Zoom is taking advantage of the impressive rise in its share price over the past year to make its first major acquisition. The popular video conferencing company, which was valued at about $9 billion when it went public two years ago, said late Sunday that it had agreed to buy cloud call center services provider Five9 for about $14.7 billion in an all-stock deal.

The 20-year-old Five9 will become an operating unit of Zoom after the deal, which is expected to close in the first half of 2022, the companies said.

The proposed acquisition is Zoom’s latest attempt to expand its offerings. In the past year, the videoconferencing software has added several office collaboration products, a cloud-based telephony system and an all-in-one home communications device.

The acquisition of Five9 will help Zoom tap into the “$24 billion” contact center market, the company said.

“We are always looking for ways to enhance our platform, and the addition of Five9 is a natural fit that will provide even more joy and value to our customers,” Eric S. Yuan, Founder and CEO of Zoom, said in a statement.

The two companies said the combination would provide “significant” cross-selling opportunities for both companies in each other’s respective customer bases.

Rowan Trollope, CEO of Five9, said: “Businesses spend a significant amount of resources on contact centres each year, yet still struggle to provide a seamless experience for their customers.

“Five9’s mission has always been to make it easy for businesses to solve this problem and engage with their customers in a more meaningful and effective way. Joining forces with Zoom will provide the best solution for Five9’s enterprise customers, especially Zoom Phone, enabling them to realize even more value and deliver real results for their business. This, combined with Zoom’s ‘ease of use’ philosophy and broad communications portfolio, will truly enable customers to engage through the preferred channels of their choice.”

The two companies will hold a joint Zoom conference call on Monday to share more information about the deal.