In this report
Five9 agrees to acquire Level AI, an AI-native platform for the entire customer journey
SAN RAMON, California — Five9, Inc. (NASDAQ: FIVN) announced on 5 November 2026 that it has entered into a definitive agreement to acquire Level AI, an AI-native platform for the entire customer journey. The transaction values Level AI at approximately $325 million, to be paid in cash from the Five9 balance sheet, and it is expected to close in 2026, subject to the satisfaction of certain closing conditions. The Five9 Board of Directors unanimously approved the agreement, and the announcement arrived on the same day as Five9’s third-quarter 2026 results.
Level AI builds AI for modern customer experience teams. Its platform brings AI agents, agent assist, quality management, Voice of the Customer, coaching and AI Workers together on a single conversation intelligence layer, powered by Level AI Latitude, the company’s own family of models built for customer conversations. According to the two companies, the platform handles more than one billion customer interactions per year, and its enterprise customers today include Gusto, Chime, Empyrean and VistaPrint.
For Five9, the acquisition adds three things that its announcement names directly: expanded AI capabilities, experienced AI-native builders joining its team, and a new way to reach enterprises that want AI today but are not yet ready to move their contact center to the cloud. Level AI’s applications will be offered in two ways, as standalone solutions and as part of the AI application layer within the Five9 Genius CX Platform. Amit Mathradas, Five9’s Chief Executive Officer, describes the aim as a future in which AI and human agents work as a coordinated system.
Level AI’s platform brings AI agents, agent assist, quality management and coaching onto one conversation layer.
Our vision for the future of CX is one where AI and human agents work as a coordinated system, each making the other better.
The two companies already know each other well. Five9 and Level AI have worked together since 2022, with Level AI’s applications available through the Five9 CX Marketplace and integrated with the Five9 platform. This report follows the agreement through its terms, the quarter in which it was announced, the product Five9 is acquiring, the way the two companies plan to bring it to customers and the steps between now and closing.
The deal in five points
Key facts
- Price Disclosed
- $325 millionThe approximate value of Level AI, as stated by Five9.
- Consideration Disclosed
- All cashPaid in cash from the Five9 balance sheet.
- Board approval Disclosed
- UnanimousThe Five9 Board of Directors approved the agreement.
- Expected close Disclosed
- 2026Q4 2026 per Five9’s results release, subject to certain closing conditions.
- Level AI scale Disclosed
- 1 billion+Customer interactions analyzed per year, per Level AI’s company page.
- Five9 customers Disclosed
- 4,000+Customers across 140+ countries.
- Partnership Disclosed
- Since 2022Level AI’s applications are available through the Five9 CX Marketplace.
- Advisers Disclosed
- Centerview PartnersFinancial advisor to Five9, with Sidley Austin LLP as legal advisor.
- Disclosed
- Stated by a party to the transaction
The numbers behind the deal
Each figure below is stated by Five9 or Level AI and carries a permanent link, so journalists and researchers can cite it directly. The full workbook is available as JSON and CSV.
- $325 millionDisclosed
Price for Level AI
Paid in cash from the Five9 balance sheet.
- 1 billion+Disclosed
Customer interactions per year
Analyzed by Level AI’s platform.
- 4,000+Disclosed
Five9 customers
Customers who gain access to Level AI’s applications.
- 13%Disclosed
Five9 Q3 2026 revenue growth
Revenue grew to $323.3 million year over year.
Part I of III
The agreement
The cash price, the quarter in which it was announced and what Five9 stated about funding and approval.
Five9 pays $325 million in cash, approved unanimously by its Board
Five9 values Level AI at approximately $325 million, payable in cash from its balance sheet, with closing expected in 2026.
The agreement was announced by Five9 (opens in a new tab) on 5 November 2026, with the release datelined San Ramon, California. Five9 is the acquirer and Level AI the target. The transaction values Level AI at approximately $325 million, to be paid in cash from the Five9 balance sheet. The Five9 Board of Directors unanimously approved the agreement, and the transaction is expected to close in 2026, subject to the satisfaction of certain closing conditions.
A cash price funded from Five9’s own balance sheet
Five9’s third-quarter results (opens in a new tab), published the same day, list the agreement among the quarter’s business highlights as “Signed Definitive Agreement to Acquire Level AI for $325.0 million in cash.” The same document sets out Five9’s balance sheet at 30 September 2026, with cash and cash equivalents of $263,830 thousand and marketable investments of $433,843 thousand. Because the consideration is stated in dollars and paid in cash, the price is a single figure that needs no exchange ratio or share price to interpret.
Advisers on the Five9 side and a letter from Level AI’s founder
Centerview Partners LLC is serving as financial advisor and Sidley Austin LLP is serving as legal advisor to Five9, and Joele Frank is serving as strategic communications advisor to Five9. On the Level AI side, founder and Chief Executive Officer Ashish Nagar announced the agreement to customers and employees in a post on the Level AI website (opens in a new tab) dated 5 November 2026, thanking customers for trusting the company early and telling the Level AI team around the world that they built this.
The Five9 Board of Directors unanimously approved the agreement.
We built Level AI so every customer conversation makes the next one better, for customers and for the people who serve them. Five9 shares that focus.
Five9 announces Level AI alongside 13% revenue growth in the third quarter
Revenue grew 13% to $323.3 million and subscription revenue grew 16%, with the acquisition outside current guidance.
Five9 published its third-quarter 2026 results on 5 November 2026, the same day as the agreement. Revenue for the third quarter increased 13% to $323.3 million, compared with $285.8 million for the third quarter of 2025. GAAP net income was $14.5 million, or $0.19 per diluted share, and adjusted EBITDA was $81.2 million, or 25.1% of revenue, compared with $71.7 million, or 25.1% of revenue, a year earlier. GAAP operating cash flow for the quarter was $58.4 million.
Subscription revenue growth accelerates and AI revenue steps up
Subscription revenue grew 16% year over year, and subscription revenue represented approximately 83% of total revenue in the quarter, according to Five9’s supplemental metrics (opens in a new tab). Chief Executive Officer Amit Mathradas described the period as “another solid quarter, highlighted by accelerating subscription revenue growth, with AI revenue growth stepping up significantly,” and said the results indicate that Five9’s Humantic CX strategy is working. Last-twelve-month dollar-based retention was 109% for subscription revenue and 107% for subscription and telecom revenue as of 30 September 2026.
Guidance describes Five9 as it operates today
For the full year 2026, Five9 expects revenue in the range of $1.269 to $1.275 billion, and for the fourth quarter it expects revenue in the range of $328.0 to $334.0 million. Five9 states that this guidance does not include any contribution from the pending acquisition of Level AI, which is expected to close in Q4 2026, subject to customary closing conditions. The guidance therefore describes Five9 as it operates today.
Five9 published its third-quarter results and the Level AI agreement on the same day.
Part II of III
The platform being acquired
What Level AI builds, the Latitude models behind it and the results customers describe.
Level AI’s platform handles more than one billion customer interactions a year
AI agents, agent assist, quality management, Voice of the Customer, coaching and AI Workers share one conversation intelligence layer.
Level AI describes its platform as AI that works across the whole conversation. In his letter to customers (opens in a new tab), founder and CEO Ashish Nagar lists AI agents for voice and digital that handle customer inquiries directly, Agent Assist that guides human agents during live conversations, quality management, Voice of the Customer and the AI Workers that Level AI launched in May. These applications run on a single conversation intelligence layer, which James Manno, Level AI’s Chief Revenue Officer, describes as the source of one customer truth that drives quality, coaching, automation and AI agents.
Scale figures from Level AI’s own company page
Level AI’s company page (opens in a new tab) states that the platform analyzes more than one billion customer interactions per year, that more than 100 businesses trust it for their CX needs and that it processes 4 trillion tokens per year. The enterprise customers named in the Five9 announcement are Gusto, Chime, Empyrean and VistaPrint, and the platform serves customer-obsessed enterprise teams across retail, financial services, healthcare and technology.
Quality review moves from a sample to every conversation
A recurring theme in Level AI’s materials is the move from sampling to full coverage. On the page that describes its integration with Five9 (opens in a new tab), Level AI states that sampled quality assurance processes evaluate under 2% of call and digital interaction volume, which leaves 98% of conversations unreviewed, and that analyzing 100% of conversations surfaces systemic execution errors, compliance risks and hidden cost drivers. QuinStreet, a Level AI customer, describes the change in its own words below.
We’ve gone from manually scoring 1–2% of our calls to using Level AI to score 100% of our calls!
Level AI says its platform analyzes more than one billion customer interactions per year.
Latitude gives Level AI seven models, with up to 49x lower cost to serve than frontier models
Level AI’s own model family is trained on more than 1 billion customer interactions and runs on owned GPU infrastructure.
Level AI introduced Latitude (opens in a new tab) on 15 July 2026 as a family of seven proprietary, fine-tuned models built for the language, workflows and quality standards of customer experience. Level AI states that the models were trained over the past three years on more than 1 billion customer interactions and that together they power the Level AI platform. Five9’s announcement describes the same family in summary, saying that the platform runs on Level AI Latitude, its own family of AI models built for customer conversations.
- Transcription built for contact center speech, processing more than 7 million hours of live customer audio each month.
- Redaction that identifies and removes sensitive data across transcripts and audio, with 96% accuracy on key entities.
- Intent Detection that uses NLU instead of keyword libraries, delivering 400x more coverage.
- Summarization that turns long conversations into structured summaries of what happened, what was done, how the issue ended and what needs to happen next.
- Inferred CSAT across 100% of conversations, including customers who never answer a survey.
- Quality Assurance that scores every interaction against the company’s own rubric, with evidence attached to every score.
- Voice of Customer classification into a three-level hierarchy.
Lower cost and latency than frontier models, according to Level AI
Level AI states that, compared with frontier large language models on live customer experience workloads, Latitude delivers up to 49x lower cost to serve, up to 3.5x higher throughput and 4x lower latency, with accuracy at par. Five9’s announcement makes the same point in summary form, saying that Level AI Latitude delivers lower costs and latencies than frontier models and gives enterprises direct control over data privacy. The figures are company-stated measurements from Level AI’s own production workloads, and this report presents them as such.
Owned infrastructure keeps customer data inside Level AI’s boundary
According to Level AI, every Latitude model runs on its own dedicated VPC GPU clusters, customer data never reaches an external model provider and never trains another company’s model, and 97% of the 4 trillion tokens at its run-rate are processed on Level AI’s own models. The company describes a three-layer stack: the application layer, where the platform turns intelligence into work; the intelligence layer, where Latitude runs on a governed harness; and the compute layer, which is Level AI’s owned GPU infrastructure.
Figure 1
How Level AI’s three layers fit together
- ApplicationWhat it contains (as stated by Level AI): AI Workers, Virtual Agents, QA, Conversation Intelligence, Voice of Customer, Agent Assist and CoachingRole in the platform: Turns intelligence into work across the customer experience
- IntelligenceWhat it contains (as stated by Level AI): Latitude, running on a governed harness for routing, guardrails, evidence, calibration, feedback loops, permissions and tenant isolationRole in the platform: Makes each answer usable, governed, explainable and improvable
- ComputeWhat it contains (as stated by Level AI): Level AI’s owned GPU infrastructure, optimized app-to-metalRole in the platform: Runtime performance, cost efficiency and reliability
Show method and sourcesHide method
Layers follow Level AI’s own description in its Latitude announcement of 15 July 2026. Five9’s announcement of 5 November 2026 states that Level AI’s applications will be offered as standalone solutions and as part of the AI application layer within the Five9 Genius CX Platform.
Nagar frames ownership as a question every enterprise buyer can ask of its vendors. In his view, model access, pricing, rate limits and data policies can all change, so vendors need a clear position on what they own, what they route, what they fine-tune and what they govern. He adds that this does not mean every enterprise should build every model from scratch.
Level AI says every Latitude model runs on its own dedicated GPU clusters.
At Purple Innovation, a month-long analysis now takes a few hours
Level AI’s published customer story shows AI Workers turning conversations into weekly decisions.
Level AI’s AI Workers, launched in May, extend the platform from conversations to the research and analysis that surrounds them. Five9’s own blog (opens in a new tab) describes the same opportunity, noting that the people running a contact center operation spend much of their time on research, analysis and planning that is slow, manual and often out of date by the time it is finished. AI Workers are the product Level AI points to for that work.
A deep dive that ran close to a month
Level AI’s published customer story (opens in a new tab) about Purple Innovation, a science-based comfort company, shows the pattern. Purple’s customer conversations always held answers, but on its prior analytics tool a single deep dive ran close to a month, because getting insight out meant downloading results, working call by call and assigning people to mark findings on spreadsheets. Jane Greiner, Purple’s Director of Operations of Customer Care, says the team needed someone who almost had a degree in how to use the tools it had.
One worker now reads demand, promotions, shipping and returns
Most of Purple’s weekly analysis now runs through a single Conversation Research Worker. An analyst asks a question in ordinary language, scopes it to a team, channel and time period, and reads the answer the same day. Purple uses it across the commercial journey: how often customers raise a product in sales conversations, what customers say about pricing and offers during a promotion, why sales stall, why customers contact support about shipping and why they send a mattress back inside the 100-night trial.
One result is a decision. Ahead of Black Friday, the analysis showed customers holding off in case a better deal landed on the day, and Purple answered with a buy-now commitment: purchase today, and if a better Black Friday offer appears within 30 days, the company honors it. A second result came from an outbound campaign, where customers kept raising the height of the company’s high-end mattress at 17.5 inches, and Purple corrected its install guidance and showroom presentation.
Purple Innovation reads demand, promotions, shipping and returns from one source: its customer conversations.
I would absolutely recommend Level AI. It’s been easy to adopt, and we’ve seen value come out of it really quickly.
The results are stated in time. A deep dive that once occupied a team for most of a month now takes one analyst a few hours, and the questions that once took a month to answer now take an afternoon. Purple is moving toward AI coaching and custom workers built on its own evaluation questions.
Part III of III
How it reaches customers
Two routes to market, the momentum on both sides and the steps to closing.
Five9 will offer Level AI both standalone and inside the Genius CX Platform
Enterprises can adopt Level AI’s applications on the platform they already use, or as part of Five9’s AI application layer.
Five9 says it will offer Level AI’s applications in two ways. Enterprises that are not yet ready to move their on-premises contact centers to the cloud, and those already on other cloud platforms, can adopt them as standalone solutions without first buying the Five9 CCaaS platform. The applications will also be offered as part of the AI application layer within the broader Five9 Genius CX Platform. In its blog (opens in a new tab), Five9 puts the principle plainly: customers choose how they adopt AI.
A partnership that has run since 2022
The two companies are not starting from zero. Five9 and Level AI have worked together since 2022, with Level AI’s applications available through the Five9 CX Marketplace and integrated with the Five9 platform. Level AI’s founder says shared customers are already using both products today. Level AI maintains a dedicated page for Five9 contact centers (opens in a new tab), which describes Level AI as the intelligence layer for a Five9 contact center and states that its prompts, checklists and recommended answers appear directly within the Five9 agent desktop.
Reaching enterprises that want AI before they move to the cloud
Mathradas describes the standalone route as a new way to reach enterprises that want AI today but are not ready to move their contact center to the cloud, and Nagar says that joining Five9 brings Level AI’s CX-native models and AI applications to thousands more contact centers around the world, while Level AI continues to support the organizations that rely on it today.
Level AI’s applications will reach customers by two routes: standalone, and inside the Genius CX Platform.
Level AI will also give us a new way to reach enterprises that want AI today but aren’t ready to move their contact center to the cloud. They can adopt proven AI on top of the platform they already use, and when they’re ready for more, we’ll be there.
Level AI’s applications will be available to the more than 4,000 Five9 customers, combined with the distribution channels and customer relationships of Five9, which powers contact centers across 140+ countries. In the results release, Mathradas adds that he believes adding Level AI “strengthens our competitive position, expands the customers we can serve, and deepens the AI talent behind our continuous innovation.”
Level AI has tripled strategic enterprise deals and expanded into the UK and Latin America
Analyst recognition, a $39.4 million Series C and a new Chief Revenue Officer mark Level AI’s recent record.
Level AI’s announcement of its Chief Revenue Officer (opens in a new tab), published on 9 June 2026, describes the company’s recent trajectory. Over the past year, Level AI says, it tripled its strategic enterprise deals year over year, secured its largest customers to date and expanded internationally across the UK and Latin America. James Manno, who joined as Chief Revenue Officer, spent more than nine years at Qualtrics, where he led go-to-market across six industry verticals and helped scale the enterprise business from roughly $30M to over $300M in revenue.
Analyst recognition in three consecutive categories
On 10 July 2026, Level AI announced (opens in a new tab) that it had been named a Leader in the 2026 CMP Research Prism for Real-Time Agent Assist, which it describes as its third consecutive top-tier analyst recognition, following wins for automated QA/QM and customer analytics. In that announcement Level AI states that contextual knowledge cards reduce customer hold times by 40% and cut overall call handling times by up to 20%, and that its natural language lookup reduces search friction by 25%. Earlier recognition includes a place in the 2023 Gartner Cool Vendors in Customer Service and Support Technology report.
Funding and investors behind the platform
Level AI’s press page (opens in a new tab) lists a $39.4 million Series C funding round, which the company described as a step toward becoming a pioneer in LLM-native customer experience intelligence and service automation. The Five9 announcement lists Adams Street Partners, Battery Ventures and Eniac Ventures among Level AI’s backers, and Level AI’s company page also names Village Global, StartX and Cross Creek among its investors. Level AI’s leadership team includes founder and CEO Ashish Nagar and co-founder and CTO Sumeet Khullar.
Level AI’s leadership team includes founder and CEO Ashish Nagar and co-founder and CTO Sumeet Khullar.
The interactions themselves are the richest signal a company has, and Level AI brings every one of them into a single record.
Five9 arrives with its own record of recognition. Its newsroom (opens in a new tab) lists the company as a Leader in the 2026 Gartner Magic Quadrant for Contact Center as a Service for the ninth time, announced on 22 October 2026, and as a Leader in the 2026 IDC MarketScape for Worldwide Agentic Contact Center-as-a-Service Platforms, announced on 26 August 2026.
Until closing, Five9 and Level AI continue to operate as separate companies
Contracts, invoices and support contacts stay as they are while the transaction moves toward its expected close in Q4 2026.
The transaction is expected to close in 2026, and Five9’s results release places the expected closing in Q4 2026, subject to customary closing conditions. Until then, Level AI says, it and Five9 operate as separate companies, with no immediate changes to contracts, invoices or support contacts, and Level AI will communicate in advance of any change.
Customers of both companies continue as they are today
Five9’s blog gives its customers the same message: until closing, Five9 and Level AI continue to operate as separate companies, it is business as usual for Five9 customers, and what customers have from Five9 today keeps delivering value and stays supported. Five9 adds that it will share more about how and when the products come together as integration planning progresses.
Five9 discusses the agreement on its results call
Five9 discussed its third-quarter results and the acquisition of Level AI on 5 November 2026 in an audio-only Zoom webinar at 4:30 p.m. Eastern Time, with a live webcast and a replay available on the Investor Relations section of the Five9 website. The announcement names Tommy Morgan, Director, Corporate Communications, as Five9’s media contact and Tony Righetti, SVP, Investor Relations, as its investor contact.
Figure 2
From the first Five9 and Level AI collaboration to the expected closing
2022Five9 and Level AI
Five9 and Level AI begin working together
Level AI’s applications become available through the Five9 CX Marketplace and integrated with the Five9 platform.
9 Jun 2026Level AI
Level AI names a Chief Revenue Officer
James Manno joins Level AI to lead its global revenue organization.
15 Jul 2026Level AI
Level AI introduces Latitude
A family of seven proprietary models built for the language, workflows and quality standards of customer experience.
5 Nov 2026Five9
Definitive agreement announced
Five9 agrees to acquire Level AI in a transaction valuing it at approximately $325 million, paid in cash from the Five9 balance sheet and unanimously approved by the Five9 Board. Five9 also publishes its third-quarter results.
Until closingFive9 and Level AIExpected
Separate companies, business as usual
Level AI and Five9 operate as separate companies, with no immediate changes to contracts, invoices or support contacts.
Q4 2026Five9Expected
Expected closing
The transaction is expected to close in 2026, subject to the satisfaction of certain closing conditions. Five9’s results release places the expected closing in Q4 2026.
After closingFive9Expected
Standalone and platform offers
Five9 will offer Level AI’s applications as standalone solutions and as part of the AI application layer within the Genius CX Platform, and will share more as integration planning progresses.
Show method and sourcesHide method
Dates and terms are from Five9’s announcement and third-quarter results of 5 November 2026 and from Level AI’s own announcements. Closing steps are shown as expected until completed.
The transaction is expected to close in 2026, subject to customary closing conditions.
The sequence ahead is straightforward. The agreement and the results were published on 5 November 2026, closing is expected in Q4 2026 subject to closing conditions, and Five9’s current guidance does not include any contribution from Level AI.
The numbers behind the deal
24 sourced figures, each labelled by source type, and 10 calculations built from them. Every calculation shows its formula and inputs.
- Price as a multiple of the last funding round
- 8.25x
- Price as a share of the acquirer's annual revenue
- 28.3%
- Cash share of consideration
- 100%
Open the full workbook
Acquiry calculations
| Measure | Result | Formula and why it matters |
|---|---|---|
| Price as a multiple of the last funding round | 8.25x | Transaction value ÷ amount raised in the last roundSizes the exit against the most recent capital committed. It is a round size, not a valuation. |
| Price as a share of the acquirer's annual revenue | 28.3% | Transaction value ÷ acquirer revenue × 100Puts the price in terms of the buyer’s own scale. |
| Cash share of consideration | 100% | Cash consideration ÷ transaction value × 100Certainty of value for the sellers. |
| Transaction value divided by Five9 third-quarter 2026 revenue (a comparison of two amounts) | 1.01x | Value of Level AI as stated by Five9 ÷ Five9 revenue, third quarter 2026Sizes the price against one quarter of the buyer’s own revenue, in the same currency. |
| Transaction value divided by Five9 adjusted EBITDA for the third quarter (a comparison of two amounts) | 4x | Value of Level AI as stated by Five9 ÷ Five9 adjusted EBITDA, third quarter 2026Relates the price to one quarter of the buyer’s adjusted EBITDA. |
| Transaction value as a share of Five9 total assets at 30 September 2026 | 17% | Value of Level AI as stated by Five9 ÷ Five9 total assets at 30 September 2026 × 100Puts the price against the size of Five9’s balance sheet. |
| Transaction value as a share of Five9 total stockholders’ equity at 30 September 2026 | 38.8% | Value of Level AI as stated by Five9 ÷ Five9 total stockholders’ equity at 30 September 2026 × 100Relates the price to the book value of the buyer’s equity. |
| Transaction value as a share of Five9 marketable investments at 30 September 2026 | 74.9% | Value of Level AI as stated by Five9 ÷ Five9 marketable investments at 30 September 2026 × 100Compares the price with one part of the liquidity that funds it. |
| Five9 cash and cash equivalents plus marketable investments at 30 September 2026 | $697.7m | Five9 cash and cash equivalents at 30 September 2026 + Five9 marketable investments at 30 September 2026Adds the two stated liquidity lines so the price can be read against combined liquidity. |
| Five9 customers divided by businesses Level AI lists (a comparison of two stated minimum counts) | 40x | Five9 customers (stated minimum) ÷ Businesses Level AI lists as customers (stated minimum)Shows the size of the customer base to which Level AI’s applications become available. |
Sourced inputs
| Figure | Value | Source |
|---|---|---|
| Announcement date | November 5, 2026 | 1. Five9, Inc.Press release |
| Value of Level AI as stated by Five9 | $325 million | 1. Five9, Inc.Press release |
| Cash consideration | $325.0 million | 2. Five9, Inc. via SECSEC filing |
| Level AI Series C funding round | $39.4 million | 11. Level AICompany website |
| Businesses Level AI lists as customers (stated minimum) | 100+ | 6. Level AICompany website |
| Customer interactions analyzed per year (stated minimum) | 1 billion+ | 6. Level AICompany website |
| Tokens processed per year | 4 trillion | 6. Level AICompany website |
| Hours of live customer audio transcribed each month (stated minimum) | 7 million hours | 7. Level AICompany blog |
| Latitude cost to serve versus frontier models (up to) | 49x | 7. Level AICompany blog |
| Latitude throughput versus frontier models (up to) | 3.5x | 7. Level AICompany blog |
| Latitude latency versus frontier models | 4x | 7. Level AICompany blog |
| Accuracy of Latitude redaction on key entities | 96% | 7. Level AICompany blog |
| Five9 customers (stated minimum) | 4,000 | 1. Five9, Inc.Press release |
| Countries in which Five9 powers contact centers (stated minimum) | 140+ | 1. Five9, Inc.Press release |
| Year Five9 and Level AI began working together | 2022 | 1. Five9, Inc.Press release |
| Five9 revenue, fiscal year 2025 | $1,149 million | 3. Five9, Inc. via SECSEC filing |
| Five9 revenue, third quarter 2026 | $323.3 million | 2. Five9, Inc. via SECSEC filing |
| Five9 revenue growth, third quarter 2026 year over year | 13% | 2. Five9, Inc. via SECSEC filing |
| Five9 subscription revenue growth, third quarter 2026 year over year | 16% | 2. Five9, Inc. via SECSEC filing |
| Five9 adjusted EBITDA, third quarter 2026 | $81.2 million | 2. Five9, Inc. via SECSEC filing |
| Five9 cash and cash equivalents at 30 September 2026 | $263,830 thousand | 2. Five9, Inc. via SECSEC filingAs at 2026-09-30 |
| Five9 marketable investments at 30 September 2026 | $433,843 thousand | 2. Five9, Inc. via SECSEC filingAs at 2026-09-30 |
| Five9 total assets at 30 September 2026 | $1,917,154 thousand | 2. Five9, Inc. via SECSEC filingAs at 2026-09-30 |
| Five9 total stockholders’ equity at 30 September 2026 | $838,178 thousand | 2. Five9, Inc. via SECSEC filingAs at 2026-09-30 |
Calculations use only the sourced inputs above, as stated at publication. Cite as Acquiry Deal Intelligence with the article URL.
Frequently asked questions
What price will Five9 pay for Level AI?
Five9’s announcement of 5 November 2026 states that the transaction values Level AI at approximately $325 million, to be paid in cash from the Five9 balance sheet.
When is the Level AI acquisition expected to close?
Five9 expects the transaction to close in 2026, and its third-quarter results release places the expected closing in Q4 2026, subject to the satisfaction of certain closing conditions.
What is Level AI?
Level AI is an AI-native platform for the entire customer journey. It brings AI agents, agent assist, quality management, Voice of the Customer, coaching and AI Workers together on one conversation intelligence layer, powered by Level AI Latitude, and its platform handles more than one billion customer interactions per year.
Will Level AI’s applications be available without the Five9 platform?
Yes. Five9 says enterprises not yet ready to move their on-premises contact centers to the cloud, and those already on other cloud platforms, can adopt Level AI’s applications as standalone solutions without first buying the Five9 CCaaS platform. The applications will also be part of the AI application layer within the Five9 Genius CX Platform.
What changes for Level AI customers before closing?
Level AI says it and Five9 operate as separate companies until closing, with no immediate changes to contracts, invoices or support contacts, and that it will communicate in advance of any change.
Who are Level AI’s named customers?
Five9’s announcement names Gusto, Chime, Empyrean and VistaPrint among Level AI’s enterprise customers today.
Methodology and limitations
This analysis is built from Five9’s announcement and third-quarter 2026 results of 5 November 2026, Five9’s supplemental metrics and blog, and Level AI’s own announcements, company pages and customer story, each retrieved at research cutoff on 6 November 2026. Each source text is saved with the article for audit.
Every figure is labelled by basis: company-disclosed (stated directly in a company announcement, filing or page) or calculated (worked out by Acquiry from sourced inputs, with the formula and inputs shown in the data section). Calculated figures compare stated amounts and are not forecasts.
Measurements such as cost, latency and throughput comparisons, interaction volumes and customer results are stated by Level AI and are presented as company statements. Acquiry’s own interpretation is marked as such throughout and is separated from facts stated by the companies.
Independence. Acquiry was not engaged by any party. This is independent research from public sources and is not a solicitation, investment advice, or an offer to buy or sell any security. Acquiry holds no disclosed position in Five9, Inc. or Level AI.
Sources
Numbered to match the superscript citations. Every source is a primary company announcement, filing or named publication.
- 1Five9 to Acquire Level AI, Advancing AI-Powered CX Platform
Five9, Inc. · · Press release
- 2Five9 Announces Third Quarter 2026 Financial Results (Form 8-K, Exhibit 99.1)
Five9, Inc. via SEC · · SEC filing
- 3Five9 Supplemental Metric Disclosure (Form 8-K, Exhibit 99.2)
Five9, Inc. via SEC · · SEC filing
- 4AI That Works Alongside the People Who Run CX: Why We’re Acquiring Level AI
Five9, Inc. · · Company blog
- 5Level AI has agreed to be acquired by Five9
Level AI · · Company blog
- 6About Level AI
Level AI · · Company website
- 7Introducing Level AI Latitude: 7 domain-specific models for customer experience
Level AI · · Company blog
- 8Level AI + Five9: the intelligence layer for your Five9 contact center
Level AI · · Company website
- 9Level AI names James Manno Chief Revenue Officer to scale enterprise customer operations AI platform
Level AI · · Press release
- 10Purple Innovation runs its commercial conversation analysis through AI Workers
Level AI · · Customer story
- 11Level AI press & media coverage
Level AI · · Company website
- 12Five9 news releases
Five9, Inc. · · Company website
- 13Three in a Row: Leader in the 2026 CMP Research Prism for Agent Assist
Level AI · · Company blog
Cite this report
Boyton, J. (2026, November 6). Five9 to Acquire Level AI for $325 Million in Cash. Acquiry Deal Intelligence. https://www.acquiry.com/deal-intelligence/five9-to-acquire-level-ai-for-325-million/
@online{boyton2026five9levelai, author = {Boyton, Joash}, title = {Five9 to Acquire Level AI for $325 Million in Cash}, organization = {Acquiry Deal Intelligence}, date = {2026-11-06}, url = {https://www.acquiry.com/deal-intelligence/five9-to-acquire-level-ai-for-325-million/} }
Joash Boyton is a technology sector analyst, publisher, and the founder of Acquiry, where he executes buy-side and sell-side M&A mandates across digital assets, software, and gaming technologies. He is the author of peer-reviewed corporate finance literature indexed across institutional repositories including Google Scholar and the ORCID Registry. Joash publishes Acquiry Deal Intelligence to deliver independent, forensic strategic reviews and valuation benchmarks of global technology acquisitions, compiling primary data directly from corporate disclosures, SEC filings, and regulatory ledgers.
Research support: Acquiry Deal Intelligence.