Tech

Atlassian to purchase video recording service Loom for close to $1 billion

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Atlassian announced on Thursday that it plans to acquire privately held messaging and video platform Loom for around $1 billion. Loom is a collaboration tool meant for video recording.

Integrating Loom into Lassen software will help boost Jira and confluence and help save users thousands of hours managing their workflows. The acquisition of Loom, with more than 25 million users globally, will enhance its collaboration and make its customers more effective. Loom has more than 5 million video conversations per month as a valuable asset to their company.

Joe Thomas, co-founder and CEO of Loom, 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.”

Company shares of Atlassian fell more than 6.5% in the stock market on October 12, 2023. Third-quarter earnings for Atlassian stock are due Nov. 2.

Loom has been harnessing the power of AI to help with video transcripts, summarize documents, and workflow development. Loom was founded in 2015 and has raised over $200 million, including its recent $30 million series B in 2019.

Mike Cannon-Brookes, Atlassian co-founder and co-CEO, said, “Async video is the next evolution of team collaboration, and teaming up with Loom helps distributed teams communicate in deeply human ways.” Atlassian says it plans to acquire the company with the cash it has on hand, and the transaction is expected to close sometime in the third of next year, pending regulatory approval.

Featured Image Credit: Loom’s Website; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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