What's Going On With Five9 Stock?

Five9 Inc FIVN shares got a lift in afternoon trading Monday following reports suggesting the company is considering selling its business.

What To Know: According to a Bloomberg report citing people with knowledge of the matter, Five9 has been exploring a potential sale and is working with advisers in an attempt to gauge interest from potential buyers.

The news comes about two years after shareholders of the call center software firm voted to scrap a $14.7 billion takeover deal with Zoom Video Communications Inc ZM. 

The deal ended up falling apart after Zoom shares traded significantly lower throughout the course of 2021 as pandemic tailwinds began to fade. People familiar with the matter reportedly said Five9 has already talked to Zoom about potentially putting the deal back on the table. 

Five9's cloud-based software is used for more than 14 billion call minutes every year, per the company website. The report indicates that a deal with Zoom would allow the communications platform company to expand its offerings to more lucrative businesses and better compete with customer service giants.

Benzinga has reached out to Five9 and Zoom for comment, but has not yet received a response. 

See Also: What's Going On With Sirius XM Stock Today?

FIVN Price Action: Five9 shares spiked Monday afternoon following the report. The stock closed Monday up 7.39% at $85.47, according to Benzinga Pro.

Photo: 3844328 from Pixabay.