RingCentral Expands Video With Acquisition of Events From Hopin (RingCentral)

Summary

In this August 2, 2023 press release, RingCentral, Inc. (NYSE: RNG) announced the acquisition of select assets from Hopin, including its flagship Events platform and its Session product. The assets include technology, customer relationships, and engineering, product and go-to-market talent. The release says the deal completes RingCentral's video portfolio across meetings, webinars, rooms and virtual and hybrid events. Vlad Shmunis, RingCentral's Founder, Chairman and CEO, is quoted saying the company sees an opportunity to redefine how video communication is experienced. The release states that the terms of the transaction were not disclosed.

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August 2, 2023

RingCentral Expands Video Offerings With Acquisition of Events and Session Product Lines From Hopin

Completes video portfolio to address enterprise communications needs including meetings, webinars, rooms, and now virtual and hybrid events

BELMONT, Calif.--(BUSINESS WIRE)-- RingCentral, Inc. (NYSE: RNG) , a leading provider of AI-powered global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced the acquisition of select assets from Hopin , a leading provider of online audience engagement technology, including its flagship Events platform and Session product. Hopin Events is an all-in-one event management platform that enables planning and producing virtual and hybrid events. Hopin Session is a highly personalized engagement solution.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230802513699/en/

The acquisition includes technology assets, customer relationships, and engineering, product, and go-to-market talent from Hopin. This acquisition expands RingCentral’s video solutions and strengthens the company’s ability to offer customers more choice, including specialized video use cases around interactive events.

“We see an opportunity to redefine how video communication is experienced. This acquisition is a key next step in our journey to deliver more personalized and engaging video meetings and events for customers,” said Vlad Shmunis, Founder, Chairman, and CEO of RingCentral. “We expect the technology and outstanding talent from Hopin will accelerate our ability to achieve these goals and help us differentiate our entire video portfolio.”

An all-in-one event management platform, Hopin Events is optimized for connecting and engaging attendees and makes planning, producing, and reliving event experiences easy. The platform provides a robust set of features to host virtual or hybrid events of various sizes and formats, including conferences, multi-track sessions, networking, sponsor booths, and robust registration tools. Hopin Session is known for making meetings highly interactive, engaging, and personalized.

“We’ve built a world-leading events platform trusted by both internal and customer-facing teams at large enterprises and SMBs around the world,” said Johnny Boufarhat, Founder and CEO of Hopin. “We are thrilled to see the technology that Hopin has been developing over the years find a new home with RingCentral, a recognized UCaaS and CCaaS leader. We’re excited about RingCentral’s plans to grow and invest in the Events and Session platforms as we continue to pursue our vision of building a Community Suite for creators and influencers.”

The mission of RingCentral is to simplify business communications in any mode, on any device, anywhere, while executing on its vision to deliver intelligent, connected experiences.

RingCentral’s video suite currently includes:

- RingCentral Video – a cloud-based meetings solution that lets customers start, schedule, or join meetings from anywhere, including a web browser, a desktop app, or a mobile app.
- RingCentral Rooms – a cloud-based video conference room solution that brings video collaboration into any space.
- RingCentral Webinar – a solution that allows customers to broadcast a meeting to a large audience of up to 10,000 participants from desktop, browser, or mobile.

With this acquisition, this suite will now be extended to include hosting and management of virtual and hybrid events, all at competitive pricing.

“Amidst the strong desire for a return to live events, budget constraints have hindered pre-pandemic corporate crowd capacities, and organizations continue to grapple with the complexities of hosting quality hybrid meetings, often leaving remote attendees with substandard experiences,” said Melody Brue, VP & Principal Analyst of Modern Work at Moor Insights & Strategy. “RingCentral's acquisition of the Hopin Events and Hopin Session platforms complements the company's video product portfolio and helps address challenges in how people gather today. The Hopin Events platform's maturity and its seasoned team should also position RingCentral to evolve with how people gather virtually in the future.”

The terms of the transaction were not disclosed.

About RingCentral

RingCentral is a leading global provider of cloud-based business communications and collaboration solutions that seamlessly combine phone, messaging, video meetings, and contact center. RingCentral empowers customers with AI-powered conversation intelligence that unlocks insights from their interaction data to accelerate business outcomes. With decades of expertise in reliable and secure cloud communications, RingCentral has earned the trust of millions of customers and thousands of partners worldwide. Visit ringcentral.com to learn more.

About Hopin

Hopin is changing the way creators and companies create community online. Millions of people use Hopin’s products, which include StreamYard, Streamable, and Superwave (beta), to create connections, build community, and power their businesses. Hopin is a fully remote company. Learn more at hopin.com .

View source version on businesswire.com : https://www.businesswire.com/news/home/20230802513699/en/

PR Contacts: Mariana Leventis, RingCentral 650-562-6545 [email protected]

Dave Schools, Hopin [email protected]

Source: RingCentral, Inc.

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