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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Vonage Holdings Corp.    VG

VONAGE HOLDINGS CORP.

(VG)
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Vonage : to Power Cloud Software Provider Spacely's Virtual Reality Solutions

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08/13/2020 | 01:01am EDT

  • Vonage’s Video API enhances Spacely’s VR solution, allowing businesses to use 360-degree VR content with video
  • Online solutions have become a critical means of providing location and property viewings, in response to COVID-19

Vonage (Nasdaq: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, is to power Japan-based virtual reality (VR) cloud software provider Spacely’s 360-degree VR solutions over video. Spacely enables users to easily create, edit, and effectively use 360-degree VR content.

Vonage’s Video API enables any organisation to embed secure and scalable video capabilities into any software application. The Vonage solution, embedded within Spacely’s platform, allows customers to upload 360-degree photos that can be automatically transformed into 360-degree video content showing locations and properties in virtual reality.

The Spacely technology helps businesses across various industries, particularly real estate, tourism and event management, to engage with clients - for example by organising a virtual property tour that a consumer can experience in the comfort of their home. This has become increasingly important as a result of COVID-19 and limitations on in-person meetings.

Since Spacely started in 2016, it has been used by over 4,000 businesses, including major companies like Tokyu Land Corporation, CBRE K.K., Mitsui Fudosan Residential Lease Co. Ltd., Panasonic Homes Real Estate Co., Ltd. and Mitsubishi Jisho Property Management Co. Ltd.

“The COVID-19 pandemic has created a number of restrictions, limiting in-person meetings and interactions. Providing rich and user-friendly panoramic VR cloud solutions has become essential, especially for on-site property viewing. In April, the number of inquiries for video conference and VR content quintupled. With Vonage’s capabilities, Spacely can meet this growing demand and simultaneously help affected industries adapt to a new way of working with VR,” said Hirokazu Morita, CEO, Spacely, Inc.

Japan-based real estate information provider Lifull conducted a survey of 925 real estate companies to assess the impact of COVID-19 on the industry. More than 70 percent reported that their operations were already being impacted, while 92 percent were concerned about the long-term impact of this pandemic.1 The survey reported a drop in the number of visitors to brokerage offices and for property inspections. For customer inquiries, 43 percent of rental brokerages and 50 percent for sales brokerages witnessed a decline. Almost a third of sales brokerages reported either delays or cancellations for sales negotiations.2

“Various industries, including real estate, have been badly impacted by COVID-19. While the pandemic has accelerated digital transformation for businesses, many face challenges adapting to this change,” said Sunny Rao, Vonage Senior Vice President and General Manager for the Asia Pacific region. “Vonage helps businesses boost their audio-visual capabilities to ensure they continue to meet customer needs and engage with them effortlessly through their digital platforms.”

The Vonage Communications Platform has more than one million registered developers and offers a full suite of programmable voice, video, messaging, and email services to forward-thinking businesses throughout the Asia-Pacific market and worldwide. Vonage APIs allow developers to easily enhance and build innovative customer experiences directly into their existing applications and devices. Through its partners, Vonage’s platform is at the centre of many notable transformational projects in the region, and a de facto for startups.

To find out more about Vonage, visit www.vonage.com.

###

About Vonage

Vonage, (Nasdaq: VG) a global cloud communications leader, helps businesses accelerate their digital transformation. Vonage's Communications Services Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging and Verification into existing products, workflows and systems. Vonage's fully programmable unified communications and contact center applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or anywhere, providing enormous flexibility and ensuring business continuity.

Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Israel, Australia and Asia. To follow Vonage on Twitter, please visit www.twitter.com/vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage.

1https://japanpropertycentral.com/2020/04/70-of-real-estate-companies-report-impact-from-coronavirus-fears/
2https://japanpropertycentral.com/2020/04/70-of-real-estate-companies-report-impact-from-coronavirus-fears/


© Business Wire 2020
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Financials (USD)
Sales 2020 1 225 M - -
Net income 2020 -27,1 M - -
Net Debt 2020 451 M - -
P/E ratio 2020 -90,4x
Yield 2020 -
Capitalization 2 483 M 2 483 M -
EV / Sales 2020 2,39x
EV / Sales 2021 2,24x
Nbr of Employees 2 264
Free-Float 72,3%
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Number of Analysts 15
Average target price 14,31 $
Last Close Price 10,11 $
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Rory P. Read President, Chief Executive Officer & Director
Jeffrey Adam Citron Chairman
Timothy S. Shaughnessy Chief Financial Officer
Sagi Dudai Chief Technology Officer
Sanjay Macwan Chief Information Security Officer & SVP
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