Zoom Video Communications Inc: Know History, Growth & Profile

Zoom Video Communications Inc

About Zoom Video Communications, Inc.: Zoom Video Communications, Inc. offers videotelephony and online chat services via a cloud-based peer-to-peer technology platform used only for video communications (Meetings), sending messages (Chat), voice calls (Phone), meeting rooms for video meetings (Rooms), virtual events (Events), and contact centers (Contact Center), as well as an open platform that enables third-party developers to construct custom solutions on its truly united communications platform (Developer Platform).

Founder Of Zoom

Zoom was founded in 2011 by Eric Yuan, a former Cisco engineer, and executive, and its software was released in 2013.  Zoom’s revenue growth and its software’s perceived ease of use and reliability resulted in a $1 billion valuation in 2017, making it a “unicorn” company.  In 2019, the company became profitable for the first time and completed an initial public offering.  On April 30, 2020, the company will be added to the NASDAQ-100 stock index.

Growth Of Zoom

Zoom formed alliances with B2B collaboration software providers such as Redbooth (then Teambox) in July 2013. It launched a program called Works with Zoom, which formed alliances with Logitech, Vaddio, and InFocus.

Horizon Ventures and existing investors contributed $6.5 million to the company’s Series B round in September 2013. It had 3 million daily meeting participants at the time. Daily meeting participants will have surpassed 200 million by April 2020.

 IPO Of Zoom

The company went public on April 18, 2019, through an initial public offering. The share price increased by more than 72% on the first day of trading after pricing at US$36 per share. Dropbox invested $5 million in Zoom before the IPO.

Zoom Video Communications share price
Zoom Video Communications Share Price

Zoom usage increased during the COVID-19 pandemic because of increased working remotely, distance schooling, which numerous schools used, and internet community relations. Many countries’ K-12 schools received free services from the company.

Zoom had gained more than 2.22 million users by February 2020 than it had in 2019. The Zoom app was downloaded 2.13 million times in one day in March 2020.

Daily meeting participants increased from around 10 million in December 2019 to more than 300 million in April 2020.

Zoom Meeting Features

Zoom Meetings provides several features to enhance your video conferencing experience. They include hosting or participating, how to create schedules, and streaming meetings.

  • Meeting Participation
  • Meeting Planning and Scheduling
  • Meeting Placement
  • Live-streamed meetings