Verizon Acquires Zoom Video Conferencing Alternative BlueJeans
Verizon Business is acquiring BlueJeans Network, an enterprise-focused alternative to Zoom and Cisco WebEx, among other corporate video conferencing and unified communications services. The deal is expected to close in the second quarter.
This is M&A deal number 179 that ChannelE2E has covered so far in 2020. The pace of deals has slowed a bit since the coronavirus pandemic emerged, but overall M&A activity remains reasonable steady. See the complete M&A deal list here.
Verizon Acquires BlueJean Networks: Buyout Price, Next Move
Verizon is paying less than $500 million for BlueJeans, The Wall Street Journal reports. That’s far less than the company’s $728 million valuation in 2015. BlueJeans was ventured backed and had raised about $175 million through 2015.
BlueJeans will tuck into Verizon’s unified communications business, and the platform will be integrated into Verizon’s 5G product roadmap — with an emphasis on secure, real-time mission critical services like telemedicine, distance learning and field service work.
BlueJeans’ founders and key management team will join Verizon to lead the continued growth and innovation of the business, though headcount figures were not disclosed.
Verizon Acquires BlueJeans: Executive Perspectives
In a prepared statement about the deal, Tami Erwin, CEO of Verizon Business said:
“As the way we work continues to change, it is absolutely critical for businesses and public sector customers to have access to a comprehensive suite of offerings that are enterprise ready, secure, frictionless and that integrate with existing tools. Collaboration and communications have become top of the agenda for businesses of all sizes and in all sectors in recent months. We are excited to combine the power of BlueJeans’ video platform with Verizon Business’ connectivity networks, platforms and solutions to meet our customers’ needs.”
Added Quentin Gallivan, CEO of BlueJeans Network:
“The combination of BlueJeans’ world class enterprise video collaboration platform and trusted brand with Verizon Business’ next generation edge computing innovation will deliver highly differentiated and compelling solutions to our joint customers. We are very excited about joining the Verizon team and we truly believe the future of business communications starts today!”