Oct. 1, 2021 update: This deal has officially fallen through.
Zoom is officially ramping up its business offerings, as everyone's favorite web conferencing platform just acquired Five9 — the company behind the intelligent cloud contact center — to bolster its hybrid work functionality.
With the pandemic in a state of constant flux, the ability for businesses to offer hybrid work options has become integral to their success. Employees want flexibility and the virus just won't go quietly, so being able to offer this option is at the forefront of many business owners' minds.
Now, with Zoom's hefty acquisition of Five9, businesses will be able to seriously commit to engaging their customers without physically being in the same office.
Zoom Acquires Five9 for $14.7 billion
Announced in a press release earlier this week, Zoom has officially acquired Five9 in “an all-stock transaction valued at approximately $14.7 billion.” The deal is aimed at improving Zoom's enterprise offerings for businesses looking to better engage with their many 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,” said Eric S. Yuan, CEO and Founder of Zoom in the press release.
The investment is a pretty substantial one, even for Zoom, who has seen a meteoric rise in popularity since the pandemic. In fact, when Zoom IPO'd in 2019, it was valued at only $9.2 billion, which means that the company has spent more on Five9 than its own value just a few short years ago.
However, with the pandemic still affecting how we work in 2021, the hybrid work trend has accelerated Zoom to new heights, as well as changed how the industry functions as a whole.
Hybrid Work Is Trending Up
With Zoom doubling down on hybrid work this hard, it's safe to say this popular trend isn't going anywhere. At least, that's how Yuan feels:
“The trend towards a hybrid workforce has accelerated over the last year, advancing contact centers’ shift to the cloud and increasing demand by customers for customized and personalized experiences. Today, enterprises not only need to enable customers to engage via their preferred channel, they need to empower their teams to accomplish more, and do so with empathy, purpose, and connection.”
Zoom isn't the only company making investments in hybrid work either. One study found that 63% of high-growth companies have some kind of hybrid model in place. Even companies like Apple and Google have established hybrid work schedules, although many have pointed out the hypocrisy in some of these policies from big tech.
The point is that, with big and small companies all getting on board in one way or another, hybrid work is here to stay, and being prepared for the transition is the best way to set your business up for success.
How to Set Your Business Up for Hybrid Work
It would appear that hybrid work could end up as the new normal in the business world, which means having your business set up for it can make a big difference in retaining employees and reaching customers.
Now, if you aren't prepared to tackle this kind of paradigm shift, we don't blame you. This could be a big change from what you're used to, and finding your footing can be a seriously daunting task. Fortunately, there are plenty of online resources and tools out there specifically designed to get your business prepped for hybrid work.
The most obvious option to help with this web conferencing software like Zoom. These tools let you communicate with your team remotely in an seamless manner that doesn't cause problems. Additionally, you can take advantage of remote access software, which keeps your business' data secure while allowing employees to access your system remotely. Finally, from a security standpoint, password managers and VPNs are a great way to combat the increasing security problems facing the hybrid work community.