Zoom will deploy its own CCaaS solution next year.
The planned merger of Zoom and Five9 is a failure as the two companies have mutually agreed to suspend the deal.
Five9 shareholders rejected the merger with Zoom at a special meeting Thursday. Five9 will continue to operate as a stand-alone listed company.
In July, Zoom and Five9 disclosed the $ 14.7 billion transaction. With this acquisition, Zoom could expand its global communications network with a cloud-based contact center as a service.
Zoom is expected to complete the Five9 merger in the first half of 2022.
Eric Yuan is the CEO and founder of Zoom.
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âWhile we were excited about the benefits this transaction would bring to the stakeholders of Zoom and Five9, including the long-term potential for both groups of shareholders, financial discipline is at the heart of our strategy,â a- he declared. âWe remain focused on creating long-term value for Zoom shareholders and keeping our customers happy through our broad communications platform, including unified communications, development and events solutions. “
At Zoomtopia, Zoom announced its Zoom Video Engagement Center, a cloud-based contact center solution. It will be launched in early 2022.
Strong all alone
Rowan Trollope is Five9CEO of.
âFive9 has built a unique and differentiated cloud contact center platform that has transformed the way businesses interact with their customers,â he said. âOver the past several months, we have continued to perform relentlessly in the market. The contact center is the new gateway for businesses and as the market moves from premises to the cloud and digital transformation accelerates, we believe we are able to leverage this momentum and increase our market share. “
The proposed merger was not without controversy. Research analyst Scott Berg said Zoom’s offer to acquire Five9 was “fundamentally flawed” and Five9 shareholders should reject it. Additionally, the US Department of Justice has highlighted concerns about the potential merger based on national security concerns.
Five9 has operations in Russia, while Zoom has research and development staff in China.
âWe have had the opportunity to engage in depth with our shareholders since announcing our transaction,â said Trollope. âWe greatly appreciate their feedback and confidence in Five9’s future prospects and share their views regarding the significant potential for value creation as a stand-alone business. “
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