Atlassian Completes Acquisition of Loom

Rhea-AI Summary

Atlassian Corporation (NASDAQ: TEAM) has completed the acquisition of Loom, a video messaging platform, to enhance team collaboration in the global movement towards distributed work.

Team Anywhere/SAN FRANCISCO--(BUSINESS WIRE)-- Atlassian Corporation (NASDAQ: TEAM), a leading provider of team collaboration and productivity software, today announced it has completed the acquisition of Loom, a video messaging platform that helps users communicate through instantly shareable videos. 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 video has been at the forefront of this movement with Loom’s business users recording almost 5 million videos per month.

Combined with Atlassian’s deep expertise in how teams work, 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.

Forward-Looking Statement Disclosure

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 to integrate Atlassian’s and Loom’s technology, including investment in AI; 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.

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 265,000 companies of all sizes worldwide - including NASA, Audi, Kiva, Deutsche Bank and Dropbox - 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 and Jira Service Management at https://atlassian.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231129694662/en/

Media Contact

Marie-Claire Maple

press@atlassian.com

Investor Relations Contact

Martin Lam

IR@atlassian.com

Source: Atlassian Corporation

FAQ

What did Atlassian Corporation (NASDAQ: TEAM) announce today?

Atlassian Corporation (NASDAQ: TEAM) announced the completion of the acquisition of Loom, a video messaging platform.

What is the purpose of the acquisition of Loom by Atlassian Corporation (NASDAQ: TEAM)?

The acquisition aims to enhance team collaboration in the global movement towards distributed work.

How will the acquisition of Loom benefit Atlassian Corporation (NASDAQ: TEAM)?

The addition of Loom will further elevate the collaboration experience for teams by enabling engineers to visually log issues in Jira, leaders to connect with employees at scale, sales teams to send tailored video updates to clients, and HR teams to onboard new employees with personalized welcome videos.