Zoom and Five9 leave acquisition of $14.7 billion

Texas News Today

Zoom Video Communications Inc. Eric Yuan, founder and CEO, will speak at the BoxWorks 2019 conference at the Moscone Center on Thursday, October 3, 2019 in San Francisco, California, United States.

Michael Short | Bloomberg | Getty Images

Cloud contact center software company Five9 and video calling software maker Zoom said on Thursday they would not go ahead with Zoom’s plan to acquire Five9 for $14.7 billion.

Five9 shares fell 2% in an expanded deal following a statement from both companies that the deal did not receive enough votes from Five9 shareholders.

The news comes a week after press reports that a US government committee is considering a deal for national security reasons. The commission pointed to “foreign relations and ownership” related to the planned transaction.

According to the statement, both companies will maintain support for the integration of their products.

Zoom announced its intention to buy Five9 in July, marking the company’s first attempt to spend more than $1 billion on the transaction.

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Zoom and Five9 leave acquisition of $14.7 billion

Source link Zoom and Five9 drop acquisition of $14.7 billion

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