Zoom is terminating its $14.7 billion merger with contact-center software company Five9 after it failed to win shareholder approval, it said Thursday.
"While we were excited about the benefits this transaction would bring to both Zoom and Five9 stakeholders, including the long-term potential for both sets of shareholders, financial discipline is foundational to our strategy," CEO Eric Yuan said in a statement. "The contact center market remains a strategic priority for Zoom, and we are confident in our ability to capture its growth potential."
Five9 shareholders did not approve the deal at a special meeting held earlier today, according to a press release issued by Zoom representatives. The Department of Justice had previously requested to review the deal over Zoom's ties to China.