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Sunday, June 16, 2024
YOU ARE AT:Business NewsVerizon to buy video conferencing platform BlueJeans

Verizon to buy video conferencing platform BlueJeans

The agreement will combine BlueJeans’ meeting platform with Verizon’s unified communications as a service business and 5G product plans

Verizon Business has entered into an agreement to acquire BlueJeans Network, an enterprise-grade video conferencing and event platform that rivals Zoom. The acquisition, worth almost $500 million as reported by the Wall Street Journal, expands Verizon’s unified communications portfolio, with the telecom noting BlueJeans’ performance in continuing business operations of organizations both large and small “during the ongoing work-from-home surge.”

The agreement will combine BlueJeans’ meeting platform with Verizon’s unified communications as a service business immediately as well as facilitate deep integration with Verizon’s 5G product product roadmap for high growth sectors, including telemedicine, distance learning and field service work.

“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,” said Tami Erwin, CEO of Verizon Business in a statement. “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.”

“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,” said Quentin Gallivan, CEO of BlueJeans Network. “We are very excited about joining the Verizon team and we truly believe the future of business communications starts today!”

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BlueJeans founders and key management team will join Verizon to lead the continued growth and innovation of the business. BlueJeans employees will become Verizon employees immediately following the close of the deal.

The transaction is subject to customary closing conditions and is expected to close in the second quarter. Evercore and Goodwin Procter served as advisors to BlueJeans, and Debevoise & Plimpton as advisor to Verizon.

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