Zoom announced Sunday it has signed an agreement to acquire cloud contact center software provider Five9 in an all-stock transaction valuing the company at $14.7 billion.

Why it matters: This is Zoom's first billion-dollar acquisition and the second-biggest American tech deal this year, after Microsoft's planned $16 billion purchase of Nuance Communications, per CNBC.

Our thought bubble, via Axios' Felix Salmon: In a sign of how good the public markets and the pandemic have been to Zoom, the acquisition price is about 60% greater than the $9.2 billion that the videoconferencing app was valued at in its 2019 IPO.

What they're saying: "We are continuously looking for ways to enhance our platform, and the addition of Five9 is a natural fit that will deliver even more happiness and value to our customers," Zoom CEO Eric Yuan said in a statement.