As the Coronavirus pandemic forced most companies to shift their operations to telecommunication tools like Slack, Zoom, and Microsoft Teams, most of these video conferencing services have seen a surge in use. Apparently the need for video conferencing options is encouraging more companies to jump into this domain, with Verizon being one of them.
The US-based telecommunications company has recently signed a deal to acquire BlueJeans Network, a simple but encrypted videoconferencing platform with around 15000 users. With this new acquisition, Verizon aims to compete in the video conferencing space with its rivals like Zoom and Microsoft Teams. In addition, the company also plans to assist users in areas including field service work, distance learning and telemedicine. Verizon's CEO, Tami Erwin, said in the press release:
As the way we work continues to change, it is absolutely critical for businesses and public sector customers to have access to a comprehensive suite of offerings that are enterprise ready, secure, frictionless and that integrate with existing tools.
According to the CEO of BlueJeans, Quentin Gallivan the agreement will allow the company to "accelerate product development to innovate secure and immersive collaboration experiences for our customers. In addition, we will be able to leverage the R&D of both companies to create compelling innovations to enhance our offering in use cases like telemedicine, distance learning and field service."
For those interested to know more about the BlueJeans Meeting platform, here is a video highlighting its features:
While the companies are yet to share the financial terms of the agreement, there are some conflicting rumours about the deal. A CNBC report revealed that Verizon has agreed to pay around $400 million to acquire BlueJeans, while the price was reported to be under $400 million by another Wall Street Journal report.
Do you think that Verizon could become a serious competitor in the video conferencing space? Let us know in the comments section below.