More recently, the vendor launched Zoom Phone, a cloud PBX offering.įor now, the Zoom Phone service provides basic features and is available to only Zoom Meetings customers. Zoom added instant messaging to its video platform and now partners with leading makers of video hardware to sell meeting room kits.
Zoom IPO fuels vendor's push into broader UC marketįounded as a video conferencing specialist, Zoom has expanded its offerings over the past couple of years in an attempt to capture a larger share of the unified communications (UC) market. The interest in this offering illustrates that some people are finally starting to get it." "Video was once considered a novelty within the corporate setting. "The IPO represents a coming of age for video in the enterprise," said Steve Vonder Haar, analyst at Wainhouse Research in Duxbury, Mass. In the weeks preceding the public listing, Zoom increased its expected share price from between $28 and $32 to between $33 and $35, and then to $36.īy market close Thursday, the stock had spiked roughly 72% to $62 per share. Zoom's IPO also underscored the strength of the video collaboration market in general. Pressure from those startups compelled Microsoft to release a free version of its team collaboration app, Microsoft Teams, last year. Slack, a close partner of Zoom, has found success with the same freemium model. The company had 344 customers that paid more than $100,000 each last fiscal year - 55% of them used Zoom's freemium offering before subscribing. Zoom's success validates the strategy of offering free, feature-limited software licenses to gain a foothold among enterprises. Zoom expects to net more than $400 million through its initial public offering (IPO) to fund operations and potential acquisitions. In the six years since launching its flagship online meetings platform, Zoom has become a profitable company - a rare feat for a tech startup - with $330 million in revenue in fiscal 2019.
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