Business

Verizon to acquire Zoom's rival, BlueJeans

The American telecommunications conglomerate will reportedly pay less than $500 million for the videoconferencing company and event platform

Verizon to acquire BlueJeans
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  • WSJ found that Verizon will pay less than $500 million for BlueJeans in a deal to be concluded in the second quarter of 2020;
  • Aiming at the unprecedented number of people working remotely, Verizon’s goal with the new acquisition is to support companies to run solutions such as telehealth, online learning platforms, and remote training.

With an eye on the unprecedented number of people working from home, American telecommunications conglomerate Verizon announced a deal this Thursday to acquire videoconferencing company and event platform BlueJeans, as the company announced in a press release.

The agreement is expected to be concluded in the second quarter of 2020. As Wall Street Journal has learned through sources, Verizon will reportedly pay less than $500 million for Zoom’s rival.

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“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. “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.”

BlueJeans has about 15 thousand customers and focus more on businesses rather than consumers. Unlike Zoom and other services that are free to use, it offers encrypted videoconferencing by charging a fee. Verizon’s goal with the new acquisition, according to what WSJ found, is to support companies to run solutions such as telehealth, online learning platforms, and remote training.