Hopin Sells Event Assets to RingCentral

RingCentral will broaden its virtual event capabilities while Hopin refocuses on streaming technology and community building.

Photo Credit: tippapatt for Adobe Stock

Hopin, the virtual-event tech juggernaut that exhibited a meteoric rise to a $7.75 billion valuation at the height of the pandemic, has sold a key part of the platform responsible for that success. RingCentral, a cloud-based communications and meetings-solution provider, acquired Hopin's flagship Events platform for all-in-one event management, as well as its Session product for personalized, interactive event sessions.

Hopin's technology assets, customer relationships and talent from the engineering, product and go-to-market teams were all included in the acquisition. The terms of the deal were not disclosed.

"Hopin Events became a beacon of connectivity in the [pandemic] era," wrote Hopin founder and former CEO Johnny Boufarhat in his blog. "I am incredibly proud of how far we've come and the wave of change we sparked in the industry — hundreds of thousands of events hosted on our platform, facilitating millions of global connections and reshaping the events industry in the process as it became more accessible, engaging and connective."

The sale to RingCentral, noted Boufarhat, expands the audience for Hopin's virtual event tools. "This is a powerful step forward for Hopin, allowing these products to reach millions more users, and letting us focus on scaling our mission of helping people connect meaningfully beyond geographical boundaries."

For RingCentral, a company primarily known for videoconferencing and VOIP services, the deal will enhance its portfolio with solutions for hosting and managing virtual and hybrid events at competitive pricing. "We see an opportunity to redefine how video communication is experienced. This acquisition is a key next step in our journey to deliver more personalized and engaging video meetings and events for customers," said Vlad Shmunis, founder, chairman 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."

RingCentral's current offerings for event professionals include:

  • RingCentral Video: a cloud-based meetings solutions that enables customers to start, schedule or join meetings from anywhere.
  • RingCentral Rooms: a cloud-based videoconference room for real-time collaboration. 
  • RingCentral Webinar: a solution that allows customers to broadcast a meeting to a large audience of up to 10,000 participants across desktop, browser or mobile devices.

"We are thrilled to see the technology that Hopin has been developing over the years find a new home with RingCentral, said Boufarhat "We're excited about RingCentral's plans to grow and invest in the Events and Session platforms."

Hopin's Plans

Hopin's next phase will center on its Streamyard and Streamable products, respected and popular streaming and audience engagement tools that were part of its overall digital offering — as well as a new product, currently in beta, called Superwave. Superwave is a community-building solution that includes events, discussions, updates and knowledge-sharing as a means for online engagement with one's audience.

Boufarhat will be stepping down from his leadership role and Badri Rajasekar, Hopin's chief technology and product officer, will transition over the next month to become the company's new CEO. Rajasekar joined the company in 2021 as the founder and CEO of Jamm, which Hopin acquired and eventually evolved into the Session product.

Hopin will "venture into new growth domains and continue to invest in our vision to build the best tools for creators and companies to connect and engage with their audiences through remarkable community experiences," concluded Boufarhat.