RingCentral And Zoom Agree To Mutually Withdraw From Various Legal Proceeding

(RTTNews) - RingCentral Inc. (RNG) and Zoom Video Communications Inc. (ZM) said that they 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 or RCM service to the new RingCentral Video or RCV.

The companies did not disclose additional details of the settlement agreement.

"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.