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

Rhea-AI Summary

RingCentral acquires select assets from Hopin to expand its video solutions and offer more personalized and engaging video meetings and events for customers.

Positive

• The acquisition strengthens RingCentral's video solutions and expands its ability to offer specialized video use cases around interactive events.
• Hopin Events platform enables planning and producing virtual and hybrid events, providing a robust set of features for various event formats.
• Hopin Session makes meetings highly interactive, engaging, and personalized.

Negative

• The terms of the transaction were not disclosed.

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.

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.

© 2023 RingCentral, Inc. All rights reserved. RingCentral and the RingCentral logo are trademarks of RingCentral, Inc.

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.

© 2023 Hopin, Ltd. All rights reserved. Hopin and the Hopin logo are trademarks of Hopin, Ltd.

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

PR Contacts:

Mariana Leventis, RingCentral

650-562-6545

mariana.leventis@ringcentral.com

Dave Schools, Hopin

dave@hopin.com

Source: RingCentral, Inc.

FAQ

What did RingCentral acquire from Hopin?

RingCentral acquired select assets from Hopin, including its flagship Events platform and Session product.

What does Hopin Events platform offer?

Hopin Events is an all-in-one event management platform that enables planning and producing virtual and hybrid events. It provides a robust set of features for hosting various event formats.

What does Hopin Session offer?

Hopin Session is a highly personalized engagement solution that makes meetings highly interactive, engaging, and personalized.

How does the acquisition benefit RingCentral?

The acquisition strengthens RingCentral's video solutions and expands its ability to offer more personalized and engaging video meetings and events for customers.

What are the current video solutions offered by RingCentral?

RingCentral's video suite includes RingCentral Video, RingCentral Rooms, and RingCentral Webinar. With the acquisition, it will also include hosting and management of virtual and hybrid events.