Australia-based software firm Atlassian Corporation announced that it has entered into a definitive contract to acquire the video messaging platform Loom for approximately $975 million. Subject to normal closing conditions and appropriate regulatory approval, the acquisition is scheduled to occur in the third quarter of Atlassian's fiscal year 2024. Loom, which was founded in 2016, allows users to interact through instantaneously shared films. With Loom's commercial users generating almost 5 million films per month, asynchronous (async) video has been at the forefront of this movement. 

"Async video is the next evolution of teamwork, and teaming up with Loom helps distributed teams collaborate in deeply human ways" , Atlassian Co-Founder and CEO Mike Cannon-Brookes. Atlassian has extensive knowledge of how teams function. It's currently the go-to site for over 260,000 clients to plan, track, and complete work, and the inclusion of Loom will improve team collaboration even further. 

Engineers will be able to visually log issues in Jira in the near future. Leaders may utilize videos to interact with their staff on a large scale. Sales teams may send customized video updates to customers, while HR departments can greet new workers with customized welcome movies. "Loom's vision is to empower everyone at work to communicate more effectively wherever they are, and by joining Atlassian, we can accelerate their mission to unleash the potential of every team", said Joe Thomas, co-founder and CEO of Loom. 

Furthermore, by combining Atlassian and Loom's AI initiatives, clients will be able to shift smoothly between video, video transcripts, summaries, documents, and the workflows created from them. Customers of Loom will benefit from Atlassian's platform and product range, allowing them to integrate async video directly into important workflows in Jira and systems of record in Confluence.