Zoom today announced that it has acquired Workvivo, a six-year-old Irish startup focused on improving companies’ internal communications and culture. Terms of the deal weren’t disclosed.
While many enterprise communication tools — such as Zoom — are all about the real-time, Workvivo is very much about the asynchronous. Indeed, the platform is less about project-specific collaboration than it is about fostering employee engagement at a broad level, including an activity feed, people directory, surveys, and critical company communications — a bit like a modern day intranet.
Workvivo was perfectly positioned to capitalize on the remote-work revolution spurred by the global pandemic, with the company reporting a 200% growth in ARR (annual recurring revenue) in 2020. And this, it seems, was a major reason why Zoom has elected to buy Workvivo. In its announcement today, Zoom noted that businesses “need to think differently” today in order 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 the frontlines of a retail floor or warehouse, as a pilot or flight attendant in an airplane, 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’s imperative for success in today’s business environment.”
Founded out of Cork in 2017, Workvivo has amassed a fairly impressive roster of customers too, including Amazon, RyanAir, and Bupa.
Workvivo Image Credits: Workvivo
Workvivo had raised around $38.5 million since its inception, including a $22 million Series B last year led by existing investor Tiger Global. However, the startup had also fact received a direct angel investment from Zoom founder, chairman, and CEO Eric Yuan back in 2019, making today’s announcement perhaps a little less surprising.
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