How much RingCentral paid for those Hopin assets
Summary
Sifted article by Eleanor Warnock dated August 9, 2023, on what RingCentral paid for Hopin assets. It states that RingCentral's quarterly SEC filing says "certain technology assets and customer relationships" were purchased from Hopin for $15m up front, with an additional $35m to be paid "based on the achievement of specified performance targets." The article notes that the last external valuation investors gave Hopin was $7.8bn, and that Hopin raised a $400m Series C round in 2021. RingCentral CEO Vlad Shmunis is quoted from an earnings call on Monday.
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“How much RingCentral paid for those Hopin assets.”
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News August 9, 2023 How much RingCentral paid for those Hopin assets RingCentral’s earnings specify the terms of the deal Eleanor Warnock 1 min read Last week, European tech was abuzz with the news that events scaleup Hopin was selling its original events product to US cloud communications company RingCentral. The announcement didn't include the terms of the deal, but RingCentral’s earnings report, out on Monday, has filled in some of the blanks. According to the company’s quarterly SEC filing, “certain technology assets and customer relationships” were purchased from Hopin for $15m up front, with an additional $35m to be paid “based on the achievement of specified performance targets”. Not a huge sum considering the last external valuation that investors gave Hopin was $7.8bn. Advertisement In an earnings call on Monday, RingCentral CEO Vlad Shmunis said: “We were just very fortunate to be able to acquire this asset from Hopin. So now, we have video meetings, rooms, webinars and now events and not just virtual events.” Sources tell Sifted that Hopin’s real revenue driver is now video streaming; it acquired a video streaming company called StreamYard in 2021. Hopin was the fastest European company to ever hit unicorn status when it raised a $400m Series C round in 2021, less than two years after it launched. Sifted has reached out to Hopin for comment. Eleanor Warnock Eleanor Warnock is an advisor to VC firm Bek Ventures, and writes a newsletter on tech and writing. She was previously Sifted’s deputy editor. Find her on X and LinkedIn # SaaS # Hopin Sifted Daily newsletter Weekdays Stay one step ahead with news and experts analysis on what’s happening across startup Europe. Recommended
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