. clients. We are thrilled to partner with the Five9 team, and I look forward to welcoming them to the Zoom family,” he said.
Rowan Trollope, CEO of Five9, said, “Joining forces with Zoom will provide Five9’s enterprise customers with access to best-in-class solutions, especially Zoom Phone, that will enable them to realize more value and deliver results. concrete for their business. This, combined with Zoom’s “ease of use” philosophy and broad communications portfolio, will truly enable customers to engage through the channel of their choice. »
Zoom has expanded its business communication products and services. During a call on the results displayed on the Search Alpha site, Yuan described the company’s transition to providing technologies and services for hybrid working models. He said many companies are redesigning the workplace to improve the hybrid work experience.
“To meet this need, we have announced Zoom Rooms Features such as the Smart Gallery, which puts in-room and remote attendees on an equal footing, the Virtual Receptionist, Attendee Counting, and Environmental Sensors.
The company also launched a video software development kit (SDK) earlier this year and a $100 million fund to launch a Zoom Apps ecosystem.
“Zoom Apps is designed to enable users to bring their favorite apps directly into the Zoom experience in a way that inspires collaboration, increases efficiency, builds healthier habits, and generates far more fun,” said Yuan during the earnings call.
“We will also launch Zoom Events, our events platform, which will be focused on our enterprise customers and support a range of virtual event use cases.”