Derek Jeter-Backed Blue Jeans Network Is Said to Explore a Sale

(Bloomberg) -- Blue Jeans Network Inc., a video conferencing company backed by investors including American baseball star Derek Jeter, is exploring a sale, according to people familiar with the matter.

The company, known as BlueJeans, is working with an adviser to solicit interest from potential buyers said the people, who requested anonymity because the matter is private. A representative from BlueJeans declined to comment.

Jeter Ventures, the former New York Yankees star’s investment firm, was part of an group that injected $76.5 million into the Mountain View, California-based company in 2015. New Enterprise Associates led that round, while existing investors including Accel Partners, Battery Ventures LP and Norwest Venture Partners also participated.

In April, BlueJeans said it had surpassed $100 million in annual recurring revenue during the fiscal year ended Jan. 31. Two-thirds of its revenue comes from enterprise customers such as Automatic Data Processing Inc., Facebook Inc., LinkedIn, Illumina Inc., Intuit Inc., Red Hat Inc. and Suntory Beverage & Food Ltd., according to a statement.

BlueJeans’s potential sale follows the blockbuster initial public offering of Zoom Video Communications Inc., which has gained almost 185% since it began trading in April.

To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Liana Baker in New York at lbaker75@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, ;Elizabeth Fournier at efournier5@bloomberg.net, Matthew Monks

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