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Atlassian bets big on remote work with $1.5b acquisition

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Mike Cannon-Brookes and Scott Farquhar’s Atlassian plans to fund the purchase of the company that facilitates remote work almost entirely from its existing cash reserves.

Australian productivity software giant Atlassian has announced it’s acquiring former tech unicorn Loom, a US-based pioneer in enterprise video chat and screen recording, for $US975 million .

Yet while the valuation of Loom has gone down since then, the acquisition is still Atlassian’s biggest to date. Co-founder and billionaire Mike Cannon-Brookes – who is co-CEO of Atlassian with fellow billionaire Scott Farquhar – made the announcement, and said the company planned to integrate the technology into its cloud-based products.

“We believe that asynchronous video and AI will drive the next evolution of team collaboration. And the combined strengths of Loom and Atlassian can deliver some amazing products in these areas.”Loom offers a limited free version as well as paid tiers for businesses and enterprises. Videos can be embedded in websites and can contain links and other media, while titles, transcripts, summaries and tasks are generated by AI.

 

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Atlassian bets big on remote work with $1.5b acquisitionMike Cannon-Brookes and Scott Farquhar’s Atlassian plans to fund the purchase of the company almost entirely from its existing cash reserves.
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