Five9 shareholders rejected Zoom’s acquisition because the offer did not appropriately value the cloud contact center software company, Five9′s chief executive said Friday.
Five9′s CEO Rowan Trollope appeared on CNBC’s “Mad Money” after the deal with Zoom worth $14.7 billion failed.
“We had to ultimately let the shareholders vote and they made it clear that … the offer from Zoom wasn’t going to cut it,” Trollope said.
The all-stock agreement announced in July would have been one of the largest tech deals of the year. Zoom’s stock has struggled this year, down more than 50% from its highs notched in October 2020.
“There’s no acrimony. It is what it is,” Trollope said about Five9′s relationship with Zoom moving forward. “We are parting ways amicably.”
The press release announcing the deal termination said, “Zoom and Five9 will continue the partnership that was in place prior to the announcement, which includes support for integrations between their respective Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) solutions and joint go-to-market efforts.”
Five9′s chief executive reiterated the two companies will continue to collaborate.
“We will partner with them and look forward to, of course operating, independently,” Trollope said.