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Zoom to Acquire Workvivo

Zoom acquires Workvivo in order to further expand its platform for interaction in a digital-focused workplace.

Zoom to Acquire Workvivo

Source: Pixabay.com

This transaction will be finalized in the first quarter of 2024. The Workvivo platform will be added to Zoom offers for working with employees.

Zoom CFO Kelly Steckelberg says that the power of the employee experience platform from Workvivo with its reliable communications and engagement capabilities combined with the All-in-One collaboration platform from Zoom will allow organizations to fully unlock the potential of employees and ensure the development of corporate culture in a hybrid world.

The Workvivo platform is a central node, which includes internal communication and engagement tools, a social intranet, and an application for employees. This node, according to the company, was created for convenience and is used by hundreds of companies and millions of employees around the world.

After the deal is completed, Zoom intends to retain the founders of Workvivo and the entire team. The company also plans to add the platform’s capabilities to its offer.

A press release from Workvivo CEO and co-founder John Golding says that the company’s platform is a vivid and familiar social experience that replaces outdated and clumsy internal communication tools.

Interaction with Zoom will allow the company to implement large projects, increase the value of teamwork and expand cooperation beyond the space of intellectual tasks, which will help to reach employees who previously could feel disconnected from the process of common activities.

In early March 2023, Eric Yuan, founder, and CEO of Zoom, announced during the earnings report for the quarter that the online video conferencing and collaboration platform integrates artificial intelligence into its product suite. He also announced an increase in the number of corporate clients.

Zoom IQ, a virtual agent offering tools for translation, subtitles, and summing up meetings, according to the head of the company, is the initial stage of the introduction of AI-based technologies. Eric Yuan says that the era of artificial intelligence and large language models has arrived, and his company wants to provide customers with advanced experience and workflows that allow them to benefit from transformational tools.

As we have reported earlier, Zoom expands its presence in Singapore.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.