Hopin, last valued at $7.8 billion, said on Wednesday it has sold its virtual events business.Hopin founder Johnny Boufarhat is also set to depart his role as CEO next month.
The pandemic darling captured investor attention during widespread lockdowns by offering software that enables businesses to host virtual and hybrid events. Hopin, founded in 2019, raised over $1 billion from heavyweight investors including Andreessen Horowitz, Tiger Global, and General Catalyst across five rounds in less than two years.
Now, Hopin said it has sold its main events business – Events and Sessions – to RingCentral, a publically-listed cloud communications provider. Other parts of the company, including acquisitions like Streamyard were not included in the deal. Terms of the deal were not disclosed.
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