Five9 extends gains after report on sale exploration

Five9

05/12/2023 13:49

** Shares of cloud communications software company Five9
 FIVN.O  edges 0.7% higher to $86.10 premarket
    ** FIVN closed 7.4% higher on Monday after Bloomberg News
reported co is weighing options for a sale citing people
familiar with the matter
    ** Report comes more than two years after virtual meetings
platform Zoom Video Communications  ZM.O  terminated its deal to
acquire FIVN for $14.7 bln
    ** FIVN's Contact Center as a Service (CCaaS) offering makes
strategic sense in the hands of a larger Unified Communication
as a Service (UCaaS) entity like ZM due to Five9's existing
enterprise relationships and synergies - Brokerage D.A. Davidson
    ** FIVN's market capitalization before media reports of the
co exploring a sale stood at $5.79 bln
    ** Up to Friday's close, FIVN had risen ~17% this year

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))