• btc = $68 916.00 1 367.02 (2.02 %)

  • eth = $3 739.58 13.29 (0.36 %)

  • ton = $6.34 0.18 (2.86 %)

  • btc = $68 916.00 1 367.02 (2.02 %)

  • eth = $3 739.58 13.29 (0.36 %)

  • ton = $6.34 0.18 (2.86 %)

15 Apr, 2023
2 min time to read

Zoom to acquire Irish startup Workvivo, focused on improving internal communication and culture for companies. No terms disclosed.

Zoom has acquired Workvivo, a platform focused on fostering employee engagement through asynchronous communication. While many enterprise communication tools, such as Zoom, specialize in real-time communication, Workvivo's platform is less about project-specific collaboration and more about building a strong company culture through features like an activity feed, people directory, surveys, and a conduit for critical company communications.

Workvivo has attracted an impressive roster of clients, including Amazon, RyanAir, and Bupa. Workvivo has performed well during the pandemic, reporting a 200% growth in annual recurring revenue (ARR) in 2020. This growth is seen as a major reason why Zoom has elected to buy the platform. In its announcement, Zoom noted that businesses "need to think differently" today in order to retain talent and build a strong company culture.

Zoom's acquisition of Workvivo is a strategic move to diversify its product suite and support both real-time and asynchronous communication tools. While Zoom has performed well during the pandemic, it's clear that the company is being careful not to rest on its laurels. With Workvivo under its wing, Zoom will gain a direct artery into a slew of big-name enterprise clients.

Zoom isn't particularly well-known for its M&A activity, but when it does make an acquisition, there's usually a clear strategic strand running through it. Last year, Zoom acquired conversational AI startup Solvvy as it forged a path into the lucrative customer service space.

The transaction is expected to close by the end of next month, after which Zoom will integrate Workvivo's features into its platform. There's no word yet on what this will mean for Workvivo as a standalone platform. Workvivo's founders John Goulding and Joe Lennon, and the whole Workvivo team, will join Zoom once the deal closes.