US tech company Zoom has announced its acquisition of Cork-based employee communications firm Workvivo. The deal will see Workvivo’s software integrated into Zoom’s existing platform. Workvivo, founded in 2017 by John Goulding and Joe Lennon, offers employee engagement and communication software, with clients including Ryanair, Liberty Mutual, Lululemon, Madison Square Garden, and Wynn Resorts. The financial details of the acquisition have not been disclosed. Workvivo reported a turnover of €6.4m for 2021, a significant increase on the €1.5m reported in 2020, according to its most recent accounts filed with the Companies Registration Office.
Headquartered in Douglas, Cork, Workvivo has offices in Boston, London, and Dublin and currently employs 140 people. The transaction with Zoom is expected to close in the first quarter of 2024, with John Goulding and Joe Lennon remaining in their current roles. Eric Yuan, founder of Zoom, was an early backer of Workvivo, and the acquisition will see Workvivo’s capabilities incorporated into Zoom’s platform as it evolves into a unified communications platform.
Both Zoom and Workvivo experienced a significant boost in demand for their services during the Covid-19 pandemic, as a huge number of employees worldwide began working from home. Services that allow for employee communication, such as meetings, were in particular demand. Kelly Steckelberg, chief financial officer at Zoom, said, “The power of Workvivo 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.”
Goulding said, “Zoom’s rapid pace of innovation and the persistent dedication to building products with a human-first mindset is why we are most excited about joining the team. Our platform replaces outdated, clunky, internal communications tools with a vibrant, familiar social experience and has a proven history of unparalleled levels of adoption. 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.”
The acquisition of Workvivo by Zoom is a significant development in the world of employee communications and engagement software. Workvivo’s software is known for its ease of use and simplicity of design, which offers the best user experience. The acquisition will allow Zoom to expand its offerings and build a more comprehensive platform for employee communication and engagement. The deal is expected to close in the first quarter of 2024, and it will be interesting to see how Zoom incorporates Workvivo’s capabilities into its platform.