RingCentral, Inc. (NYSE:RNG) and Zoom Video Communications, Inc. (“Zoom”) (NASDAQ: ZM) today announced that the companies have agreed to mutually withdraw from various legal proceedings and will continue to work together while RingCentral transitions existing customers from the legacy RingCentral Meetings (RCM) service to the new RingCentral Video® (RCVTM). This agreement resolves all of the parties’ claims in the litigation, and the parties have dismissed their complaints with prejudice.
“We are pleased to have resolved this matter in a way that allows the parties to continue the wind down of their partnership,” said Jeff True, General Counsel at Zoom.
“Today’s agreement with Zoom removes any uncertainty in the ability of RingCentral’s existing customers to migrate to RingCentral Video in an orderly manner, and in a time frame that is customer driven,” said John Marlow, Chief Administrative Officer and General Counsel at RingCentral. “During the transition period RingCentral Meetings customers will be fully supported, including receiving new core features and updates.”
Additional details regarding the settlement agreement were not disclosed.