Telecommunications giant Verizon announced Thursday that it is acquiring videoconferencing and collaboration platform BlueJeans Network.
In a statement, Verizon said its Verizon Business subsidiary is gobbling up the platform to expand the company’s unified communications portfolio. The deal combines BlueJeans’ platform with Verizon’s unified communications as a service (UCaaS) business immediately, giving BlueJeans users enterprise-grade video quality on Verizon’s high-speed global network.
Financial terms of the deal were not disclosed, but the Wall Street Journal reported the deal is for less than $500 million.
Verizon’s announcement said BlueJeans will be deeply integrated into the firm’s 5G product roadmap and aims to bring the solution to high-growth areas like telemedicine, distance learning and field service.
The acquisition comes as organizations are flocking to platforms like BlueJeans to help keep remote workers engaged and productive due to coronavirus-induced government restrictions that have forced many offices to close.
Other popular platforms reporting increased usage are Microsoft Teams, Zoom, Slack, GoToMeeting, WebEx and others.
In a statement, Verizon Business CEO Tami Erwin said the changing workplace climate makes it important for businesses and commercial customers to have access to enterprise-ready collaboration tools.
“Collaboration and communications have become top of the agenda for businesses of all sizes and in all sectors in recent months,” Erwin said. “We are excited to combine the power of BlueJeans’ video platform with Verizon Business’ connectivity networks, platforms and solutions to meet our customers’ needs.”
BlueJeans founders and key management personnel will join Verizon, and other BlueJeans employees will become Verizon employees once the deal closes.
While Zoom, Microsoft Teams are among the few garnering more media coverage due to increased usage and security mishaps,BlueJeans does boast some impressive clients, like Facebook, Red Hat, LinkedIn, Zillow, Nordstrom, Viacom, ADP and others.
“The combination of BlueJeans’ world class enterprise video collaboration platform and trusted brand with Verizon Business’ next generation edge computing innovation will deliver highly differentiated and compelling solutions to our joint customers,” said BlueJeans CEO Quentin Gallivan. “We are very excited about joining the Verizon team and we truly believe the future of business communications starts today!”