Atlassian to acquire video messaging platform Loom for $975M

Atlassian has announced a definitive agreement to acquire Loom, a video recording and sharing platform with over 25 million users. The transaction is valued at approximately $975 million, inclusive of Loom’s cash balance. The deal is expected to close in the third quarter of Atlassian’s fiscal year 2024, subject to regulatory approval and customary closing conditions.

Loom’s platform currently sees nearly five million videos recorded per month by business users. Atlassian plans to integrate Loom’s capabilities into its existing suite of team collaboration tools, which are used by over 260,000 customers. The integration aims to enable various applications, such as logging issues in Jira through video or using videos for large-scale employee engagement.

The acquisition will also combine the AI investments of both companies to allow smoother transitions between video, transcripts, summaries, and other types of documents, says Atlassian.

Founded in 2016, Loom offers features like transcripts in more than 50 languages and AI-generated titles, summaries, and tasks. Currently, Loom serves over 200,000 customers, according to Atlassian.

Read the blog post by Atlassian on the Loom acquisition here.

[Image courtesy: Loom]

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