RTTNews | Jul 19, 2021 10:01AM EDT

10:00 Monday, July 19, 2021 (RTTNews.com) - Shares of RingCentral Inc. (RNG) are losing over 7% on Monday morning, despite no stock-related statement from the company. The stock might have been impacted by the news that its rival Zoom Video Communications Inc. (ZM) has agreed to buy Five9 Inc. for $14.7 billion.

RNG is currently trading at $254.21, down $19.58 or 7.15%, on the NYSE. The stock has traded between $230.00 and $588.84 in the 52 week period.

RingCentral, Inc. provides software that allows users to communicate through voice, fax, text, conferencing, and web meetings. RingCentral Meetings' video conferencing feature is powered by Zoom and is essentially identical to that product.

Video-conferencing service provider Zoom, whose stock skyrocketed during Covid-19 pandemic due to huge demand for its services, has agreed to pay Five9 stockholders 0.5533 Class A common shares. This represents a share price of $200.28 and an implied transaction value of around $14.7 billion.

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