Verizon Is Buying Its Way Into Videoconferencing

With the COVID-19 pandemic driving record levels of usage for video-calling and videoconferencing platforms, telecommunications and media conglomerate Verizon (NYSE: VZ) wants in. Big Red announced this week that it has entered into an agreement to acquire BlueJeans, an enterprise videoconferencing and event platform, in a deal that will expand Verizon's existing unified communications offerings.

BlueJeans competes with Zoom Video Communications (NASDAQ: ZM), which has exploded into the forefront of videoconferencing in recent months. Zoom has seen maximum daily meeting participants skyrocket by 20-fold, and analysts have pointed out that the surge in demand will inevitably attract competition.

Image source: BlueJeans.

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Source Fool.com