Zoom Shares Stumble, Five9's Rise Following Deal
July 19 2021 - 5:39AM
Dow Jones News
By Robb M. Stewart
Zoom Video Communications Inc. shares fell early Monday and
Five9 Inc.'s rose after the videoconferencing service announced a
$14.7 billion all-stock deal to buy the provider of cloud-based
customer-service software.
In premarket trading, Zoom was down 2.2% after ending Friday at
$361.97, while Five9 was up 8.4% after last closing at $177.60.
Zoom's shares have risen 7.3% since the end of last year, while
Five9's have picked up 1.8%.
Under the agreement, Five9 stockholders will receive 0.5533
shares of class A common stock of Zoom for each share of Five9.
San Francisco-based Zoom said the acquisition would help it tap
into a $24 billion contact-center market and support its Zoom Phone
business, which replaces office telephone systems with a
cloud-based service.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
July 19, 2021 06:25 ET (10:25 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Zoom Video Communications (NASDAQ:ZM)
Historical Stock Chart
From Apr 2024 to May 2024
Zoom Video Communications (NASDAQ:ZM)
Historical Stock Chart
From May 2023 to May 2024