Unified communications-as-a-service company RingCentral is set to acquire online conference hosting platform Hopin for around $50 million.

RingCentral announced in a recent regulatory filing that it plans to buy specific assets from Hopin for $15 million while an additional $35 million will be paid “based on the achievement of specified performance targets”.

“While the Hopin Events platform has played a pivotal role in our journey, we recognized that our events business, and the immense talent behind it, could grow to its fullest potential within the RingCentral ecosystem due to its global scale, respected brand, and go-to-market capabilities as a leading UCaaS platform,” Hopin founder and chief exec Johnny Boufarhat said in a blog post announcing the sale.

Boufarhat hastened to inform clients that throughout the transition, “there will be no disruption to any of your events on any of our platforms” and that existing clients could expect “full support and commitment from RingCentral and seamless continuity with the Hopin Events team”.

Launched in 2019, as of September 2021, Hopin was valued at almost $8 billion.

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