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Zoom’s Bid To Purchase Five9 Is Off, CEO Eric Yuan Announced

The move from Zoom to purchase Five9 is off as announced by the company’s CEO, Eric Yuan and this was also corroborated by a press release from Five9 which stated that the deal was terminated based on mutual agreement. The deal which officially began on July 18th was said to have hit the rock when Five9 shareholders rejected the $14.7 billion deal, according to some quarters. Zoom CEO Eric Yuan announced the failed acquisition of Five9 via a blog post and said it won’t in any way affect the success of its platform nor was it the only way to offer its customers a compelling contact center solution.

He however stated that Zoom plans to keep its “long-standing partnerships” with Five9 and other companies that offer similar services.

Five9 is a company that automates managing customer contacts for businesses, and the deal was supposed to bolster Zoom’s business offerings. Its major competitors are behemoths like Microsoft and Google, and the deal would have helped the smaller company expand.

Zoom has abandoned its plan to purchase Five9 but both companies will still be working together.

Zoom originally announced the acquisition on July 18th and this was supposed to be an all-stock transaction, but unfortunately for Zoom, its stock price has lost more than a quarter of its value since they announced the acquisition.

Five9 announced through a press statement that the company will remain independent as its $14.7 billion deal with Zoom has been terminated based on mutual agreement. However, it is also a case that Five9 shareholders rejected the $14.7 billion deal.

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