Atlassian to buy video recording service Loom for near $1 billion


Atlassian introduced on Thursday that it plans to accumulate privately held messaging and video platform Loom for round $1 billion. Loom is a collaboration instrument meant for video recording.

Integrating Loom into Lassen software program will assist enhance Jira and confluence and assist save customers hundreds of hours managing their workflows. The acquisition of Loom, with greater than 25 million customers globally, will improve its collaboration and make its prospects simpler. Loom has greater than 5 million video conversations per 30 days as a priceless asset to their firm.

Joe Thomas, co-founder and CEO of Loom, stated, “Loom’s imaginative and prescient is to empower everybody at work to speak extra successfully wherever they’re, and by becoming a member of Atlassian, we will speed up their mission to unleash the potential of each group.”

Firm shares of Atlassian fell greater than 6.5% within the inventory market on October 12, 2023. Third-quarter earnings for Atlassian inventory are due Nov. 2.

Loom has been harnessing the facility of AI to assist with video transcripts, summarize paperwork, and workflow growth. Loom was based in 2015 and has raised over $200 million, together with its current $30 million sequence B in 2019.

Mike Cannon-Brookes, Atlassian co-founder and co-CEO, stated, “Async video is the following evolution of group collaboration, and teaming up with Loom helps distributed groups talk in deeply human methods.” Atlassian says it plans to accumulate the corporate with the money it has available, and the transaction is predicted to shut someday within the third of subsequent 12 months, pending regulatory approval.

Featured Picture Credit score: Loom’s Web site; Thanks!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Beforehand she labored because the Editor in Chief for Startup Grind and has over 20+ years of expertise in content material administration and content material growth.


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