{"id":52626,"date":"2023-10-12T10:32:13","date_gmt":"2023-10-12T14:32:13","guid":{"rendered":"https:\/\/sdtimes.com\/?p=52626"},"modified":"2023-10-12T10:32:13","modified_gmt":"2023-10-12T14:32:13","slug":"atlassian-acquires-loom","status":"publish","type":"post","link":"https:\/\/sdtimes.com\/collaboration\/atlassian-acquires-loom\/","title":{"rendered":"Atlassian acquires Loom"},"content":{"rendered":"

Team Anywhere\/SAN FRANCISCO–(BUSINESS WIRE)–Atlassian Corporation\u00a0(NASDAQ: TEAM), a leading provider of team collaboration and productivity software, today announced it has entered into a definitive agreement to acquire Loom, the video messaging platform that has amassed more than 25 million users and was named among the top 50 of\u00a0Fast Company<\/i>\u2019s World\u2019s Most Innovative companies in 2023.<\/p>\n

The global movement towards distributed work has fueled a need for new ways to help teams collaborate when they are not in the same location or even the same hemisphere. Asynchronous (async) video has been at the forefront of this movement with Loom\u2019s business users recording almost 5 million videos per month.<\/p>\n

\u201cAsync video is the next evolution of team collaboration, and teaming up with Loom helps distributed teams communicate in deeply human ways,\u201d said Mike Cannon-Brookes, co-founder and co-CEO of Atlassian.<\/p>\n

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 personalized welcome videos.<\/p>\n

Furthermore, by integrating Atlassian\u2019s and Loom\u2019s investments in AI, customers will be able to seamlessly transition between video, video transcripts, summaries, documents, and the workflows developed from them, providing multiple ways for teams to connect and collaborate.<\/p>\n

For Loom customers, the acquisition will bring the benefit of Atlassian\u2019s platform and portfolio of products, allowing users to plug async video directly into key workflows in Jira and systems of record in Confluence.<\/p>\n

\u201cLoom\u2019s 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,\u201d said Joe Thomas, co-founder and CEO of Loom. \u201dWe\u2019re excited to weave video into collaboration in a way that only Loom + Atlassian can.\u201d<\/p>\n

Details Regarding the Transaction<\/b><\/p>\n

Under the terms of the definitive agreement, Atlassian will acquire Loom for approximately $975 million, inclusive of Loom\u2019s cash balance, subject to customary adjustments. Total consideration will be comprised of approximately $880 million in cash, and the remainder in Atlassian equity awards, subject to continued vesting provisions.<\/p>\n

Atlassian expects to fund the cash consideration through existing cash balances and the transaction is not expected to have an impact on the company\u2019s share repurchase strategy.<\/p>\n

The transaction is expected to close in the third quarter of Atlassian\u2019s fiscal year 2024, subject to customary closing conditions and required regulatory approval.<\/p>\n

The acquisition is expected to be slightly dilutive to non-GAAP operating margins in fiscal years 2024 and 2025.<\/p>\n

Loom Background<\/b><\/p>\n

Founded in 2016, Loom is a video messaging platform that helps users communicate through instantly shareable videos. Known for their ease of use, users simultaneously record their desktop screen, camera, and microphone creating rich documentation of institutional knowledge. With transcripts in 50+ languages and AI features that write titles, summaries, chapters, and tasks, Loom videos become important company know-how to be shared, reused, and self-served across teams.<\/p>\n

Sharing many similarities with Atlassian\u2019s mission, product-led go-to-market motion, and culture, today Loom serves over 200,000 customers.<\/p>\n

For further details on the announcement from Mike Cannon-Brookes, head to Atlassian\u2019s\u00a0Work Life blog<\/a>.<\/p>\n

About Atlassian<\/b><\/p>\n

Atlassian unleashes the potential of every team. Our agile & DevOps, IT service management and work management software helps teams organize, discuss, and complete shared work. The majority of the Fortune 500 and over 260,000 companies of all sizes worldwide – including NASA, Kiva, Deutsche Bank, and Salesforce – rely on our solutions to help their teams work better together and deliver quality results on time. Learn more about our products, including Jira Software, Confluence, Jira Service Management, Trello, Bitbucket, and Jira Align at\u00a0https:\/\/atlassian.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Team Anywhere\/SAN FRANCISCO–(BUSINESS WIRE)–Atlassian Corporation\u00a0(NASDAQ: TEAM), a leading provider of team collaboration and productivity software, today announced it has entered into a definitive agreement to acquire Loom, the video messaging platform that has amassed more than 25 million users and was named among the top 50 of\u00a0Fast Company\u2019s World\u2019s Most Innovative companies in 2023. The … continue reading<\/a><\/p>\n","protected":false},"author":540,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"cybocfi_hide_featured_image":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[834],"tags":[143,318,939,4484],"coauthors":[11463],"acf":[],"yoast_head":"\nAtlassian acquires Loom - SD Times<\/title>\n<meta name=\"description\" content=\"Atlassian announced it has entered into a definitive agreement to acquire Loom, the video messaging platform that has amassed more than 25 million users and was named among the top 50 of Fast Company\u2019s World\u2019s Most Innovative companies in 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sdtimes.com\/collaboration\/atlassian-acquires-loom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Atlassian acquires Loom - 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