Verizon, the New York-based telecommunications conglomerate has announced the acquisition of BlueJeans, a B2B videoconferencing platform. The company has confirmed that it has purchased the videoconferencing firm in less than $500 million.

According to the records, BlueJeans has raised a total count of worth $175 million to date since it was being founded around a decade ago. The raised amount was led by the US investor NEA in Series E funding round in 2015.

Verizon has declared in an announcement that it has inked a definitive agreement to acquire the enterprise-grade videoconferencing and event platform in order to expand its immersive unified communications portfolio.

In a press release Verizon wrote, “Customers will benefit from a BlueJeans enterprise-grade video experience on Verizon’s high-performance global networks. In addition, the platform will be deeply integrated into Verizon’s 5G product roadmap, providing secure and real-time engagement solutions for high growth areas such as telemedicine, distance learning and field service work.”

Tami Erwin, the CEO of Verizon Business states, “As the way we work continues to change, it is absolutely critical for businesses and public sector customers to have access to a comprehensive suite of offerings that are enterprise ready, secure, frictionless and that integrate with existing tools.” She adds, “Collaboration and communications have become top of the agenda for businesses of all sizes and in all sectors in recent months. We are excited to combine the power of BlueJeans’ video platform with Verizon Business’ connectivity networks, platforms and solutions to meet our customers’ needs.”

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