{"id":18142,"date":"2020-04-17T20:50:50","date_gmt":"2020-04-17T20:50:50","guid":{"rendered":"https:\/\/rbsitsoftwaresolution.com\/blog\/verizon-is-buying-b2b-videoconferencing-firm-bluejeans.html"},"modified":"2020-04-17T20:50:50","modified_gmt":"2020-04-17T20:50:50","slug":"verizon-is-buying-b2b-videoconferencing-firm-bluejeans","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/verizon-is-buying-b2b-videoconferencing-firm-bluejeans.html","title":{"rendered":"Verizon is buying B2B videoconferencing firm BlueJeans"},"content":{"rendered":"

US carrier Verizon* has splashed out to buy veteran B2B videoconferencing platform, BlueJeans Network<\/a> \u2014 shelling out less than $500 million on the acquisition, according to the Wall Street Journal<\/a> which first reported the news.<\/p>\n

A Verizon spokeswoman confirmed to TechCrunch that the price-tag is sub-$500M but did not provide a more exact figure. Videoconferencing platform Blue Jeans has raised ~$175M since being founded around a decade ago, per Crunchbase<\/a>, with US investor NEA leading a Series E round back in 2015<\/a>.<\/p>\n

In a press release<\/a> announcing the deal, Verizon said it has entered into a definitive agreement to acquire the enterprise-grade videoconferencing and event platform in order to expand its \u201cimmersive unified communications portfolio\u201d.<\/p>\n

\u201cCustomers will benefit from a BlueJeans enterprise-grade video experience on Verizon\u2019s high-performance global networks. In addition, the platform will be deeply integrated into Verizon\u2019s 5G product roadmap, providing secure and real-time engagement solutions for high growth areas such as telemedicine, distance learning and field service work,\u201d it wrote.<\/p>\n

\u201cAs 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,\u201d added Tami Erwin, CEO of Verizon Business, in a supporting statement. \u201cCollaboration 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\u2019 video platform with Verizon Business\u2019 connectivity networks, platforms and solutions to meet our customers\u2019 needs.\u201d<\/p>\n

The acquisition comes at a time when videoconferencing is seeing a massive uptick in usage as white collar workers around the world log on to meetings from home during the coronavirus pandemic<\/a>.<\/p>\n

Although it\u2019s BlueJeans\u2019 rival, Zoom<\/a>, that\u2019s been the most high profile name linked to the viral videoconferencing boom in recent weeks. The latter recently revealed<\/a> that daily meeting participants on its platform jumped from a modest 10M in December to 200M in March.<\/p>\n

However such booming growth and consumer usage has brought increased scrutiny for Zoom <\/a> \u2014 leading to a spate of warnings<\/a> (and even some bans<\/a>), related to security and privacy concerns. And earlier this month<\/a> the company said it would freeze product dev to focus on the laundry list of issues that have surfaced as users have piled in and kicked its tires, taking a little of the shine off of surging growth.\u00a0<\/span><\/p>\n

On the sheer usage front BlueJeans is certainly small fish in comparison to Zoom \u2014 having remained b2b focused. A BlueJeans spokeswoman told us it has more than $100M ARR and over 15,000 customers at this point. (Some notable users include Facebook<\/a> and Disney<\/a>.)<\/p>\n

But it\u2019s paying users that are likely of most interest to Verizon, hence talk of telemedicine, distance learning and field service work \u2014 areas ripe for coronavirus-accelerated digitization. Carriers generally, meanwhile, haven\u2019t been able to translate increased usage during the pandemic into a revenue growth story \u2014 as a result of a combination of fixed costs, debt and market disruption that\u2019s been hitting their shares during the coronavirus crisis, per Reuters<\/a>. Bolting on more b2b tools looks to be one way of growing network revenues.<\/p>\n

\u201cThe combination of BlueJeans\u2019 world class enterprise video collaboration platform and trusted brand with Verizon Business\u2019 next generation edge computing innovation will deliver highly differentiated and compelling solutions to our joint customers,\u201d said Quentin Gallivan, <\/a> BlueJeans CEO, in a statement. \u201cWe are very excited about joining the Verizon team and we truly believe the future of business communications starts today!\u201d<\/p>\n

Verizon said today that said BlueJeans founders and \u201ckey management\u201d will join the company as part of the acquisition, with BlueJeans employees set to become Verizon employees immediately following the close of the deal \u2014 which is expected in the second quarter, pending customary closing conditions.<\/p>\n

BlueJeans co-founder Krish Ramakrishnan<\/a> has a history of exits, selling a couple of his previous startups to networking giant Cisco \u2014 where he has also worked, in between spinning out his own companies.<\/p>\n

*Disclosure: Verizon is also TechCrunch\u2019s parent company<\/em><\/p>\n

<\/a><\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/XmXos3NVP5Y\/<\/p>","protected":false},"excerpt":{"rendered":"

US carrier Verizon* has splashed out to buy veteran B2B videoconferencing platform, BlueJeans Network \u2014 shelling out less than $500 million on the acquisition, according to the Wall Street Journal <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-18142","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t