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Hopin winds down UK business in US relocation

Hopin valuation
Image credit: Hopin

Events platform Hopin is winding down its UK business and relocating its headquarters to the US.

It comes six months after the company once valued at nearly $7.8bn sold its virtual events unit for $50m (£39m) to RingCentral.

Company filings show that Hopin appointed PWC to oversee the liquidation process.

Hopin has entered voluntary members’ liquidation, which means it has declared solvency – as opposed to being forced to close because it is unable to pay its debts.

In August last year, Hopin sold its titular events platform to the US-listed cloud communications company RingCentral.

At the time, Hopin said it would remain a separate company but with Badri Rajasekar replacing founder Johnny Boufarhat in the CEO role.

“We decided to make this shift to simplify our capital structure, focus operations on our live streaming and video hosting businesses and drive efficiency across our company,” said Rajasekar in a company blog.

“As stated, the parent company and headquarters of the Hopin group is now based in the United States. With this reorganisation, Hopin Ltd (UK entity), is now a non-trading company and is in the process of being wound up and liquidated.”

He added that Hopin’s “international operations have not significantly changed and the business continues to exceed growth expectations”.

PWC declined to comment when approached by UKTN.

Founded in 2019, Hopin gained significant traction during the pandemic years. It secured a $450m Series D round in 2021 at a $7.75bn valuation. But with the re-opening of in-person events post-pandemic, Hopin struggled.

It made layoffs in 2022 and sold its core assets to RingCentral a year later for $15m upfront with an additional performance-related payment of up to $35m.