Monday, July 22, 2024

Atlassian to acquire video messaging platform Loom for about $975 mn

Australia-based software firm Atlassian Corporation on Friday announced that it has entered into a definitive agreement to acquire the video messaging platform Loom for approximately $975 million.

The transaction is expected to close in the third quarter of Atlassian’s fiscal year 2024, subject to customary closing conditions and required regulatory approval.

Founded in 2016, Loom helps users communicate through instantly shareable videos.

According to the company, asynchronous (async) video has been at the forefront of this movement with Loom’s business users recording almost 5 million videos per month.

“Async video is the next evolution of team collaboration, and teaming up with Loom helps distributed teams communicate in deeply human ways,” Mike Cannon-Brookes, co-founder and co-CEO of Atlassian, said in a statement.

Atlassian has deep expertise in how teams work. It’s already the go-to place for over 260,000 customers who plan, track and get work done, and the addition of Loom will further elevate the collaboration experience for teams.

Soon, engineers will be able to visually log issues in Jira, leaders can use videos to connect with employees at scale, sales teams can send tailored video updates to clients and HR teams can onboard new employees with personalised welcome videos, the company said.

“Loom’s vision is to empower everyone at work to communicate more effectively wherever they are, and by joining Atlassian, we can accelerate their mission to unleash the potential of every team,” said Joe Thomas, co-founder and CEO of Loom.

Furthermore, by integrating Atlassian’s and Loom’s investments in AI, customers will be able to seamlessly transition between video, video transcripts, summaries, documents, and the workflows developed from them.

For Loom customers, the acquisition will bring the benefit of Atlassian’s platform and portfolio of products, allowing users to plug async video directly into key workflows in Jira and systems of record in Confluence.

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