Due to the coronavirus and lockdown in effect, the need for better communication is paramount. People around the globe are using various software solutions to ensure they stay up to date and connected. Some of these options are video conferencing services, which help team members from an office stay connected. Pexip is one such video communications provider, which has made it big and is now listed on the Oslo Stock Exchange.
Pexip makes its debut on the Oslo Stock Exchange
Pexip, the Norway-based company has come up as a serious competitor to Zoom and Google, among others. It offers a video conferencing solution aimed at businesses. Pexip was listed on the Oslo Stock Exchange trading under the symbol PEXIP on May 14. It is commendable that even with the current COVID-19 scenario, the company managed to launch its IPO. To pull this off, Pexip used its own video conferencing platform to conduct 99 percent of the IPO process — investor roadshows, meetings, and book-building — by video.
Investors across Europe and the US invested in the company, which raised €92.55 million. In addition, the company garnered investors including Wasatch Global Investors, Capital Group, and DNB Asset Management. Pexip’s video conferencing platform is used by some prominent companies such as Vodafone, Accenture, Intel and more. The company’s video meeting platform can be employed either as a cloud-based or self-hosted service. The company reported a 50 percent increase in annual recurring revenue during the first quarter of 2020.
Should Zoom, Google and Facebook be worried?
Video conferencing solution by Zoom is currently on top of its game with over 300 million daily subscribers. While Facebook has just stepped into the field, Google has ramped up its efforts to increase the subscriber count on its Google Meet platform by making it temporarily free for everyone. While the video conferencing space is choc filled with services, Plexip has established itself as a strong contender.
“We are now witnessing a dramatic increase in the use of our solutions worldwide because of the current Covid-19 situation. This is not a pleasant situation for anyone, but it’s good that our technology can be of help to our customers, whether they are in the private or public sector. We see that the Pexip solution is enabling our users to fulfill their tasks in the best possible way during these challenging times,” said Michel Sagen, Chairman of the Board of Pexip.
Pexip offers everything that one needs from a video conferencing platform. Additionally, there’s also a self-hosted version of the service, which would enable customers to manage security themselves.
Main image credits: Pexip
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