Woven Acquisition to Help Slack Rival Microsoft And Google
Woven is joining Slack (WORK) to ramp up its growth and help the latter compete against Google and Microsoft. The popular calendar app is joining the workplace communication software company after two years of solid growth.
Woven has grown to become one of the most powerful calendar apps in the market. It boasts unique technology that helps preserve what Google (GOOGL) and Microsoft (MSFT) are best at while filling the gaps that remain unsolved.
According to CEO Tim Campos and Chief Technology Officer Burc Arpat, Woven has succeeded in helping people spend time on what matters the most. Over the past two years, Woven has scheduled over 2.2 million events and helped users save over 10 million minutes. It has also helped over 40 million people make sense of over 250 million events.
Campos stated, “Our team has always been our greatest strength. We have a fantastic and diverse group of professionals who have loved working together. Today, that team is becoming part of something even bigger – a company that is transforming the workplace: Slack”.
Slack is acquiring Woven’s team, having previously invested in it through its Slack Fund. However, the terms of the transactions are still unclear. (See Slack stock analysis on TipRanks).
Credit Suisse analyst Bhavin Shah initiated coverage of Slack two months ago with a Hold rating. Shah has kept his recommendations consistent with Credit Suisse’s prior coverage and has not made any changes to Slack’s rating.
Wall Street is cautious about Slack’s long-term prospects based on two Hold recommendations. The average analyst price target of $45 implies 6.13% upside potential to current levels.
Slack scores 1 out of 10 on the TipRanks’ Smart Score rating system, implying it is likely to underperform the broader market.
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