Zoom Slumps on Solvvy Deal

Zoom Video Communications, Inc. (NASDAQ: ZM) shares lose altitude Thursday, after the company announced it has entered into a definitive agreement to acquire Solvvy, a leading conversational AI and automation platform for customer support.

Together, according to Thursday’s news release, Zoom and Solvvy will offer elevated customer service experiences to a global enterprise base and work quickly to capitalize on new opportunities in contact center and customer support.

The recently launched Zoom Contact Center is the first omnichannel contact center platform optimized for video with a robust suite of channels, such as video, voice, SMS, and webchat, in a single, user-friendly experience.

Adding Solvvy’s proprietary technology will broaden Zoom Contact Center’s offering with scalable self-service and conversational AI.

With Solvvy, Zoom Contact Center customers will benefit from an automated, integrated, and easy-to-deploy contact center that helps answer end-customers’ questions and solve issues faster, improves the overall customer experience, and drives operational savings.

“The nature of customer experience is transforming fundamentally, as enterprises increasingly need to deliver exceptional, personalized, and effortless customer experiences. Solvvy understands this shift and is the ideal platform to enhance our Zoom Contact Center offering,” said Engineering Chief Velchamy Sankarlingam.

“Together, we are excited to help businesses of all sizes improve their customer retention, increase operating efficiency, and set new standards for customer service and satisfaction.”

ZM shares fell $2.93, or 3.5%, to $81.87.