Atlassian To Buy AgileCraft For $166 Mln

(RTTNews) - Atlassian Corp. Plc (TEAM), Monday said it agreed to buy AgileCraft, a provider of enterprise agile planning software, for a about $166 million.

AgileCraft was founded in 2013 and is based in Georgetown, Texas. It helps enterprise organizations build and manage a 'master plan' of their most strategic projects and workstreams. Companies use AgileCraft to map strategic projects to the distributed work required to deliver them, providing better visibility into bottlenecks, risks and dependencies, and more accuracy around capacity planning and measuring return on investment.

"Organizations lack the ability to easily gather and distill information across siloed teams - making it extremely difficult to assess progress and measure success," said Steve Elliott, AgileCraft founder and CEO. "We're excited to be joining the Atlassian family to enable the new digital enterprise, which is able to connect teams and align strategy to outcomes."

The acquisition is valued at around $166 million, comprising about $154 million in cash, and the remainder in Atlassian restricted shares. The deal is expected to close in April.