Last week, European tech was abuzz with the news that events scaleup Hopin was selling its original events product to US cloud communications company RingCentral.
The announcement didn't include the terms of the deal, but RingCentral’s earnings report, out on Monday, has filled in some of the blanks.
According to the company’s quarterly SEC filing, “certain technology assets and customer relationships” were purchased from Hopin for $15m up front, with an additional $35m to be paid “based on the achievement of specified performance targets”. Not a huge sum considering the last external valuation that investors gave Hopin was $7.8bn.
In an earnings call on Monday, RingCentral CEO Vlad Shmunis said: “We were just very fortunate to be able to acquire this asset from Hopin. So now, we have video meetings, rooms, webinars and now events and not just virtual events.”
Sources tell Sifted that Hopin’s real revenue driver is now video streaming; it acquired a video streaming company called StreamYard in 2021. Hopin was the fastest European company to ever hit unicorn status when it raised a $400m Series C round in 2021, less than two years after it launched.
Sifted has reached out to Hopin for comment.