Verizon Business has agreed to acquire BlueJeans Network, a video conferencing and event platform to cash in on the work-from-home surge.
Krish Ramakrishnan and Alagu Periyannan are the co-founders of BlueJeans Networks. The investors of the videoconferencing company include Accel, Battery Ventures, NEA and Norwest Venture Partners.
LinkedIn, ADP, Facebook, Intuit, Zillow, among others, are some of the clients of BlueJeans Networks.
The acquisition expands Verizon’s unified communications portfolio. BlueJeans’ cloud-based video service currently serves business segments including small organizations and multinational brands.
The transaction will combine BlueJeans’ meeting platform with Verizon’s unified communications as a service business immediately.
Customers will benefit from a BlueJeans video experience on Verizon’s networks. The platform will be 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, said Tami Erwin, CEO of Verizon Business.
BlueJeans founders and key management team will join Verizon to lead the innovation of the business. BlueJeans employees will become Verizon employees immediately following the close of the deal.
The transaction is subject is expected to close in the second quarter. Evercore and Goodwin Procter served as advisors to BlueJeans, and Debevoise & Plimpton as advisor to Verizon.