Atlassian acquires video messaging startup Loom for $975 million

Atlassian is acquiring video messaging platform Loom for $975 million to enhance its collaboration tools.
The deal aims to integrate Loom's video technology into Atlassian's products like Jira and Confluence.
Loom has over 25 million users globally and offers screen/video recording and asynchronous messaging.
The acquisition represents a discount from Loom's previous $1.5 billion valuation in 2021.
The deal is expected to close in Q1 2024 and will be funded through Atlassian's existing cash balances.