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Five9 Makes IPO Debut
Cloud-based contact center provider Five9 (News - Alert) went public today on the NASDAQ (under the symbol FIVN) with a starting per share price of $7.95, which reports indicate values the company at about $322 million. That’s a bit lower than the original $10 per share initially expected.
At last check, Five9 stock was trading at $8.11, while the high of the day was $9.35.
A Reuters (News - Alert) piece reported that Five9's major shareholders include venture capital firm Hummer Winblad Venture Partners, which holds a 23 percent stake, and private equity firm Adams Street Partners, with about 20 percent.
Five9 tells TMCnet it is the largest, pure cloud contact center software provider, facilitating more than three billion customer interactions annually. The company has positioned itself as an alternative to what it calls legacy providers in this space, assisting organizations in transitioning from premise-based software to the cloud.
The company offers inbound, outbound, and blended contact center capabilities. Its solutions are designed to support all types of contact center needs, including customer support, telemarketing, financial services and outsourcing. Five9 also provides a multichannel offering that empowers agents to move seamlessly between social media, mobile care, live chat, e-mail, and voice calls.
The Five9 Virtual Contact Center Platform is the name of the company’s solution, which includes automatic call distribution, computer telephony integration, interactive voice response, and predictive, progressive, power, and preview dialer functionality. And the company has integrations with leading CRM solutions like Salesforce, Oracle RightNow, NetSuite (News - Alert), Velocify, and Microsoft Dynamics CRM.
In another recent important financial move for the company, Five9 announced plans to back in late October the purchase of SoCoCare, a social engagement and mobile customer care solution.
"Social media and mobile devices have fundamentally changed customer engagement; consumers are increasingly using social channels and mobile devices to connect with companies for their support needs. With SoCoCare, we've extended our product leadership position by adding best-in-class social and mobile care," Mike Burkland, president and CEO at Five9, said at the time the deal was announced.
Edited by Stefania Viscusi