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Hopin sells event units to RingCentral

Hopin platform Image credit: T. Schneider / Shutterstock

Pandemic-era tech unicorn Hopin has sold off its titular events platform to the US-listed cloud communications company RingCentral for an undisclosed sum.

California-based RingCentral will take on the technology assets, customer relationships, engineering, and go-to-market talent from Hopin’s Events platform and Session Product.

Hopin will remain a separate company that will, according to its founder and CEO Johnny Boufarhat, pursue a “vision of building a community suite for creators and influencers”.

The CEO added: “We’ve built a world-leading events platform trusted by both internal and customer-facing teams at large enterprises and SMBs around the world.

“We are thrilled to see the technology that Hopin has been developing over the years find a new home with RingCentral, a recognised UCaaS and CCaaS leader.”

Founded in 2019, Hopin skyrocketed to success during the pandemic years, culminating in a $400m Series C round in 2021 that left the company with a unicorn valuation of $5.65bn.

The company has struggled post-pandemic. Last year, the company went through a couple of waves of layoffs, resulting in 380 employees being let go.

RingCentral is a provider of business communication solutions including video meetings and messaging.

“We see an opportunity to redefine how video communication is experienced. This acquisition is a key next step in our journey to deliver more personalised and engaging video meetings and events for customers,” said Vlad Shmunis, founder and CEO of RingCentral.

“We expect the technology and outstanding talent from Hopin will accelerate our ability to achieve these goals and help us differentiate our entire video portfolio.”