Five9 to Acquire Virtual Observer, Formerly Known as CSI, to Enable Superior Customer Experience & Transform Contact Center E...
19 Fevereiro 2020 - 6:10PM
Business Wire
Strategic acquisition comes as Five9 continues
to accelerate enterprise cloud contact center adoption
Five9, Inc. (NASDAQ: FIVN), the leading provider of the
intelligent cloud contact center, today announced the execution of
a definitive agreement to acquire Virtual Observer, formerly known
as CSI, an innovative provider of cloud-based Workforce
Optimization (WFO), also known as Workforce Engagement Management
(WEM), solutions. Virtual Observer has been a Five9 partner for
over three years with more than 150 joint customers.
As customers move to the cloud, many seek benefits of simpler
administration and streamlined data, which come from tighter
integration between WFO and contact center infrastructure. With
this acquisition, Five9 expands its portfolio to include a
cloud-based and integrated WFO offering as a complement to the
company’s ongoing strategic partnerships with leading WFO providers
focused on delivering best-of-breed experiences for large
enterprises.
“Technology is at its best when it empowers human connection,”
said Rowan Trollope, Five9 CEO. “To create these memorable moments,
contact centers need to empower agents and supervisors to better
focus on the customer. The addition of Virtual Observer to the
Five9 portfolio strengthens our ability to inspire agents and
maximize the quality of customer interactions while reducing costs
and maintaining regulatory compliance.”
Virtual Observer provides a comprehensive solution for workforce
optimization specifically designed for the cloud-enabled, modern
contact center. Capabilities include:
- Integrated omnichannel recording and screen recording
- Advanced security for PCI/HIPAA
- Quality management
- Speech analytics
- Surveys
- Workforce management
- Pre-built connectors with leading CRM applications
In addition to its comprehensive solution and strong track
record as a Five9 partner, the acquisition of Virtual Observer will
bring decades worth of WFO experience to Five9 as Virtual
Observer’s current workforce will transition to the Five9 team,
including existing Virtual Observer CTO, Dan McGrail.
“Key to the power of the contact center is people working with
people,” said Dan McGrail, current Virtual Observer CTO. “We pride
ourselves on our ability to empower agents to deliver a high
quality of service and an improved customer experience. We are
excited to join the Five9 team as we continue to drive innovative
WFO solutions in the contact center.”
Post-acquisition, Five9 will continue to partner with best of
breed WFO partners, such as Five9 WFO powered by Verint, to provide
customer choice and to address the needs of large enterprise
deployments. Five9 prides itself on its vibrant and expanding
partner ecosystem, where organizations have access to a broad
selection of solutions that meet their businesses’ evolving
needs.
“With the Virtual Observer acquisition, Five9 has all the pieces
in place to provide the WFO customers prefer – tightly integrated
with Five9 contact center software or best of breed through
partners,” said Sheila McGee-Smith, Founder and Principal Analyst,
McGee-Smith Analytics.
The transaction is expected to close prior to the end of Q2
CY2020.
To learn more about the Virtual Observer, click here.
Forward Looking Statements
This news release contains certain forward-looking statements,
including the statements in the quotes from our CEO and Virtual
Observer’s CTO, including statements regarding the expected
synergies and benefits from the acquisition, the benefits to
Five9’s customers and potential customers, and the expected closing
date of the transaction, that are based on our current expectations
and involve numerous risks and uncertainties that may cause these
forward-looking statements to be inaccurate. Risks that may cause
these forward-looking statements to be inaccurate include that we
may not achieve the intended benefits of the acquisition or may not
deliver our expected return on investment, we may incur unexpected
costs or liabilities related to the transaction, the Virtual
Observer platform may not achieve market acceptance by our
customers and potential customers, and that the transaction may not
close when expected or at all. Additional risks that may cause
these forward-looking statements to be inaccurate include, among
others: (i) our quarterly and annual results may fluctuate
significantly, including as a result of the timing and success of
new product and feature introductions by us, may not fully reflect
the underlying performance of our business and may result in
decreases in the price of our common stock; (ii) if we are unable
to attract new clients or sell additional services and
functionality to our existing clients, our revenue and revenue
growth will be harmed; (iii) our recent rapid growth may not be
indicative of our future growth, and even if we continue to grow
rapidly, we may fail to manage our growth effectively; (iv) failure
to adequately expand our sales force could impede our growth; (v)
if we fail to manage our technical operations infrastructure, our
existing clients may experience service outages, our new clients
may experience delays in the deployment of our solution and we
could be subject to, among other things, claims for credits or
damages; (vi) security breaches and improper access to or
disclosure of our data, our clients’ data, their customers’ data,
or other cyber-attacks on our systems, could result in litigation
and regulatory risk, harm our reputation and adversely affect our
business; (vii) the markets in which we participate involve
numerous competitors and are highly competitive, and if we do not
compete effectively, our operating results could be harmed; (viii)
if our existing clients terminate their subscriptions or reduce
their subscriptions and related usage, our revenues and gross
margins will be harmed and we will be required to spend more money
to grow our client base; (ix) our growth depends in part on the
success of our strategic relationships with third parties and our
failure to successfully grow and manage these relationships could
harm our business; (x) we have established, and are continuing to
increase, our network of master agents and resellers to sell our
solution; our failure to effectively develop, manage, and maintain
this network could materially harm our revenues; (xi) we sell our
solution to larger organizations that require longer sales and
implementation cycles and often demand more configuration and
integration services or customized features and functions that we
may not offer, any of which could delay or prevent these sales and
harm our growth rates, business and operating results; (xii)
because a significant percentage of our revenue is derived from
existing clients, downturns or upturns in new sales will not be
immediately reflected in our operating results and may be difficult
to discern; (xiii) we rely on third-party telecommunications and
internet service providers to provide our clients and their
customers with telecommunication services and connectivity to our
cloud contact center software and any failure by these service
providers to provide reliable services could cause us to lose
clients and subject us to claims for credits or damages, among
other things; (xiv) we have a history of losses and we may be
unable to achieve or sustain profitability; (xv) the contact center
software solutions market is subject to rapid technological change,
and we must develop and sell incremental and new products in order
to maintain and grow our business; (xvi) we may not be able to
secure additional financing on favorable terms, or at all, to meet
our future capital needs; (xvii) failure to comply with laws and
regulations could harm our business and our reputation; (xviii) we
may not have sufficient cash to service our convertible senior
notes and repay such notes, if required; and (xix) the other risks
detailed from time-to-time under the caption “Risk Factors” and
elsewhere in our Securities and Exchange Commission filings and
reports, including, but not limited to, our most recent annual
report on Form 10-K and quarterly report on Form 10-Q. Such
forward-looking statements speak only as of the date hereof and
readers should not unduly rely on such statements. We undertake no
obligation to update the information contained in this press
release, including in any forward-looking statements.
About Five9
Five9 is a leading provider of cloud contact center software for
the intelligent contact center space, bringing the power of cloud
innovation to customers and facilitating more than six billion call
minutes annually. Five9 provides end-to-end solutions with
omnichannel routing, analytics, WFO and AI to increase agent
productivity and deliver tangible business results. The Five9
GeniusTM platform is reliable, secure, compliant and scalable;
designed to create exceptional personalized customer
experiences.
For more information, visit www.five9.com.
Engage with us @Five9, LinkedIn, Facebook, Blog, That’s Genius
Podcast.
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Five9 Kendall Taylor 925-231-2196 kendall.taylor@five9.com
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