Event Tech
RingCentral acquires Hopin products
THE COMPANY HAS EXPANDED ITS INTERNATIONAL VIDEO OFFERINGS BY ACQUIRING PRODUCT LINES FROM VIDEO CONFERENCING STAR HOPIN
R ingCentral , a provider of AI-powered cloud communications and video meetings solutions , recently announced the acquisition of select assets from video meetings platform Hopin .
The acquisition includes technology assets , customer relationships , and engineering , product , Hopin Events and Hopin Session , and go-to-market talent from Hopin to expand RingCentral ’ s video solutions for its customers .
“ We see an opportunity to redefine how video communication is experienced . This acquisition is a key next step in our journey to deliver more personalised and engaging video meetings and events for customers ,” says Vlad Shmunis , founder , and CEO of RingCentral .
“ We expect the technology and outstanding talent from Hopin will accelerate our ability to achieve these goals and help us differentiate our entire video portfolio .”
Johnny Boufarhat , founder and CEO of Hopin , comments : “ We are thrilled to see the technology that Hopin has been developing over the years find a new home with RingCentral , a recognised UCaaS and CCaaS leader .”
“ We ’ re excited about RingCentral ’ s plans to grow and invest in the Events and Session platforms as we continue to pursue our vision of building a
Below : Johnny Boufarhat
Community Suite for creators and influencers .”
As part of the deal Boufarhat , previously known as the UK ’ s youngest self-made billionaire , will step down as Hopin ’ s CEO to be replaced by Badri Rajasekar , Hopin ’ s chief technology and product officer .
RingCentral ’ s video suite currently includes :
• RingCentral Video – a cloud-based meetings solution .
• RingCentral Rooms – a cloud-based video conference room solution .
• RingCentral Webinar – a solution that allows customers to broadcast meetings to large audiences .
With this acquisition , this suite will now be extended to include hosting and management of virtual and hybrid events .
“ Amidst the strong desire for a return to live events , budget constraints have hindered pre-pandemic corporate crowd capacities ,” Melody Brue , VP and principal analyst of Modern Work at Moor Insights & Strategy , says .
“ RingCentral ’ s acquisition of the Hopin Events and Hopin Session platforms complements the company ’ s video product portfolio and helps address challenges in how people gather today . The Hopin Events platform ’ s maturity and its seasoned team should also position RingCentral to evolve with how people gather virtually in the future .”
The announcement comes only a year after Hopin made headlines for cutting almost 30 % of its staff , following earlier rounds of layoffs a few months prior . The British-founded video meetings platform saw immense growth during the pandemic , noting a valuation of $ 7.8bn at the height of Covid-19 measures . However , Hopin ’ s products were sold to RingCentral for only $ 15m .
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