Atlassian Corporation (NASDAQ: TEAM), a leading provider of team
collaboration and productivity software, today announced it has
entered into a definitive agreement to acquire Loom, the video
messaging platform that has amassed more than 25 million users and
was named among the top 50 of Fast Company’s World’s Most
Innovative companies in 2023.
The global movement towards distributed work has fueled a need
for new ways to help teams collaborate when they are not in the
same location or even the same hemisphere. Asynchronous (async)
video has been at the forefront of this movement with Loom’s
business users recording almost 5 million videos per month.
“Async video is the next evolution of team collaboration, and
teaming up with Loom helps distributed teams communicate in deeply
human ways,” said Mike Cannon-Brookes, co-founder and co-CEO of
Atlassian.
Atlassian has deep expertise in how teams work. It's already 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 seamlessly 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.
“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,” said Joe Thomas, co-founder and CEO of Loom. ”We’re excited
to weave video into collaboration in a way that only Loom +
Atlassian can.”
Details Regarding the Transaction
Under the terms of the definitive agreement, Atlassian will
acquire Loom for approximately $975 million, inclusive of Loom’s
cash balance, subject to customary adjustments. Total consideration
will be comprised of approximately $880 million in cash, and the
remainder in Atlassian equity awards, subject to continued vesting
provisions.
Atlassian expects to fund the cash consideration through
existing cash balances and the transaction is not expected to have
an impact on the company’s share repurchase strategy.
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.
The acquisition is expected to be slightly dilutive to non-GAAP
operating margins in fiscal years 2024 and 2025.
Loom Background
Founded in 2016, Loom is a video messaging platform that helps
users communicate through instantly shareable videos. Known for
their ease of use, users simultaneously record their desktop
screen, camera, and microphone creating rich documentation of
institutional knowledge. With transcripts in 50+ languages and AI
features that write titles, summaries, chapters, and tasks, Loom
videos become important company know-how to be shared, reused, and
self-served across teams.
Sharing many similarities with Atlassian’s mission, product-led
go-to-market motion, and culture, today Loom serves over 200,000
customers.
For further details on the announcement from Mike
Cannon-Brookes, head to Atlassian’s Work Life blog.
About Atlassian
Atlassian unleashes the potential of every team. Our agile &
DevOps, IT service management and work management software 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 - rely on our
solutions to help their teams work better together and deliver
quality results on time. Learn more about our products, including
Jira Software, Confluence, Jira Service Management, Trello,
Bitbucket, and Jira Align at https://atlassian.com.
Forward-Looking Statements
This press release contains forward-looking statements, which
are subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
these statements by forward-looking words such as “may,” “will,”
“expect,” “believe,” “anticipate,” “intend,” “could,” “should,”
“estimate,” or “continue,” and similar expressions or variations,
but these words are not the exclusive means for identifying such
statements. All statements other than statements of historical fact
could be deemed forward looking, which are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: Atlassian’s ability to
successfully integrate the business, technology, product, personnel
and operations of Loom, and to achieve the expected benefits of the
acquisition; the ability of Atlassian to extend its leadership in
the team collaboration and productivity software space; the
potential benefits of the transaction to Atlassian and Loom
customers; anticipated new features and solutions that will become
available; the ability of Atlassian and Loom to close the announced
transaction and the expected timing of the closing of the
transaction; the ability to integrate Atlassian’s and Loom’s
technology, including in AI investment; the financial statement
impact of the transaction on Atlassian, including any impact on its
share repurchase strategy; any statements of expectation or belief;
and any statements of assumptions underlying any of the
foregoing.
Atlassian undertakes no obligation to update any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
The achievement or success of the matters covered by such
forward-looking statements involves known and unknown risks,
uncertainties and assumptions. If any such risks or uncertainties
associated with Atlassian’s and Loom’s business materialize or if
any of the assumptions prove incorrect, actual results could differ
materially from the results expressed or implied by the
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events.
Forward-looking statements represent our management’s beliefs and
assumptions only as of the date such statements are made.
Further information on factors that could affect the expected
results of the transaction is included in filings Atlassian makes
with the Securities and Exchange Commission (the “SEC”) from time
to time, including the section titled “Risk Factors” in its most
recently filed Forms 10-K and 10-Q. These documents are available
on the SEC Filings section of the Investor Relations section of
Atlassian’s website at https://investors.atlassian.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231012832576/en/
Media Contact Marie-Claire Maple press@atlassian.com
Investor Relations Contact Martin Lam
IR@atlassian.com
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