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Atlassian to Acquire Loom for USD 975m.

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Vincent

MANews-(C)2009-2023

Australia-based team collaboration and productivity software provider Atlassian Corp. (NASDAQ: TEAM) has agreed to acquire US-based video messaging platform Loom for approximately USD 975m, the company said.

Under the terms of the definitive agreement, Atlassian will acquire Loom for a total consideration comprised of approximately USD 880m 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.

Atlassian has expertise in how teams work, and the addition of Loom will further...

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