Videoconference giant Zoom is acquiring Cork-based employee communications software firm Workvivo for an undisclosed sum.

The deal is expected to close in early 2024.

Workvivo, which was founded in 2017 by Joe Lennon and John Goulding, has raised €36m over several funding rounds in recent years. Its majority investor is Tiger Global.

Local Irish venture capital firm Frontline is a previous investor, as is Zoom founder Eric Yuan and Enterprise Ireland.

Recent accounts show that chief executive Mr Goulding and chief technology officer Mr Lennon retain around 75pc of the company’s shares between them.

The firm had racked up clients such as Amazon, Ryanair, Liberty Mutual and Wynn Resorts as its clients. It is in competition with Microsoft Viva, Facebook Workspaces, and other employee portal services from tech giants.

Its platform service provides access to common workplace tools such as Zoom, Slack, Microsoft Teams, Google Workspace and several popular HR, customer relationship management and productivity tools.

“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 [Zoom] team,” said Mr Goulding.

“Our platform replaces outdated, clunky, internal communications tools with a vibrant, familiar social experience, and has a proven history of unparalleled levels of adoption.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.”

Zoom says that following the close of the transaction, it plans to incorporate Workvivo’s capabilities into its own platform.

“We are excited to welcome the Workvivo team to Zoom,” said Zoom chief financial officer Kelly Steckelberg.

“Workvivo has set the standard for employee communications, helping businesses reach and engage millions of employees worldwide. Workvivo prioritises ease-of-use and simplicity of design, offering the best user experience which is a perfect match to Zoom’s DNA.”