Australian tech organization Atlassian, which makes the popular JIRA Service Desk and HipChat enterprise chat app, is planning an American initial public offering by the finish of the year, according to a report in The Wall Street Journal.
Final year, a report placed the worth of the 13-year-old Australian company at $3.three billion, with no venture funding — only Accel Partners, T. Rowe Value Group, and Dragoneer Investment Capital managed to invest in into Atlassian through secondary share sales.
Even additional noteworthy is that Atlassian has relied solely on word-of-mouth and referral sales for its growth, and employs no salespeople.
An Atlassian IPO, lengthy in the operates, would come at a time of wonderful uncertainty around the public markets.
Many startups with valuations of $1 billion or extra have been skittish about the concept of going public, although exceptions are Pure Storage and Square. Both are said to be seeking IPOs this year.
A profitable Atlassian public supplying would probably alter the narrative a small bit — not to mention that it would present a nice payout for co-CEOs and cofounders Scott Farquhar and Mike Cannon-Brookes, given that there’s pretty much no share dilution.
It also comes at an auspicious time for the organization. Thanks to the rise of Silicon Valley, demand for Atlassian’s items and solutions, numerous of which serve a base of application developers and tech corporations, has never been greater.
Business Insider AustraliaScott Farquhar.
At the time similar time, Atlassian faces stiff competitors.
Its flagship JIRA product is extremely well known as a bug- and challenge-tracker tool. But HipChat is being challenged by startup good results story Slack in quite a few markets, and its Bitbucket code collaboration tool for programmers runs correct up against the mega-preferred GitHub, which boats over 9 million users.
And speaking of GitHub, the news that Atlassian could possibly be in search of an IPO comes less than a week before GitHub Universe, the venture-backed startup’s 1st user conference in San Francisco, where it’ll share updates with its devoted fan base.
No matter how you slice it, the market for serving developers is heating up.
Atlassian declined to comment for this story.
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