Zoom Video Communications Inc ZM is trading higher Friday after the company and Five9 mutually terminated the merger agreement.
At Five9’s special meeting of shareholders held on Sept. 30, Five9 did not obtain the required shareholder support for the merger agreement.
“While we were excited about the benefits this transaction would bring to both Zoom and Five9 stakeholders, including the long-term potential for both sets of shareholders, financial discipline is foundational to our strategy,” said Eric Yuan, founder and CEO of Zoom Video.
“The contact center market remains a strategic priority for Zoom, and we are confident in our ability to capture its growth potential," Yuan added.
Zoom Video provides a communications platform that connects people through video, voice, chat and content sharing.
ZM Price Action: Zoom Video has traded as high as $588.84 and as low as $255.25 over a 52-week period.
The stock was up 3.44% at $270.49 at time of publication.
Photo: courtesy of Zoom Video.
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