Verizon Business has announced that it has entered into a definitive agreement to acquire video communication platform BlueJeans Network.
Blue Jeans Network competes with Zoom and Skype in providing video calling services to the businesses.
BlueJeans’ cloud-based video service currently serves a wide variety of business segments from small organizations to some of the world’s largest multinational brands, and has played a significant part in continuing those companies’ operations during the ongoing work-from-home surge.
The transaction will combine BlueJeans’ meeting platform with Verizon’s unified communications as a service business immediately. Customers will benefit from a BlueJeans enterprise-grade video experience on Verizon’s high-performance global networks.
In addition, the platform will be deeply integrated into Verizon’s 5G product roadmap, providing secure and real-time engagement solutions for high growth areas such as telemedicine, distance learning and field service work.
Though financial terms of the deal are not known, a source told the US newspaper Wall Street Journal that the company is purchasing BlueJeans for less than $500m.
BlueJeans was founded in 2009 by Krish Ramakrishnan and Alagu Periyannan.