While the Solvvy acquisition is critical, it’s not the only thing that Zoom has done to expand its offerings. Indeed, through the power of AI, Zoom and Solvvy could have a transformative impact on modern customer service as we know it. “Zoom is poised to redefine the contact center category with its unique combination of unified communication and customer experience,” Ram declared. Solvvy co-founder and CEO Mahesh Ram evidently sees this acquisition as having profound implications. This should enhance Zoom Contact Center with scalable self-service and conversational AI, thereby improving the overall experience for customers. With Solvvy, Zoom intends to offer “elevated customer service experiences” while capitalizing on opportunities in the contact center and customer support niche segments.Īpparently, Zoom has added Solvvy’s technology to the recently-launched Zoom Contact Center. Not long ago, Zoom demonstrated its willingness to expand the company’s business model when it announced the acquisition of Solvvy, which is a conversational artificial intelligence (AI) and automation platform for customer support. This is Zoom’s bread and butter, but it’s not a bad idea for the company to branch out and try to capture different addressable markets. Frequently, Zoom is used by people and businesses for its basic teleconferencing functions. We’ll explore the catalyst in a moment.įirst, though, it’s crucial to understand how Zoom is evolving as a business. Zoom stock shot up 14% in after-hours trading to more than $100, and the stock is still over $100 today. While Zoom stock is definitely down long term, a notable event occurred on May 23 after the stock market closed. Getting back into the $500s won’t be an easy task, so shareholders should be patient and target milestones like $200 and $350 first.
To put it mildly, Zoom stockholders have some catching up to do since the share price is still far below its 2020 peak. With all of that in mind, let’s log on and see what Zoom has been up to lately. There’s fresh data to show that Zoom’s growth story is far from over.īesides, an important acquisition could help expand Zoom’s business model so that the company can provide greater long-term value to the shareholders. Indeed, a recent development suggests that pessimism might already be switching to optimism. Hence, Zoom stock looks attractive for a buy on extreme pessimism. Perhaps this was an over-corrective move as COVID-19 is still around, and remote/hybrid working models are likely to endure. Remember how hot the stay-at-home stock trade was in 2020? That seems like such a long time ago now, as investors have generally dumped stay-at-home stocks over the past year. Based in California, Zoom Video Communications ( ZM) provides a video-and-voice teleconferencing platform.
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