Software giant Atlassian has used almost half of its cash balance to buy video messaging platform Loom in a $US975 million ($1.5 billion) deal.
Loom sells tools that help users record their screens and share videos.Software giant Atlassian has used almost half of its cash balance to buy video messaging platform Loom in a $US975 million deal that aims to beef up its collaboration tools amid the global shift to hybrid work.
Loom is a video collaboration tool that allows users to record their screens, camera and microphones to share videos across dispersed teams, will integrate intoThe deal was announced early Friday morning and consists of $US880 million cash and the rest in stock. In August, the company reported a cash war chest of around $US2.1 billion.
Atlassian shares, which trade on the Nasdaq, fell almost 7 per cent to $US186.40, and the deal comes as the company grapples with aAtlassian plans to integrate and roll out Loom’s asynchronous video product to its 260,000 customers. As it stands, San Francisco-based Loom has more than 25 million users.
Despite the new product announcements, rising interest rates has put pressure on cash-burning technology companies which have cut costs across the board.For the full fiscal year, Atlassian reported $US3.5 billion in revenue, up 26 per cent from the year prior. The company booked net loss of $486.8 million for the year, compared with a net loss of $519.5 million for fiscal year 2022.
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