Australian-founded software powerhouse Atlassian has entered into an agreement to acquire enterprise agile planning software provider AgileCraft in a deal valued at US$166 million.
The acquisition will be comprised of US$154 million in cash, and the remainder in Atlassian restricted shares, subject to continued vesting provisions.
Atlassian expects the transaction to close in April and for it to add between US$1 to US$2 million in revenue for the 2019 fiscal year.
AgileCraft was established in 2013 and is headquartered in Georgetown, Texas. It helps enterprise organisations build and manage a plan of their most strategic projects and work streams.
The solution is used to map strategic projects to the distributed work required to deliver them, which according to Atlassian, provides better visibility into bottlenecks, risks and dependencies, and more accuracy around capacity planning and measuring return on investment.
"Many leaders are still making mission-critical decisions using their instincts and best guesses instead of data," said Scott Farquhar, Atlassian’s co-founder and co-CEO.
"As Atlassian tools spread through organisations, technology leaders need better visibility into work performed by their teams. With AgileCraft joining Atlassian, we believe we’re the best company to help executives align the work across their organisation providing an all-encompassing view that connects strategy, work, and outcomes," he added.
With AgileCraft, engineering and IT teams can connect their work to business objectives and strategic outcomes of the business.
Anthem, AT&T, Dimension Data, Fidelity and Nielsen, already use Atlassian and AgileCraft solutions to scale strategic direction and "align top to bottom".
"Organisations 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."