UPDATE 3-Verizon snaps up Zoom rival BlueJeans for less than $500 mln [Reuters]
Verizon Communications Inc. (VZ)
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Source: Reuters
Verizon snatches up Zoom rival BlueJeans for less than $500 million (Reuters) - Verizon Communications Inc ( VZ.N ) said on Thursday it agreed to buy video-conferencing company BlueJeans Network Inc, a rival of Zoom Video Communications Inc ( ZM.O ), for less than $500 million at a time that millions work from home due to widely-enforced lockdowns. Shelter-in-place orders to contain the spread of the new coronavirus have led businesses across the globe to foster a virtual office environment, leading to a surge in demand for video-conferencing apps such as Zoom, Cisco’s ( CSCO.O ) Webex and Microsoft’s ( MSFT.O ) Teams. BlueJeans, whose conferencing app is used in 180 countries, is already a partner here of Verizon and its meeting app is offered to clients under the telecom company's unified communications and collaboration services. “Verizon got a good deal, but BlueJeans had been trying to sell itself for months,” Piper Sandler analyst James Fish said. “It wasn’t growing as f
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