This is not the first time Zoom has shown interest in Workvivo. In 2019, Zoom’s founder Eric Yuan invested in the platform when it was a start-up.
Cork-headquartered software company Workvivo is being snapped up by video communications player Zoom as part of the latter’s plan to boost its workplace communications offering.
Founded in 2017, Workvivo makes software for workplace communication. It has enjoyed significant growth in recent years with the move to hybrid working models during the pandemic.
In 2022, it raised €20.8m in a Series B funding round led by Tiger Global. The investment more than tripled the value of the company, it said at the time.
Zoom, itself a major benefactor of the pandemic-led switch to hybrid and remote ways of working, hopes that its acquisition of Workvivo will close in the first quarter of next year. Financial terms of the deal were not disclosed.
This is not the first time Zoom has shown interest in Workvivo. In 2019, Zoom’s founder Eric Yuan invested in the platform.
If the transaction is closed, Zoom aims to incorporate Workvivo’s tech into its platform. To do this, the company will work closely with Workvivo co-founders John Goulding and Joe Lennon.
The Irish company’s tech combines employee experience tools such as a social intranet, as well as an employee app.
Its users range from small businesses to leading brands like Liberty Mutual, Lululemon and Madison Square Gardens. Workvivo recently partnered with Ryanair to offer its services to the company’s employees.
“We are excited to welcome the Workvivo team to Zoom,” said Kelly Steckelberg, chief financial officer at Zoom.
“The power of Workvivo employee experience platform, with its robust communications and engagement offering combined with Zoom’s all-in-one collaboration platform, allows organisations to fully unlock the potential of their employees and evolve their company culture.”
She added that Workvivo has set the standard for employee communication and hailed it as a “perfect match to Zoom’s DNA”.
Goulding, who is CEO of Workvivo, said he was sure the deal would open up a future where the two companies could “build great things together”.
He praised Zoom’s “human-first mindset” and said that the deal would bring Workvivo’s tech to reach a wider section of employees.
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