Hopin buys two more companies as it triples down on video focus

Hopin, a unicorn best known for its online events-hosting service, announced this morning that it has acquired two more companies. The smaller concerns, Jamm and Streamable, were acquired in deals that Hopin declined to detail.

However, in an email to TechCrunch, Hopin CEO Johnny Boufarhat said that both companies were “early-stage” concerns. We can infer deal scale from the comment.

Hopin has operated with an acquisitive bent in recent months, announcing an acquisition of StreamYard for $250 million in January in addition to today’s deals.

Jamm sells what it calls “1-click video collaboration for teams,” while Streamable helps other companies upload and stream their videos. After acquiring StreamYard, which provided video livestreaming services, it’s not hard to discern that video is the locus of Hopin’s checkbook focus.

Boufarhat agrees, explaining to TechCrunch that its latest purchases will help his company “build even more technology for customers to make professional-grade video capabilities easily accessible at scale.” The CEO added that his company is “unofficially” calling its efforts “an ecosystem of connection powered by all aspects of video.”

The total addressable market (TAM) for that vision is likely larger than the online-events work that Hopin is best known for, or even the hybrid online/offline events market that the company was originally born to support.

When Hopin announced its StreamYard buy, it had purchased a company with material revenues. Boufarhat’s team decided to keep the startup alive as a standalone product. As Jamm and Streamable are earlier-stage affairs, will they receive the same treatment?

Yes and no. Yes for Streamable, no for Jamm. Per Hopin’s founder, Jamm will be “fully integrated into Hopin’s products,” while Streamable will both live on as an individual product while also finding points of integration into its events platform.

TechCrunch was curious if, as in the StreamYard deal, the amount of revenue that Hopin had purchased was material. It is not, per Boufarhat. So, the last revenue number we have for Hopin, some $70 million ARR disclosed during its $400 million funding round earlier this month, is likely still pertinent. Hopin was valued at $5.65 billion at the time.

The company did disclose that the number of “organizers” using its platform to host events has risen from 85,000 earlier this month to 90,000 as of today. That’s just under 6% growth in less than a month. Hopin’s rapid growth trajectory appears intact for now.

https://ift.tt/eA8V8J Hopin buys two more companies as it triples down on video focus https://ift.tt/3sh2zQ9