Atlassian buying private video messaging platform Loom for $975M
Collaboration software company Atlassian Corp. (TEAM) said Thursday it agreed to acquire Loom, a video messaging platform, for $975 million. Atlassian said the deal will be slightly accretive to its adjusted operating margins in 2024 and 2025. The deal includes $880 million in cash, and the remainder in Atlassian equity awards, subject to vesting provisions. Atlassian expects to close the deal in its third fiscal quarter of 2024. In 2021, Loom said it raised a $130 million Series C round of financing with backing from Iconiq Growth, Kleiner Perkins, Sequoia, Coatue, General Calalyst and led by Andreessen Horowitz. Atlassian stock was down 0.5% in premarket trading.
-Steve Gelsi
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