Zoom to Acquire Workvivo and Add Capabilities to Its Collaboration Platform
BY PYMNTS | APRIL 14, 2023
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Zoom is acquiring Workvivo to continue expanding its collaboration platform for the digital-first workplace.
The acquisition, which is expected to close in the first quarter of fiscal year 2024, will add Workvivo’s employee experience platform to Zoom’s offerings, Zoom said in a Friday (April 14) press release.
“The power of Workvivo’s employee experience platform, with its robust communications and engagement offering combined with Zoom’s all-in-one collaboration platform, allows organizations to fully unlock the potential of their employees and evolve their company culture in a hybrid world,” Zoom Chief Financial Officer Kelly Steckelberg said in the release.
The Workvivo platform provides a central hub that includes internal communication and engagement tools, a social intranet and an employee app. It is designed for ease of use and is used by hundreds of companies and millions of employees worldwide, according to the release.
Following the close of the transaction, Zoom plans to retain Workvivo’s founders and entire team and incorporate the platform’s capabilities into its own offering, the release said.
“Our platform replaces outdated, clunky, internal communications tools with a vibrant, familiar social experience, and has a proven history of unparalleled levels of adoption,” Workvivo CEO and Co-founder John Goulding said in the release. “With Zoom, we can build great things together, make teamwork more meaningful and extend collaboration beyond knowledge workers, allowing us to reach employees who have historically felt disconnected from the company.”
This news comes about six weeks after Zoom founder and CEO Eric Yuan said during the company’s quarter earnings call that the video meetings and online collaboration platform is integrating artificial intelligence (AI) across its product suite as it serves a growing number of enterprise clients.
Zoom IQ, Zoom Virtual Agent, and its translation, captioning and meeting summary tools are just the beginning, Yuan said during the Feb. 27 call.
“The age of AI and large language models has arrived, and we want to empower smarter experiences and workflows that truly enable our customers to benefit from these transformational tools,” Yuan said.
