Announced on Friday, Zoom Video Communications‘ (NASDAQ: ZM) acquisition of employee management platform, Workvivo, extends Zoom’s platform and offers its customers new ways keep employees informed, engaged, and connected.
Zoom has been evolving to provide the best end-to-end collaboration platform focused on enabling modern work and powering the digital-first workplace. By incorporating Workvivo’s capabilities into its platform, Zoom can offer a complete employee experience that enables collaboration, regardless of an employee’s location.
Workvivo provides advanced internal communication and engagement tools, a social intranet, and an employee app, all blended into one central hub, forming the heart of a company’s digital ecosystem. This ecosystem and its capabilities will be integrated into Zoom’s platform. Founded in 2017, Workvivo has seen triple-digit growth in the last three years, and its best-in-class offering is used and trusted by hundreds of customers worldwide, from small to medium sized businesses to some of the world’s most well-known brands, including Liberty Mutual, Lululemon, Ryanair, Madison Square Garden, and Wynn Resorts.
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Workvivo platform replaces outdated internal communications tools
Workvivo’s platform replaces outdated internal communications tools with a familiar social experience, and has a proven history of unparalleled levels of adoption. With Zoom, Workvivo can build great things together, make teamwork more meaningful, and extend collaboration beyond knowledge workers, allowing them to reach employees who have historically felt disconnected from the company.
The acquisition of Workvivo highlights Zoom’s commitment to providing an all-in-one collaboration platform that supports modern work and the digital-first workplace. Zoom continues to innovate rapidly, and the acquisition of Workvivo will allow the company to deliver an enhanced employee experience that will enable modern work and collaboration, regardless of an employee’s location.
The acquisition is expected to close in Q1 FY2024, and the terms of the transaction were not disclosed.
Zoom Communications shares dipped 1 per cent on Friday and are trading at $69.50.
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