RingCentral, Inc. (NYSE: RNG), a provider of AI-powered cloud communications and video meetings solutions, has announced the acquisition of select assets from the 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 Community Suite for creators and influencers.”
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 terms of the transaction were not disclosed.
