Zoom announces termination of merger agreement with Five9
SAN JOSE, Calif., September 30, 2021 (GLOBE NEWSWIRE) – Zoom Video Communications, Inc. (NASDAQ: ZM) today announced that Zoom and Five9 have mutually terminated the merger agreement reached by the parties on the 16th July 2021.
At Five9’s special meeting of shareholders held on September 30, 2021, Five9 did not secure the shareholder support required for the merger agreement. As a result, Zoom and Five9 each had the option to terminate the merger agreement.
“While 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,” said Eric S. Yuan, CEO and Founder of Zoom. “The contact center market remains a strategic priority for Zoom, and we are confident in our ability to capture its growth potential. At Zoomtopia, we announced the Zoom Video Engagement Center, our cloud-based contact center solution, which will launch in early 2022. Video Engagement Center will be a flexible and easy-to-use solution that connects businesses and their customers. We’re building this new solution with the same scalability and trusted architecture that has made Zoom the platform of choice for businesses around the world. We also plan to maintain our valuable existing contact center partnerships with companies such as Five9, Genesys, NICE inContact, Talkdesk and Twilio. We 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. “
Zoom is for you. We help you express ideas, connect with others, and build a future for yourself limited only by your imagination. Our frictionless communication platform is the only one that started with video as its foundation, and we’ve since set the standard for innovation. That’s why we are an intuitive, scalable and secure choice for individuals, small and large businesses. Founded in 2011, Zoom is a publicly traded (NASDAQ: ZM) company based in San Jose, California. Visit zoom.com and follow @zoom.
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom’s strategic priorities, market opportunities, product launches, expected benefits of new products, growth strategy, partnerships and expected benefits of the same, and business aspirations to support organizations and people on multiple fronts as they seek to reinvent work, communications and collaboration. In some cases, you can identify forward-looking statements by words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “could”, ” plan ”,“ plan ”,“ “will”, “should”, “should”, “could”, “can”, “foresee”, “potential”, “target”, “explore”, “continue” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to many uncertainties and risks, including factors beyond our control, which could cause actual results, performance or achievements to differ materially and adversely from those anticipated or under- heard in statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in assessing our prospects and future operating results given our limited operating history, competition from other platform providers -forms of communication, continued uncertainty regarding the extent and duration of the impact of COVID-19 and the responses of government and private industry to it, including the potential effect on our user growth rate once the impact of the COVID-19 pandemic subsides, particularly when a vaccine becomes widely available and users return ent at work or school or are no longer subject to shelter-in-place warrants, as well as the impact of COVID-19 on the overall economic environment, all or part of whi ch will have an impact on the demand for remote work solutions for enterprises as well as global distributed face-to-face interactions and collaboration using Zoom, delays or service outages of our co-located data centers, and failures of the Internet infrastructure or interference with broadband access that could cause current or potential users to believe that our systems are unreliable. Additional risks and uncertainties that could cause actual results to differ materially from those contemplated by forward-looking statements are included under “Risk Factors” and elsewhere in our most recent documents with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2021. Forward-looking statements speak only as of the date on which they are made and are based on information available to Zoom at the time these statements are made. and / or management’s good faith belief at that time with respect to future events. Zoom assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they were made, except as required by law.
Global Public Relations Manager for Zoom
Zoom Investor Relations Manager