Atlassian to Buy Loom, for $975M

Atlassian (NASDAQ: TEAM), a Sydney, Australia-based provider of team collaboration and productivity software solutions, acquired Loom, a San Francisco, California-based provider of a video messaging platform.

The amount of the deal was approximately $975M.

Atlassian is 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.

Furthermore, by integrating Atlassian’s and Loom’s investments in AI, customers will be able to transition between video, video transcripts, summaries, documents, and the workflows developed from them, providing multiple ways for teams to connect and collaborate.

For Loom customers, the acquisition will bring the benefit of Atlassian’s platform and portfolio of products, allowing users to plug async video directly into key workflows in Jira and systems of record in Confluence.

Led by CEO Joe Thomas, Loom is a video messaging platform that helps users communicate through instantly shareable videos. It allows users to simultaneously record their desktop screen, camera, and microphone creating rich documentation of institutional knowledge. It features transcripts in 50+ languages and AI features that write titles, summaries, chapters, and tasks. Loom serves over 200,000 customers.

Atlassian provides agile & DevOps, IT service management and work management software that 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 – use its solutions, including Jira Software, Confluence, Jira Service Management, Trello, Bitbucket, and Jira Align, to help their teams work better together and deliver quality results on time.

The transaction is expected to close in the third quarter of Atlassian’s fiscal year 2024, subject to customary closing conditions and required regulatory approval.

Atlassian (NASDAQ: TEAM), a Sydney, Australia-based provider of team collaboration and productivity software solutions, acquired Loom, a San Francisco, California-based provider of a video messaging platform. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.

Shishir Gupta, The Founder & CEO of StartupLanes

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