Zoom To Acquire MT Solutions Company Kites GmbH For Undisclosed Sum

Zoom Video Communications Inc ZM inked an agreement to acquire Karlsruhe Information Technology Solutions - Kites GmbH (Kites), a start-up for developing real-time Machine Translation (MT) solutions.
The financial terms of the transaction remain undisclosed.
Kites will help Zoom improve meeting productivity and efficiency by providing multi-language translation capabilities for Zoom users driving its MT competencies.
Kites co-founder Dr. Sebastian Stüker and the rest of the Kites team will remain based in Karlsruhe, Germany.
Zoom is exploring opening an R&D center in Germany in the future.
Kites co-founder Dr. Alex Waibel will become a Zoom Research Fellow and advise on Zoom's MT research and development.
Zoom held $4.7 billion in cash and equivalents as of April 30, 2021.
Price action: ZM shares traded lower by 0.11% at $388.43 in the market session on the last check Tuesday.