Collaboration and productivity software juggernaut (NASDAQ: TEAM) has agreed to acquire Loom, an asynchronous video-messaging platform, for $975 million.

Loom is very different from standard video-conferencing software. Loom users record and share video messages where they can share their screen, include interactive elements, and make use of AI-powered features. The product is built for distributed, remote workforces that span multiple time zones. Video meetings can be useful, but scheduling can be a headache when employees are scattered around the world.

Loom has over 25 million users and 200,000 paying customers. While Atlassian is paying a steep price for the async video platform, integrating Loom with Jira, Confluence, and the rest of Atlassian's product suite could pay off handsomely in the long run.

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Source Fool.com