Zoom Video to acquire human-resources platform Workvivo for undisclosed sum

Zoom Video Communications Inc.
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-0.97%
said late Friday it was acquiring Workvivo for an undisclosed sum. The company said the acquisition of Workvivo will allow it to “offer its customers new ways to keep employees informed, engaged, and connected.” The six-year-old startup operates a human-resources platform that allows employers to maintain a central hub for employees. Cork, Ireland-based Workvivo has already received $38.5 million in venture funding from such investors as Tiger Global Management, and Zoom founder Eric Yuan, according to Crunchbase. Zoom said it expects to close the deal by the end of April. Zoom shares closed down Friday 1% at $69.50, and are down 37% over the past 12 months, compared with a 5.8% decline in the S&P 500 index
SPX,
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and a 9.2% fall in the tech-heavy Nasdaq Composite Index
COMP,
-0.35%.