Verizon is set to buy the videoconferencing enterprise Blue Jeans for a reportedly less than 500 million dollars. The Blue Jeans has reportedly been acquired for a price lesser than the earlier agreed price.
Blue Jeans acquired by Verizon Inc.
The Wall Street Journal shared the information that a source associated with the matter noted that the Verizon would be buying the San Jose based company, which is a competitor to Zoom Video Communications.
Verizon to integrate Blue jeans in its 5G Services
Verizon is planning to incorporate Blue jeans in its 5G services to enhance its offerings for the users. Verizon is currently on a spree to roll out its high-speed mobile connectivity 5g services across the United States. BlueJeans provides an array of services to its enterprise customers that include large MNCs and small businesses.
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Blue jeans have a variety of Customers
Some of the big customers in the list of Blue Jean’s clients include Facebook, Grub hub, National Geographic, Pernod Ricard, and Viacom. The company will be acquired with staff when key management, employees, and the founders join Verizon after the deal closes in the second quarter.
A strategic acquisition by Verizon
Blue Jean’s acquisition is a strategic step for Verizon as the telecom giant will be able to add an exclusive service in its array of offerings to the customers and businesses. With Blue jeans, its 5G networks can pose a substantial competition to rivals like AT&T, Sprint Mobiles, and the largest telecon entity created with T-Mobile and Sprint.
Zoom’s exasperating growth
With the recent coronavirus crisis, there has been a massive increase in demand for video conferencing services across the industries. Zoom Video conferencing has seen an increase of more than 350 percent in need in the last one month.
The boom in Videoconferencing applications demand
Video conferencing platforms have gained much popularity in the last few months, and even though they do not sell out ads right away, the platform can be used in a variety of marketing activities. Verizon can add a profitable paradigm to its already large business with the videoconferencing capabilities.