Hopin, last valued at $7.8 billion, said on Wednesday it has sold its virtual events business.
Hopin founder Johnny Boufarhat is also set to depart his role as CEO next month.
Hopin, one of Europe's fastest-growing startups in history, has sold its main events business for an undisclosed fee, the company announced on Wednesday.
But a slowdown in demand for virtual events as the world reopened mixed with a broader downturn in tech has hobbled the company's growth.
Now, Hopin said it has sold its main events business – Events and Sessions – to RingCentral, a publically-listed cloud communications provider.
Persons:
Hopin, RingCentral, Johnny Boufarhat, Andreessen Horowitz, Badri Rajasekar, Boufarhat, StreamYard
Organizations:
Tiger Global, Catalyst, Financial Times, Sunday Times
Locations:
Hopin