Atlassian to Acquire Startup Loom in a Bet on Hybrid Work
Summary
(Bloomberg) — Atlassian Corp. agreed to acquire video-messaging startup Loom for $975 million, its largest deal ever, in a bet that more professional collaboration and instruction will be done remotely. The product is used by companies for tasks like on-boarding new employees, reviewing code, sharing feedback, explaining documents and all-hands meetings. The startups ambition for video "aligns very much with our views about the future of work," Atlassian Co-Chief Executive Officer Mike Cannon-Brookes said in an interview. Atlassian, a maker of workplace productivity software, has experienced a slowdown in revenue growth over the last year, but delivered an optimistic view on future sales from cloud applications during its most recent earnings report. Many firms that thrived in the pandemic such as Zoom Video Communications Inc. have struggled to continue growing as workers returned to offices.
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