Zoom to buy cloud service company for $14.7 billion

Zoom reached an agreement Sunday night to acquire the cloud contact center Five9 for $14.7 billion.

The all-stock transaction is subject to approval by stockholders and is expected to close early next year.

The deal will expand the offerings that Zoom, which saw its video communications platform explode in popularity during the coronavirus pandemic, can offer its customers.

“Enterprises communicate with their customers primarily through the contact center, and we believe this acquisition creates a leading customer engagement platform that will help redefine how companies of all sizes connect with their customers,” Zoom founder and CEO Eric Yuan said in a statement.

The company said in a press release that the acquisition will help out its Zoom Phone offering.

Five9’s chief executive will stay on at the company as it becomes an operating unit of Zoom.

“Joining forces with Zoom will provide Five9’s business customers access to best-of-breed solutions, particularly Zoom Phone, that will enable them to realize more value and deliver real results for their business,” Five9 CEO Rowan Trollope said.