Zoom Video Communications, Inc. (NASDAQ: ZM) today announced it has
entered into a definitive agreement to acquire Solvvy, a leading
conversational AI and automation platform for customer support.
Together, Zoom and Solvvy will offer elevated customer service
experiences to a global enterprise base and work quickly to
capitalize on new opportunities in contact center and customer
support.
The recently launched Zoom Contact Center is the first
omnichannel contact center platform optimized for video with a
robust suite of channels, such as video, voice, SMS, and webchat,
in a single, user-friendly experience. Adding Solvvy’s proprietary
technology will broaden Zoom Contact Center’s offering with
scalable self-service and conversational AI. With Solvvy, Zoom
Contact Center customers will benefit from an automated,
integrated, and easy-to-deploy contact center that helps answer
end-customers’ questions and solve issues faster, improves the
overall customer experience, and drives operational savings.
“The nature of customer experience is transforming
fundamentally, as enterprises increasingly need to deliver
exceptional, personalized, and effortless customer experiences.
Solvvy understands this shift and is the ideal platform to enhance
our Zoom Contact Center offering,” said Velchamy Sankarlingam,
President of Product and Engineering at Zoom. “Solvvy’s
differentiated AI and machine learning technology, deeply talented
team, and an easy-to-deploy solution will help accelerate our
roadmap to creating a concierge-level experience for customers
worldwide. Together, we are excited to help businesses of all sizes
improve their customer retention, increase operating efficiency,
and set new standards for customer service and satisfaction.”
“Zoom is poised to redefine the contact center category with its
unique combination of unified communication and customer
experience. We could not be more excited to join forces and further
scale our unique conversational AI offering,” said Mahesh Ram,
Chief Executive Officer and Co-Founder of Solvvy. “Zoom’s Contact
Center brings the same level of scalability, simplicity, and
respect for the end-user, making Zoom the premier communications
platform for businesses worldwide. When combined with our modern
tech stack, talented team, and AI expertise, we believe we can
fundamentally transform the customer experience. The benefits of
Zoom’s deep technical expertise, industry-leading platform, and
global reach will further scale the impact we have on our customers
and serve new ones.”
Zoom Contact Center was born in the cloud and built for scale to
support businesses of all types and sizes. More information about
Zoom Contact Center can be found on the Zoom blog.
Following the close of the transaction, Zoom will incorporate
and expand Solvvy’s capabilities across its Zoom Contact Center
platform. Solvvy Founding CEO Mahesh Ram and Co-Founder & CTO
Justin Betteridge will be instrumental in driving the combined
Advanced Conversational AI and Automation product vision and
innovation strategy.
The transaction is expected to close in Q2 FY2023. Terms of the
transaction were not disclosed.
About Zoom
Zoom is for you. Zoom is a space where you can connect to
others, share ideas, make plans, and build toward a future limited
only by your imagination. Our frictionless communications platform
is the only one that started with video as its foundation, and we
have set the standard for innovation ever since. That is why we are
an intuitive, scalable, and secure choice for individuals, small
businesses, and large enterprises alike. Founded in 2011, Zoom is
publicly traded (NASDAQ: ZM) and headquartered in San Jose,
California. Visit zoom.com and follow @zoom.
About Solvvy
Solvvy is the leading Conversational AI platform for customer
support. Solvvy enables fast, personalized resolutions for
customers, improves agent productivity, and uncovers valuable
insights that empower support leaders and their teams. Our
intelligent chatbot and automations have powered over a billion
conversations for top brands such as HelloFresh, Vimeo, Under
Armour, Stash, and Zwift, improving customer and agent experiences
and driving massive operational savings. Solvvy has been recognized
as a Gartner Cool Vendor and is a G2 Momentum Leader and Top
Software 2022 award winner.
Forward-Looking Statements
This press release contains forward-looking information related
to Zoom and Solvvy and the acquisition of Solvvy by Zoom that
involves substantial risks, uncertainties and assumptions that
could cause actual results to differ materially from those
expressed or implied by such statements. Forward-looking statements
in this communication include, among other things, statements
regarding the potential benefits of the proposed transaction for
Zoom, Solvvy and their respective customers, Zoom’s plans,
objectives, expectations and intentions with respect to the
proposed transaction, the size of the opportunity for Zoom in
contact centers, the financial condition, results of operations and
business of Zoom, and the anticipated closing of the proposed
transaction. In some cases, you can identify forward-looking
statements by terms such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “project,” “will,”
“would,” “should,” “could,” “can,” “predict,” “potential,”
“target,” “explore,” “continue,” or the negative of these terms,
and similar expressions intended to identify forward-looking
statements. By their nature, these statements are subject to
numerous uncertainties and risks, including factors beyond our
control, that could cause actual results, performance or
achievement to differ materially and adversely from those
anticipated or implied in the statements, including: risks related
to the ability of Zoom to consummate the proposed transaction on a
timely basis or at all, Zoom’s ability to successfully integrate
Solvvy’s operations and personnel, Zoom’s ability to implement its
plan, forecasts and other expectations with respect to Solvvy’s
business after the completion of the transaction, the ability to
realize the anticipated benefits of the proposed transaction, and
continued uncertainty regarding the extent and duration of the
impact of COVID-19 and the responses of government and private
industry thereto, including the potential effect on Zoom’s user
growth rate as the impact of the COVID-19 pandemic tapers.
Additional risks and uncertainties that could cause actual outcomes
and results to differ materially from those contemplated by the
forward-looking statements described under the caption “Risk
Factors” and elsewhere are in Zoom’s most recent filings with the
SEC, including its Annual Report on Form 10-K for the fiscal year
ended January 31, 2022. Forward-looking statements speak only as of
the date the statements are made and are based on information
available to Zoom at the time those statements are made and/or
management’s good faith belief as of that time with respect to
future events. Zoom assumes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, except as required by law.
Zoom Public RelationsColleen RodriguezHead of
Global PRpress@zoom.us
Solvvy Public RelationsKristin
Hegekristin@conveycommsagency.com
Zoom Video Communications (NASDAQ:ZM)
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