The decision by Zoom to pull out of its deal to buy American customer-service software company Five9 could be a blow to investors who had high hopes for the combination. But the real issue was that the deal wasn’t priced right for either party. At the agreed-upon price, Five9 shareholders were only getting a 13% premium on their stock — much less than many had expected.
Nevertheless, Zoom says it will maintain support for the integrations that had been developed between the two companies. And the company still believes its cloud contact center software will continue to grow in popularity. “With our combined strengths, we expect to create a unique and compelling market opportunity that will benefit both Zoom and Five9 customers,” said CEO Eric Yuan in the company’s announcement.
However, the withdrawal of the deal reflects broader concerns over the state of tech acquisitions. In recent days, tech giants have been increasing their spending to acquire smaller companies and expand their reach. Microsoft’s purchase of Nuance Communications earlier this month was one such example, as was Square’s pending purchase of Australia’s Afterpay.
In addition to its software for video and audio meetings, Zoom offers cloud-based customer service tools that help companies handle incoming phone calls and emails. Its technology enables businesses to quickly identify and resolve problems with their customers. It’s an industry that is growing fast, according to research firm IDC. It forecasts that the global customer-service software market will be worth $91 billion in 2025, up from $35 billion this year.
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