Paylocity Holding Corp acquires VidGrid, Inc.

Paylocity Holding Corp acquired VidGrid, Inc. for $17.3 million (cash; $17,256 thousand purchase price per FY2020 10-K), a transaction completed in April 2020, structured as all cash.

VidGrid, Inc. operates in Modern workforce / employee collaboration & learning (video platform), is based in United States. VidGrid is an interactive video platform that goes beyond recording, hosting and sharing to turn video into a two-way conversation, enabling peer-to-peer video learning courses. Paylocity had already worked with VidGrid for several years to deliver a video-enabled learning management system (LMS) to clients before acquiring it.

Paylocity acquired VidGrid to expand its product functionality around workplace video communication and reaffirm its commitment to stronger employee collaboration, engagement and retention, positioning the suite for the future of remote work and learning.

Existing multi-year partnership powering Paylocity's LMS; rising client demand for video communication created a clear path to expand the relationship into ownership. Deeper native video across Paylocity's learning and collaboration modules; expanded employee engagement and retention tooling. Folded into Paylocity's modern workforce / LMS product suite Steve Beauchamp, FY2020 Q4 earnings call: "we also deepened our strength in video communication capabilities via the acquisition of VidGrid in early April, a leading video platform provider that enables peer-to-peer video learning courses. We believe video will play a critical role in transforming workplace communication, and we see an opportunity to leverage VidGrid's video capabilities more broadly."