Verizon Communications Inc on Thursday agreed to buy BlueJeans Network Inc, a rival of Zoom Video Communications Inc , for less than $500 million as it looks to tap into the new-found popularity of video-conferencing apps.
BlueJeans co-founder and Executive Chairman Krish Ramakrishnan said the deal was negotiated during the last three months mainly using the company’s video-conferencing tool.
The company is already a partner of Verizon, with the meeting app being offered to customers under the telecom company’s unified communications and collaboration services. The deal comes at a time when rival Zoom has seen its popularity surge, with its daily active users soaring to 200 million from about 10 million before the pandemic started to spread. Zoom has a market valuation of $42 billion.
“In the last month, we have been growing, but we needed more capital to grow and it was better for our customers and our employees that we joined forces with Verizon,” he said.
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