Putting people at the heart of hybrid work: Zoom to acquire Workvivo to bolster the employee experience offering

The employee communication and engagement platform will give Zoom customers new ways to keep employees informed, engaged, and connected in today’s hybrid work model

Zoom and Workvivo

Zoom announces intent to acquire Workvivo

SAN JOSE, Calif., April 14, 2023 (GLOBE NEWSWIRE) — Behind work are workers. Real everyday people. People who work to live, not live to work. People who need a sense of belonging. It’s a simple concept that often gets forgotten as priorities and demands take over the workday.

With workforces looking much different than they did just a few years ago, leaders need to think differently to retain talent and maintain 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. In fact, 70% of US employees are frontline workers. They are people who want to feel connected to their colleagues and leaders – no matter where they work. Engaging employees and driving culture through connection is no longer a ‘nice to have’ – it’s imperative for success in today’s business environment.

Zoom is excited to announce the acquisition of Workvivo to extend Zoom’s platform and offer its customers new ways to keep employees informed, engaged, and connected.

Founded in 2017, Workvivo provides a modern, feature-rich employee experience platform, combining advanced internal communication and engagement tools, a social intranet, and an employee app, all blended into one central hub, forming the heart of a company’s digital ecosystem. Workvivo’s best-in-class offering has seen triple-digit growth in the last three years and is used and trusted by hundreds of customers worldwide, from SMBs to some of the world’s most well-known brands, including Liberty Mutual, Lululemon, Ryanair, Madison Square Garden, and Wynn Resorts.

“We are excited to welcome the Workvivo team to Zoom. 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 in a hybrid world,” said Kelly Steckelberg, chief financial officer at Zoom. “Workvivo has set the standard for employee communications, helping businesses reach and engage millions of employees worldwide. Workvivo prioritizes ease-of-use and simplicity of design, offering the best user experience which is a perfect match to Zoom’s DNA.”

“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,” said John Goulding, CEO and co-founder at Workvivo. “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.”

Workvivo UI
Workvivo is an employee experience platform designed to inform, engage and connect employees everywhere.

Workvivo is an employee experience platform designed to inform, engage and connect employees everywhere.

With this acquisition, Zoom continues its evolution to provide the best end-to-end collaboration platform focused on enabling modern work and powering the digital-first workplace.

Following the close of the transaction, Zoom plans to incorporate Workvivo’s capabilities into its platform to deliver a best-in-class, employee experience. Workvivo’s founders John Goulding and Joe Lennon, and the entire Workvivo team, will be instrumental in driving employee experience innovation strategy.

The transaction is expected to close in Q1 FY2024. Terms of the transaction were not disclosed.

About Zoom
Zoom is an all-in-one intelligent collaboration platform that makes connecting easier, more immersive, and more dynamic for businesses and individuals. Zoom technology puts people at the center, enabling meaningful connections, facilitating modern collaboration, and driving human innovation through solutions like team chat, phone, meetings, omnichannel cloud contact center, smart recordings, whiteboard, and more, in one offering. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more info at zoom.com.

About Workvivo
Workvivo is an employee experience platform designed to inform, engage and connect employees everywhere. Workvivo works with organizations globally across multiple industries, including Bupa, TELUS International and Everton FC. Read more at www.workvivo.com.

Forward-Looking Statements
This news release contains forward-looking information related to Zoom and Workvivo and the acquisition of Workvivo by Zoom that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements regarding the potential benefits of the proposed transaction for Zoom, Workvivo and their respective customers, Zoom’s plans, objectives, expectations and intentions with respect to the proposed transaction, Zoom’s ability to offer the best end-to-end collaboration platform, the financial condition, results of operations and business of Zoom, and the anticipated closing of the proposed transaction. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: risks related to the ability of Zoom to consummate the proposed transaction on a timely basis or at all, Zoom’s ability to successfully integrate Workvivo’s operations and personnel, Zoom’s ability to implement its plan, forecasts and other expectations with respect to Workvivo’s business after the completion of the transaction, the ability to realize the anticipated benefits of the proposed transaction, and continued uncertainty regarding the extent and duration of the impact of COVID-19 and the responses of government and private industry thereto, including the potential effect on Zoom’s user growth rate as the impact of the COVID-19 pandemic tapers. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements described under the caption “Risk Factors” and elsewhere are in Zoom’s most recent filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2023. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ed1d522c-0c14-4cdf-9ace-60dedc4803fe

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Zoom Public Relations
Candace Dean
press@zoom.us

Solvvy Public Relations
Eleanor O’Mahony
eleanor.omahony@workvivo.com

GlobeNewswire Distribution ID 8808322

Local, int’l soloists to perform in chamber music concert

The Ho Chi Minh City Ballet Symphony Orchestra and Opera (HBSO) will present a concert of chamber music and arias composed by the world’s great composers at the Opera House on April 16.

The “Chamber Music” concert will open with Trio for Flute, Clarinet and Piano by acclaimed American musician and composer Russell Peterson.

The composition will be played by flutist Hoang Yen, clarinetist Anh Quan and pianist Thuy San.

Two compositions, Pavane, op. 50 by French composer Gabriel Fauré and Entrance of the Queen of Sheba by German-born English composer George Frideric Handel, will be performed by a harp ensemble consisting of Dan Vy, Nguyen Dan and Thuy Duong.

The programme will also include Suite for Woodwind Quintet, op. 57 by French composer Charles-Edouard Lefebvre, featuring flutist Nguyen Nhat Chi Lan, oboist Pham Khanh Toan, clarinetist Vo Minh Dong, bassoonist A Tach, and horn player Dai Nghia.

Brass Quintet Op 65 by Dutch composer Jan Koetsier will feature trumpeters Huy An and Duy Bang, horn player Dai Nghia, trombonist Anh Quan, and tuba player Miho Takashima.

Franz Schubert’s Der Hirt auf dem Felsen (The Shepherd on the Rock), D. 965 will be performed by soprano Pham Khanh Ngoc, clarinetist Anh Quân, and pianist Ju Sun Young from the Republic of Korea.

After the intermission will be excerpts from Goldberg Variations, a composition by Johann Sebastian Bach, featuring HBSO’s string orchestra.

The concert will present two arias from operas Serse by Handel, and Tito Manlio by Venetian composer Antonio Vivaldi, with performance of baritone Dao Mac.

The evening’s final piece Concerto for 2 Violins in D Minor by Johann Sebastian Bach will be played by two violinists Tang Thanh Nam and Meritorious Artist Duong Minh Chinh.

Conductor Tran Nhat Minh, a graduate of the Moscow Tchaikovsky Conservatory, will lead the concert./.

Source: Vietnam News Agency

Can Tho to host Southern Traditional Cake Festival late April

The annual Southern Traditional Cake Festival will be held from April 28 to May 2 in Binh Thuy district, the Mekong Delta city of Can Tho.

With the theme of “Preserving and promoting cultural values of Southern traditional cakes”, the event will introduce around 100 signature savoury and sweet cakes from the south such as banh xeo (sizzling rice pancake), banh khot (deep-fried shrimp pancake), banh it tran (sticky rice dumpling), and banh bo (steamed rice cake).

More than 100 artisans will compete in the cooking contest, as well as present cooking demonstrations for visitors at the festival.

The event will also include cooking classes for children, folk games, and a food court featuring other specialties of southern provinces.

The festival is expected to attract around one million visitors in five days./.

Source: Vietnam News Agency

HCM City business group suggests economic pump-priming measures

The Ho Chi Minh City Union of Business Associations has proposed authorities to resolve difficulties faced by businesses suffering from a sharp drop in export orders.

The city’s export in the first quarter of the year is estimated at 10.1 billion USD, a year-on-year decline of 16.8%.

According to HUBA, most industries struggled to maintain production and do business.

Nguyen Phuoc Hung, its permanent vice chairman, said the biggest difficulties faced by export firms, especially in the woodwork and garment and textile industries, are a lack of export orders and cash flows and inability to borrow from banks.

Businesses are also virtually unable to borrow from the Government’s lending package that offers interest rate subsidies of 1.5-2%, he said.

Agricultural land is appraised at very low by banks, so when firms apply for loans using agricultural land as collateral, they will get a very small loan that is not enough to serve their production and business needs.

In addition, the mortgaged asset value for their existing loans was reduced significantly, requiring them to have additional collateral but they almost have no more asset to do that.

HUBA’s surveys have found 41.2% of firms saying they are facing difficulties due to the shrinking market, 17.6% due to higher raw material prices, 11.2% due to human resource shortage and 17.6% due to lack of capital.

Enterprises said though the Government has many supportive policies for economic development, beneficiaries are few in reality, with less than 10% of businesses benefiting from financial support.

Small and medium-sized enterprises often lack assets to mortgage, HUBA said.

It wanted the Government to address this issue by valuing agricultural lands at market prices, increasing the ratio of loan to mortgaged assets, and offering unsecured loans.

It said the State Bank of Vietnam should continue to roll over medium- and long-term loans, and bring down bank lending interest rates.

It called on the Vietnam Bank for Social Policies to provide businesses with low-interest rate loans so that they could pay wages to employees, which would boost purchasing power and benefit the consumer market.

It said the city should promote the 2% interest subsidy programme from the SBV, and direct relevant agencies to organise programmes to link businesses and banks to easy the credit bottlenecks.

The city needs to enhance ties with Vietnamese trade agencies abroad to help foster investment and trade with foreign markets, it added./.

Source: Vietnam News Agency

Vietnamese enterprises must prepare in advance for CBAM: experts

The European Union (EU)’s Carbon Border Adjustment Mechanism (CBAM), which is set to take effect in 2024, will impact production and trade activities of Vietnamese manufacturers, especially in high carbon emission industries like iron and steel, aluminium and cement, as well as the whole economy, said experts.

The mechanism, just updated by the EU and the European Parliament (PE) this February, is created to make a fair playing field for European businesses facing carbon prices by imposing a carbon border tax on imports from countries that do not apply equivalent carbon pricing measures.

CBAM will directly affect Vietnamese products and exporters to the EU, said Sirpa Jarvenpaa, Director of Southeast Asia Energy Transition Partnership (ETP), adding that exporters will have to ensure that products exported to the EU meet a corresponding tax rate as EU manufacturers are imposed.

“CBAM has a crucial meaning to Vietnam as the country is a major exporter to the EU,” Jarvenpaa said.

“The results of the impact assessment of the CBAM at this workshop provide a comprehensive view of the difficulties and policies affecting Vietnam and how CBAM contributes to the energy transition to help Vietnam reduce carbon emissions.”

“It also shows the difficulties due to the technical complexity in determining the carbon tax rate in Vietnam.”

CBAM will initially apply to imported goods such as steel, cement, fertiliser, aluminium, electricity and hydrogen. They are sectors with a high risk of carbon leakage and high carbon emissions, accounting for 94% of the EU’s industrial emissions.

All 27 EU member countries are expected to begin piloting CBAM in October.

Reducing greenhouse gas emissions is now a trend and a requirement that businesses must follow if Vietnam wants to compete in the international playground.

In research published at the consultation workshop, Vietnam’s steel industry suffers the most from CBAM, followed by the aluminium sector.

According to the research, steel production is estimated to drop 0.8% in 2030 under the effect of CBAM, while export value decreased by 2.3%. In the aluminium industry, the output is estimated to fall by 0.4%, and the export value will be down 4.3% in 2030.

Many surveyed businesses currently do not see CBAM as a threat, but the impact will be significant if the mechanism is expanded.

Even though many countries like the US and Japan showed mixed reactions toward CBAM, they are considering their regulations and raising the need to accelerate global decarbonisation.

Therefore, early preparation for CBAM is necessary, said Do Nam Thang, a political expert from Applied Economic Modelling and Data Analysis.

“CBAM is evolving with many uncertainties, its impacts may grow fast, and we should take early prepare for them,” Thang said. “The mechanism will affect enterprises and the country’s competitiveness in global markets.”/.

Source: Vietnam News Agency

Vietnam most promoted in EIU’s business climate rankings

The Economist Intelligence Unit (EIU), a research and analysis division of the Economist Group of the UK, has recently announced the ranking of the global business environment for the second quarter of the year, which recognises that Vietnam has the highest ranking among the targeted economies.

The EIU offers many categories on order to evaluate economic management activities over both the previous five years and the next five-year prospects of countries and regions, thereby assessing the quality or attractiveness of the business environment in 82 countries and economies globally.

The nations that improved the most in the EIU’s ranking over the past year included Vietnam, Thailand, Belgium, Sweden, India, and Costa Rica.

Of these, Vietnam is considered to have the greatest motivation, increasing 12 places in the ranking, while Thailand rose by 10 places and India grew by six places.

In the 2023 EIU rankings, Singapore retained its position as the world’s best place to do business for the 15th consecutive year and will continue to be the best place to conduct business over the next five years. Canada and Denmark shared the second place.

Meanwhile, the countries that were most significantly downgraded include China, Bahrain, Chile, and Slovakia. China is the country with the deepest drop globally, falling 11 places from a year earlier./.

Source: Vietnam News Agency