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Zoom Video Communications

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Zoom Video Communications, Inc.
Company typePublic
Nasdaq: ZM (Class A)
Founded2011
Headquarters
San Jose, California, U.S.
Key people
Eric Yuan, founder and CEO
ServicesZoom Meetings
Zoom Premium Audio
Zoom Business IM
Zoom Video Webinar
Zoom Rooms
Zoom H.323/SIP Connector
Zoom Developer Platform
Revenue4,392,960,000 United States dollar (2022) Edit this on Wikidata
245,429,000 United States dollar (2022) Edit this on Wikidata
103,711,000 United States dollar (2022) Edit this on Wikidata
Number of employees
1,958 (2019)
Websitezoom.us
Zoom advertisement at Denver International Airport

Zoom Video Communications is a remote conferencing services company headquartered in San Jose, California, US. It provides a remote conferencing service that combines video conferencing, online meetings, chat, and mobile collaboration.[1]

History

Early years

Zoom was founded in 2011 by Eric Yuan, a lead engineer from Cisco Systems and its collaboration business unit WebEx.[1] Yuan graduated from the Stanford University executive program and was previously vice president of engineering at Cisco for collaboration software development.[2] David Berman, from WebEx and RingCentral, became president in November 2015.[3] The service started in January 2013, and by May 2013 it claimed one million participants.[4] During the first year of its release, Zoom established partnerships with B2B collaboration software providers. Its partnership with Redbooth (at the time known as Teambox) played a role in adding a video component to Redbooth.[5] Shortly after this partnership, Zoom created a program named "Works with Zoom", which established partnerships with multiple hardware and software vendors such as Logitech, Vaddio,[6] and InFocus.[7][8][9] Towards the end of the year, Zoom's software was integrated into InterviewStream, a company that provides remote video interviewing capacity to employers.[10] InterviewStream expanded their video interviewing capabilities using Zoom's video services.[11]

On December 11, 2013, Centrify Corporation announced it would integrate Microsoft Active Directory, access control, and single sign-on (SSO) compatibility with Zoom's application.[12] By March 17, 2014, Zoom added the capability for participants to join meetings by dialing into a toll-free public switched telephone network number via its partnership with Voxbone.[13] The release of version 3.5 later in the year added mobile screen sharing to mobile devices running iOS.[14]

By June 2014, Zoom's participant count had grown to 10 million.[15] In February 2015 the number of participants utilizing Zoom Video Communication's chief product, Zoom Meetings, reached 40 million individuals, with 65,000 organizations subscribed. The company had hosted a total of 1 billion meeting minutes since it was established.[16]

On February 4, 2015, Zoom Video Communications received US$30 million in Series C funding. Participants in this funding round include Emergence Capital, Horizons Ventures (Li Ka-shing), Qualcomm Ventures, Jerry Yang, and Patrick Soon-Shiong.[17] In the same year, on September 15, Zoom partnered with Salesforce[18] to integrate video conferencing into the CRM platform, allowing salespeople to initiate such conferences with their leads without leaving the application. On 3 November 2015 former president of RingCentral David Berman was named president of Zoom Video Communications, and the founder and CEO of Veeva Systems, Peter Gassner, joined Zoom's board of directors.[19]

In February 2016, Zoom opened a new office in Denver, Colorado. According to Yuan, the company's CEO, the reason for this expansion was to take advantage of the state's "growing technology scene" and its central U.S. location.[20] Later that year the company added VMware's CIO Bask Iyer as a business adviser.[21]

As a "unicorn"

In January 2017, Zoom had officially entered the unicorn club ($1 billion valuation) and attracted $100 million in Series D funding from Sequoia Capital at a billion dollar valuation. The announcement was coupled with the release of Zoom 4.0. According to CEO Yuan, the company would be banking the investment and investing in portions that need development, rather than planning a project with these funds, since Zoom has had a cash-flow-positive status in the last quarter.[22]

On April 24, 2017, the video communications provider announced the release of the first scalable telehealth product, allowing doctors to visit their patients through video for consultation. The solution, called Zoom for Telehealth, integrates with other healthcare applications within hospital infrastructures and provides a "virtual waiting room" for patients. It also allows for signed business associate agreements to maintain HIPAA compliance for adopters.[23][24]

In May 2017, Zoom announced a partnership with Polycom through a new product called the Zoom Connector for Polycom. Zoom Connector for Polycom integrated Zoom's video meetings into Polycom's conferencing systems, enabling features such as multiple screen and device meetings, HD and wireless screen sharing, and calendar integration with Outlook, Google Calendar, and iCal.[25]

In August 2017, Marketwired published a press release recognizing Zoom's passing of several milestones in company growth. Highlights included hosting over 20 billion annualized meeting minutes (up from 6.9 billion last year), opening offices abroad in Sydney and the U.K., growing its year-over-year revenue by 150% and customer base by 100%, partnering and optimizing integrations with Polycom, Crestron, and Cisco, and introducing new features and enhancements to its platform including Zoom Rooms Scheduling Display and Zoom for Telehealth. In addition, Zoom was ranked 18th on the Forbes Cloud 100 List and scored a 4.8 / 5 on Gartner Peer Insights.[26]

In September 2017, Zoom hosted Zoomtopia 2017, Zoom's first annual user conference. Zoom announced a series of new products and partnerships, including Zoom's Partnership with Meta to integrate Zoom with Augmented Reality, integration with Slack and Workplace by Facebook, and first steps towards an artificial intelligence speech-to-text converter.[27]

In October 2017, Zoom announced that Jonathan Chadwick had joined the company's Board of Directors as an audit committee chair to oversee financial reporting and disclosure.[28]

On November 8, 2017, Zoom announced that Kelly Steckelberg, former CEO of Zoosk and CFO of Cisco's WebEx Division, had joined Zoom as the new Chief Financial Officer (CFO).[29]

Publicly-traded company

In March 2019, Zoom filed to go public on the NASDAQ[30] and on April 18, 2019, the company went public, with shares up more than 72% with an Initial public offering of $36 a share.[31] The company was valued at just under $16 billion by the end of its IPO.[31]

Usage during the novel coronavirus pandemic

In early 2020, usage of Zoom increased sharply as schools and companies adopted the platform for remote work in response to the novel coronavirus pandemic, rising 67% from the start of the year to mid-March.[32] The company offered its services to K–12 schools free of charge in many countries,[33] and students at a number of colleges and universities spread memes about its use.[34][35]

Security issues

In November 2018, a security vulnerability (CVE-2018-15715) was discovered[36] that allowed a remote unauthenticated attacker to spoof UDP messages from a meeting attendee or Zoom server in order to invoke functionality in the target client. This would allow the attacker to remove attendees from meetings, spoof messages from users, or hijack shared screens.

In July 2019, security researcher Jonathan Leitschuh disclosed[37] a zero-day vulnerability allowing any website to forcibly join a macOS user to a Zoom call, with their video camera activated, without the user's permission. In addition, attempts to uninstall the Zoom client on macOS would prompt the software to re-install automatically in the background, using a hidden web server that was set up on the machine during the first installation and remained active even after attempting to remove the client. After receiving public criticism, Zoom updated their software to remove the vulnerability and the hidden webserver, allowing complete uninstallation.[38]

Zoom is not open source.

Products

Zoom's software is proprietary rather than open source. Initially, Zoom could host conferences with up to 15 video participants.[39] On January 25, 2013, it was enhanced to allow up to 25 video participants for all meetings. Version 2.5 of the software further extended it to 100 video participants in one conference. The company later expanded its offer to include meetings with up to 1000 video participants for business customers.[40] Zoom relies on client-side encryption using the Advanced Encryption Standard 256-bit (AES 256) algorithm for presentation content.[41][42] By October 2015, the upper limit of 25 participants in video meetings had been increased to 100.[43][44] Between 2015 and mid-2016, Zoom Video Communications announced native support for Skype for Business and integration with Slack.[45][46]

Certifications and compliance

Recognitions

  • Frost & Sullivan Company of the Year Award Global Video Conferencing Industry 2019[51][52]
  • Glassdoor #2 Best Places to Work 2019[53]
  • Eric Yuan, Zoom CEO, named #1 CEO on Glassdoor in 2018[54][55]
  • Trustradius Top Rated Web Conferencing Software 2016-2019[56]
  • #3 on 2018 Forbes Cloud 100[57]
  • 2018 Reader’s Choice Awards Winner[58]
  • A Leader in the 2018 Gartner Magic Quadrant for Meeting Solutions[59]
  • Gartner Peer Insights Customers' Choice for Meeting Solutions! 2018[60]
  • Gold Stevie Award Winner: Company of the Year - Computer Software - Large[61]
  • Credit Suisse AG Disruptive Technology Recognition (DTR) Program.[62]

Reception

File:Graph displaying the growth of Zoom Web Conferencing since opening in 2011.png
Zoom's target market growth curve

Initially, early adopters like Walt Mossberg were concerned that Zoom's quality could suffer as more users joined the pool. In 2012, Zoom had "only about 1,000 people using the service". According to Mossberg, "it's possible that if millions use it, speed and quality could suffer".[63] In his review at The Wall Street Journal, he pointed out that "Zoom is an attractive alternative" to Skype or Google Hangouts.[64] During this pre-release period, small business technology evangelist Ramon Ray had a chance to use Zoom. In SmallBizTechnology, Stephanie Faris covers Ray's experience with the software, saying that "Ramon was also impressed with how one of the remote persons on [sic] the video conference was able to share their screen". This particular trial meeting took place between him and Nick Chong, Zoom's head of product marketing.[65]

On April 2, 2013, two months after the launch of Zoom, Judy Schneider and Paul Doherty reviewed Zoom at Construction Executive's Tech Trends section. Their choice of words to summarize their experience was "love at first byte". "The first meeting was seamless," said the authors. "Everyone arrived on time with little to no wait time." The overall tone of the review was positive with little mention of caveats in the software. This was also the first review mentioning its REST API.[66] At the time, there were no alternative dial-in numbers, which they pointed out in their article. On December 14, 2013, Zoom has since implemented dial-in access in the release of version 2.5 of its software.[67] On September 2013, when Zoom Video Conferencing has been released for six months, Emily Read wrote a comprehensive review of the software, in which she noted that "it's perfect if you want to record your meeting, or share your mobile screen" but "while there's no time limit on one-on-one calls made with a free account, a potentially annoying issue is that group calls using a free account are limited to a maximum of 40 minutes".[68]

On October 3, 2013, Geek Magazine published a compilation of alternatives to FaceTime for Android, in which it included Zoom's service, saying that "while Zoom was built for professional conferencing, it's really easy to use it for personal activities."[69] SheKnows, a women's entertainment website, said that "Zoom helps young businesses achieve a level of communication usually reserved for large, well-established companies."[70]

Nitin Pradhan wrote an editorial for InformationWeek in which he said that "after using it for a year, it has become my go-to communications channel for important discussions, even before email and the phone."[71] On September 10, 2014, Paul Richards, account executive at Haverford Systems, wrote a review of ZoomPresence (now known as Zoom Rooms), noting that it has "a simple menu that scales to fit [the user's] needs in a sleek app style application". The product's "Mac Mini-only" approach was also lauded by Richards, implying that it is a way to ensure stability throughout conferences.[72]

References

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  72. ^ Richards, Paul (10 September 2014). "Zoom Presence Review". VDO360.
  • Business data for Zoom Video Communications, Inc.:
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