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Pandemic-era unicorn Hopin sells events assets for £39m

Hopin valuation
Image credit: Hopin

Pandemic-era tech unicorn Hopin, once valued at nearly $7.8bn, has sold its virtual events unit for just $50m (£39m).

Last week the London-headquartered company confirmed the sale of events assets to US cloud communications company RingCentral.

Hopin did not disclose the value it agreed to part with its technology assets, customer relationships, engineering, and go-to-market talent from its Events platform and Session Product.

However, financial filings posted by US-listed RingCentral show that it paid $15m upfront. It will make an additional payment of up to $35m, depending on meeting performance targets.

“The acquired technology will be incorporated into RingCentral’s global communications platform, providing customers with enhanced virtual events and webinar experience,” the filing stated.

“Management is currently in the process of evaluating the impact of this transaction on its condensed consolidated financial statements.”

Hopin said it will remain a separate company but without founder Johnny Boufarhat in the CEO role.

Badri Rajasekar, chief technology and product officer, will become Hopin’s new CEO.

It comes just two years after Hopin raised $450m at a $7.75bn valuation and is the latest example of a Covid-era company struggling since the return to physical events and investors turning off funding taps.

Hopin’s sale price was first reported by The Telegraph.