New York/Hong Kong (CNN Business) Zoom, the video-conferencing platform that became hugely popular during the Covid-19 pandemic, is spending a whopping $14.7 billion on cloud-based software company Five9 to boost its appeal with business clients. Zoom ZM announced the acquisition Sunday night. Five9 provides software to customer service centers for over 2,000 clients around the globe. Five9 FIVN The all-stock deal will giveshareholders about 0.5 a share of Zoom's Class A common stock for each Five9 share they own. Eric Yuan, Zoom's billionaire CEO and founder, said the addition of Five9 was a natural fit.

Source: CNN July 19, 2021 08:26 UTC