Hopin, the struggling virtual events startup valued at $7.75B in August 2021, sells its Events and Session units to RingCentral; CEO Johnny Boufarhat steps down
Hopin’s sale follows a sharp reversal from its 2021 fundraising peak: the company raised at a $7.75B valuation, then reported weakening event activity and later cut roughly 29% of its staff.
The divestiture and Johnny Boufarhat’s departure formalize a narrower next phase for Hopin. RingCentral is acquiring the Events and Session units after Hopin’s earlier struggles were visible in its declining marketplace activity.
First-order effects
RingCentral takes ownership of Hopin’s Events and Session units, while Hopin gives up two core product businesses for an undisclosed price.
Boufarhat’s step-down changes Hopin’s leadership at the same time as the company restructures around a smaller set of operations.
Second-order effects
RingCentral gains virtual-event product assets that can be positioned alongside its existing communications offerings, increasing pressure on standalone event-software vendors to demonstrate durable demand.
Hopin’s remaining organization must operate without the sold units, making its ability to preserve customers and staff more dependent on whatever businesses remain after the transaction.
Third-order effects
The deal reinforces a pattern in which highly valued pandemic-era software companies move from growth narratives to asset sales, cost reductions, and leadership changes when demand proves less durable.
If communications platforms keep absorbing event tools, the category could shift toward bundled collaboration suites rather than independent, venture-backed event platforms.
The trend: Virtual-event software is moving from pandemic-era standalone growth toward consolidation inside broader communications platforms.
Hopin's founder sold £100M of shares on the secondary market once the valuation got ridiculous. He was criticized at the time but I thought it was brilliant. Better to get rich off of venture...
As of today, Hopin is now StreamYard & Streamable (two acquisitions), and one product in beta. They sold off the “core” of the company to RingCentral. What an odd outcome to sell your core competency, and become the sum of your acquisitions.
Hopin founder Johnny Boufarhat is stepping down as CEO: https://hopin.com/... The company is also selling its trademark virtual events platform for an undisclosed price
Hopin was a startup sensation during the pandemic, hitting a $7.8bn valuation. But as the pandemic receded, the virtual events at the core of Hopin's business receded too. Boufarhat still had it made: he had sold $195mn of his shares: https://www.ft.com/...
It's been an incredible journey thus far, super excited for the next phase of Hopin's growth. We have a slew of exciting announcements (RingCentral, SuperWave & transition to @baddn) more thoughts and updates on my blog post here: https://hopin.com/...
Woah, Hopin sells off its core offering (virtual events) and is now primarily focused on their community platform and video streaming. What a roller coaster. https://techcrunch.com/...