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Zoom (ZM) to Acquire Kites GmbH, Shares Flat

Sam Boughedda
Sam Boughedda trader
Updated 29 Jun 2021

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Zoom HQ

Zoom Video Communications (NASDAQ: ZM) announced on Tuesday that it has signed a definitive agreement to acquire Karlsruhe Information Technology Solutions – Kites GmbH.

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Kites GmbH, a start-up dedicated to developing real-time Machine Translation solutions, was founded in 2015 and has academic roots with Karlsruhe Institute of Technology, where co-founders Dr Alex Waibel and Dr Sebastian Stüker are faculty members.

Zoom said Kites’ team of research scientists will help Zoom’s engineering team advance the field of Machine Translation to improve meeting productivity and efficiency by providing multi-language translation capabilities for Zoom users.

“We are continuously looking for new ways to deliver happiness to our users and improve meeting productivity, and MT solutions will be key in enhancing our platform for Zoom customers across the globe,” said Velchamy Sankarlingam, President of Product and Engineering at Zoom.

“With our aligned missions to make collaboration frictionless – regardless of language, geographic location, or other barriers – we are confident Kites’ impressive team will fit right in with Zoom,” added Sankarlingam.

Zoom’s share price is up just 0.04% on Tuesday at $389.

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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.