Paylocity, a provider of cloud-based human resources and payroll software solutions, announced on Monday its acquisition of VidGrid, a leading video learning platform provider. VidGrid provides two-way, peer-to-peer learning courses, transforming video into two-way communication.
Paylocity has worked with VidGrid for several years to deliver a video-enabled learning management system to its clients. The acquisition effort was underway before the COVID-19 pandemic began forcing employees and students alike to work from home.
“As a leading modern workforce platform, we are constantly looking for opportunities to make our product suite even more useful for our clients. We believe video will play a critical role in transforming workplace communication,” Steve Beauchamp, CEO of Paylocity, wrote in a statement. “VidGrid’s approach aligns with our culture of caring deeply for our clients and we couldn’t be more excited to welcome their talented and innovative team to Paylocity.”
VidGrid had seen a spike in usage over the last few months. Given the growing demand for effective remote-learning tools, the integration of VidGrid’s tools with Paylocity’s services enables Paylocity’s clients to source knowledge from subject matter experts through interactive videos for employees.
“The Paylocity team shares our vision that video has the power to shape the future of workplace communication and we’re looking forward to driving collaboration for organizations everywhere,” Nick Stokman, VidGrid co-founder and CEO, said in a statement.
The terms of the acquisition were not disclosed in Monday’s announcement. Both companies will retain their leadership teams and VidGrid’s headquarters will remain in St. Paul, Minn.
Founded in 2012 as ilos videos, VidGrid participated in the 2016 Techstars Cloud program in San Antonio. They raised a $1.5 million seed round of funding that was led by San Antonio-based venture firm Active Capital.
Active Capital founder and chief executive officer Pat Matthews met the VidGrid team five years ago when they participated in the Techstars Cloud program in San Antonio.
“I always liked their vision for online learning over asynchronous video and decided to pursue them as our first investment out of Active Capital,” Matthews said. “I’ve been impressed with their scrappiness over the years and am thrilled to see them join Paylocity.”
Featured image is a screenshot of the home page for VidGrid.
