Slack Acquires Business Directory Provider Rimeto

Slack acquired business-directory provider Rimeto, calling it a natural fit with its messaging platform.
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Slack Technologies  (WORK) - Get Report said Wednesday it acquired business-directory-services provider Rimeto, describing it as "a natural fit" with the messaging platform. 

Terms weren't disclosed.

Shares of the San Francisco team-messaging company at last check were 4.4% higher at $32.85.

"Rimeto offers an enterprisewide searchable directory, automatically integrating information from across your company to deliver rich profiles of every employee, their skills, experience, and current projects," Slack said in a statement.

Rimeto’s advanced profile and directory features will be integrated into Slack directly, the statement added, "but we will also continue to offer Rimeto as a stand-alone product and support their existing enterprise customers.”  

Founded in 2016 and based in San Francisco, closely held Rimeto is a software-as-a-service company employing about 50, according the company's LinkedIn page. 

Last year, the company received $10 million in Series A funding, its first outside investment, from USVP, Bow Capital, Floodgate, and Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund.

Rimeto was founded by Ted Zagat, Neville Bowers and Maxwell Hayman, who previously held senior positions at Facebook  (FB) - Get Report

The company said in a statement that "by turning static employee listings into a dynamic enterprisewide view of employees and their activities, companies can now unlock collective knowledge across their organization."

Slack said it is not updating its full-year guidance, which it provided on June 4, since the acquisition is not expected to have a material impact on Slack's results.

Slack recently unveiled the Slack Connect Service, which allows as many as 20 organizations to communicate via Slack’s Shared Channels feature. A larger number of organizations is expected to be supported over time.