Atlassian agrees to buy video messaging provider Loom for nearly $1 billion

Team collaboration software maker Atlassian said on Thursday it had agreed to acquire video messaging platform Loom for about $975 million.

The total consideration will comprise about $880 million in cash and the rest in shares.

The deal is expected to close in the third quarter of its fiscal year 2024 and will be funded with existing cash balances, Atlassian said.


Loom's cofounder and CTO Vijay Hiremath took to X to announce the acquisition.

"Today @loom is joining @Atlassian. We have entered a definitive agreement for Atlassian to acquire Loom for $975m. And we are insanely hyped," Hiremath posted on X.


"To put the longevity and growth of the relationship into perspective, Atlassian was all-in on Loom when we were doing just under 1m looms per month in 2019. We are now doing over 7 million looms recorded per month," Hiremath added in another post.

(With inputs from Reuters)