Atlassian Corporation, the Australian software company, plans to acquire the video messaging platform Loom in a deal worth $975 million ($1.5 Billion).
Founded back in 2015 by Vinay Hiremath, Shahid Khan, and Joe Thomas, Loom is primarily a video messaging platform encompassing other technological abilities, such as screen and camera recording, video editing, transcription service, and the option to share the video editing link with others.
Loom achieved a valuation of $1.53 billion in its most recent assessment, which came after a successful $130-million Series C funding round in May 2021, the same time when video messaging apps were booming due to the pandemic.
Atlassian’s expressed that they are incredibly excited about the opportunity this presents for both Atlassian and Loom customers. Through the power of the Atlassian platform, they can create seamless experiences between every tool their customers use to get work done, with async video being the latest in their toolbelt to help unleash the potential of every team.
With this merger, engineers on Jira will have the capability to visually record and document issues. Employees can also use video messaging to engage with their workforce on a larger scale.
The sales team, on the other hand, can send customized video updates to clients seamlessly within their workflows, whereas HR teams can onboard new employees using personalized welcome videos.
The deal sees Atlassian enhancing its software lineup, which already features significant work-focused collaboration tools like Jira, Confluence, and Trello.