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Zoom announced today that it has acquired WorkVivo, a six-year-old Irish startup focused on improving the internal communication and culture of companies. Terms of the deal were not disclosed.
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While many enterprise communication tools – such as Zoom – specialize in real-time communication, Workvivo is very much about asynchronous. In fact, the platform is less about project-specific collaboration than it is about fostering employee engagement on a broader level, including an activity feed, people directory, surveys, and important company communications — a modern day like intranet.
Founded out of Cork in 2017, Workvivo has amassed quite an impressive roster of clients including Amazon, Ryanair and Bupa.
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Workvivo Image Credits: Workvivo
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remote controlled
Workvivo was perfectly positioned to capitalize on the remote-work revolution spurred by the global pandemic, with the company reporting a 200% increase in ARR (annual recurring revenue) in 2020. And it seems, this was one of the major reasons why Zoom has chosen to buy Workvivo. In its announcement today, Zoom said that businesses today “need to think differently” to retain talent and build a strong company culture.
“Today’s workforce is hybrid and distributed – with people working from home, in an office, at a remote location, on a retail floor or warehouse front, on an airplane as a pilot or flight attendant, in a as a nurse in a healthcare clinic, or anything in between,” it wrote. “Engaging employees and driving culture through connection is no longer a ‘nice to have’ – it is imperative for success in today’s business environment “
Workvivo had raised about $38.5 million since its inception, including a $22 million Series B last year led by existing investor Tiger Global. However, the startup actually received direct investment from Zoom founder, chairman and CEO Eric Yuan in 2019, making today’s announcement perhaps a little less surprising.
TechCrunch reached out to Zoom to confirm the transaction price, but a spokesperson said they would not disclose the figure.
Zoom said it expects the transaction to close in the first quarter of its fiscal year 2024, which basically means the end of next month. Next, it will determine whether to integrate Workvivo’s features into Zoom, though there’s no word on what this will mean for Workvivo as a standalone platform in the long run. Workvivo founders John Golding and Joe Lennon, and it looks like the entire Workvivo team will be joining Zoom once the deal closes.
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