Verizon Communications Inc. (NYSE:VZ) Acquires BlueJeans Network For $400 Million

Verizon Communications Inc. (NYSE:VZ) is acquiring BlueJeans Network, a video conferencing platform, for $400 million. According to a communiqué from Verizon, BlueJeans will provide an enterprise-grade video experience to the customers through its high-performance networks worldwide. Verizon integrates BlueJeans with its 5G product roadmap

Following the takeover, Verizon will integrate BlueJeans with its 5G product roadmap. It will provide real-time and highly secure engagement solutions for areas like field service work, distance learning, and telemedicine. The management, founders, and employees of BlueJeans will join Verizon post takeover in Q2 2020.

A highly-sought video conferencing platform for workers

BlueJeans Network is highly useful for workers because they rely on web tools to connect with customers and colleagues during the COVID-19 pandemic. In an interview with Faber, Hans Vestberg, a Chief Executive Officer of Verizon said BlueJeans Network has a customer base of over 15,000.

Demand for videoconferencing tools on the rise

The demand for video conferencing tools such as Microsoft Teams, Slack, and Zoom has increased significantly because several Americans are asked to stay at home to prevent the spread of coronavirus. Verizon plans to lend a helping hand to businesses that are struggling to reopen their offices.

Tami Erwin, Chief Executive Officer of Verizon Business said the working patterns are now changing a lot. The public sector customers and businesses need a comprehensive suite of tools that are frictionless, secure and enterprise-ready and facilitate integration with existing tools.

Zoom has quickly grown into one of the popular conferencing tools for businesses and professionals, who are asked to stay at home. However, it has faced speed bumps because of security and privacy issues. Some organizations like Google and The New York City Department of Education have banned the use of Zoom. It has opened opportunities for rivals like Google.

Vestberg said the company sees an opportunity in videoconferencing mainly in the distribution channel and competes with Zoom. BlueJeans will be part of Verizon’s 5G offering. It helps Verizon to compete with carriers like newly merged Sprint and T-Mobile. In an interview with CNBC, Vestberg said the company feels proud of its assets. The customers of BlueJeans comprise RedHat, which is owned by IBM, LinkedIn, and Facebook.

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Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at recently due to my passion for the markets.

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