Atlassian has reached an agreement to Buy Loom Business Asynchronous Video Messaging Platform, for which it will pay 975 million dollars. With the agreement, Atlassian expands its software product portfolio, which already includes several enterprise-focused collaboration tools, such as Jira, Confluence and Trello.
The plans it has with this operation are to integrate Loom’s capabilities in the three mentioned products, as well as in others, but it has not yet offered dates to do so. Nor has he given more details about how he plans to do it. The process will begin at the close of the purchase transaction, which if everything goes as planned will take place before the end of the first quarter of 2024. Until then, Loom will remain an independent product.
Loom was founded in 2016, and took its first steps as a platform for companies focused on sending video messages between its users to facilitate their communications. Over the years, it added other capabilities and functions, such as browser extensions and connectivity with other platforms, such as Slack, Gmail or Asana.
Meanwhile, it raised about $200 million in several rounds of financing and was valued at about $1.5 billion in 2021. Since then, as can be deduced from its sale price, its valuation has fallen due among other things to the readjustment of communications remotely by video in companies, which have returned in good numbers to the office, at least in hybrid format, distancing themselves from exclusive teleworking.
At the end of 2022, it had more than 18 million users, and some 350,000 companies among its clients. It then launched several AI-powered features, such as multi-language transcription and title and summary generation.
Mike Cannon-Brookes, co-founder and one of the CEOs of Atlassianhas highlighted that «Asynchronous video is the next evolution of team collaboration, and partnering with Loom helps distributed teams communicate in deeply human ways«.
As to Joe Thomas, one of the founders and CEO of Loomhas highlighted that «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 unlock the potential of every team. We’re excited to bring video to collaboration in a way that only Loom and Atlassian can do.«.
