Hopin has sold its digital events wing for US$50 million, despite pandemic-fuelled success seeing the tech firm once valued at US$7.75 billion.
According to RingCentral, which bought the business, the maximum price tag on the deal is US$50 million, with just US$15 million having been paid upfront.
Hopin declined to put a figure on the deal, but the sale of the digital events business comes as in-person conferences become more common once again following the pandemic.
Thanks to lockdown-fuelled success, the company saw its valuation nearly quadruple to US$7.75 billion between November 2020 and August 2021.
However, given the return of face-to-face working Hopin described the digital events firm as a now “minor business,” with the company holding onto its video streaming and hosting divisions.
“Going forward, Hopin maintains a strong and growing balance sheet, large capital balance, profitability and positive cash flow,” the company added.
Johnny Boufarhat, Hopin's founder, has also stepped down as chief executive, The Telegraph reported.