Zoom and RingCentral Announce Settlement of Litigation

Rhea-AI Summary

RingCentral (NYSE:RNG) and Zoom (NASDAQ: ZM) have agreed to mutually withdraw from various legal proceedings, facilitating a smooth transition from RingCentral Meetings to RingCentral Video. This settlement resolves all litigation claims, providing clarity for RingCentral's existing customers. Jeff True, Zoom's General Counsel, expressed satisfaction with the resolution, while John Marlow from RingCentral highlighted the assurance for current customers during the migration. Further details regarding the settlement have not been disclosed.

Positive

• The resolution of legal proceedings enhances operational clarity and stability for RingCentral and its customers.
• Existing RingCentral Meetings customers will receive full support and new features during the migration period to RingCentral Video.

Negative

• None.

SAN JOSE, Calif. and BELMONT, Calif., Feb. 21, 2022 (GLOBE NEWSWIRE) -- RingCentral, Inc. (NYSE:RNG) and Zoom Video Communications, Inc. (“Zoom”) (NASDAQ: ZM) today announced that the companies have agreed to mutually withdraw from various legal proceedings and will continue to work together while RingCentral transitions existing customers from the legacy RingCentral Meetings (RCM) service to the new RingCentral Video® (RCV^TM). This agreement resolves all of the parties’ claims in the litigation, and the parties have dismissed their complaints with prejudice.

“We are pleased to have resolved this matter in a way that allows the parties to continue the wind down of their partnership,” said Jeff True, General Counsel at Zoom.

“Today’s agreement with Zoom removes any uncertainty in the ability of RingCentral’s existing customers to migrate to RingCentral Video in an orderly manner, and in a time frame that is customer driven,” said John Marlow, Chief Administrative Officer and General Counsel at RingCentral. “During the transition period RingCentral Meetings customers will be fully supported, including receiving new core features and updates.”

Additional details regarding the settlement agreement were not disclosed.

About RingCentral

RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone^TM (MVP®) global platform. More flexible and cost effective than legacy on-premises PBX and video conferencing systems that it replaces, RingCentral empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, any device, and any location.

RingCentral offers three key products in its portfolio including RingCentral MVP^TM, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and cloud phone system; RingCentral Video®, the company’s video meetings solution with team messaging that enables Smart Video Meetings^TM; and RingCentral cloud Contact Center solutions. RingCentral’s open platform integrates with leading third-party business applications and enables customers to easily customize business workflows. RingCentral is headquartered in Belmont, California, and has offices around the world.

© 2022 RingCentral, Inc. All rights reserved. RingCentral, Message Video Phone, MVP, RingCentral MVP, RingCentral Video, RCV, RingCentral Contact Center, Smart Video Meetings, and the RingCentral logo are trademarks of RingCentral, Inc.

About Zoom

Zoom is for you. Zoom is a space where you can connect to others, share ideas, make plans, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for individuals, small businesses, and large enterprises alike. Founded in 2011, Zoom is publicly traded (NASDAQ: ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Media Contact

Colleen Rodriguez
Global Public Relations Lead for Zoom
press@zoom.us

Mariana Leventis
Mariana.Leventis@ringcentral.com
650-562-6545

FAQ

What recent legal agreement was made between RingCentral and Zoom related to ZM?

RingCentral and Zoom have mutually agreed to withdraw from various legal proceedings, allowing for a smoother customer transition to RingCentral Video.

How will the legal resolution affect existing RingCentral customers?

Existing RingCentral Meetings customers will receive full support and new updates during the transition to RingCentral Video.

What was the outcome of the legal proceedings between RingCentral and Zoom?

The legal proceedings were resolved with both parties dismissing their complaints, which allows them to continue working together.