Atlassian files for IPO on NASDAQ, aims to raise $250m

10 Nov 2015568 Views

Atlassian has made an epic trek from Sydney to London and now onward to New York

The fast-growing enterprise software company Atlassian – which makes Slack rival HipChat – has filed to go public on NASDAQ under the ticker ‘TEAM’.

Atlassian, which has been profitable for the last 10 years and which recently reported profits of $6.8m on sales of $320m, is the maker of popular enterprise products HipChat, JIRA and Confluence.

The company stated it expects to raise $250m in the IPO, though it’s possible this is a placeholder figure.

In its SEC filing, it said it has more than 5m monthly active users of its products, with 48,000 paying customers in 160 countries.

Atlassian’s epic trek north

High-profile customers include PayPal, NASA, MIT, Tesla, Cisco and Adobe.

The company has grown revenue consistently in the last three years from $148.5m to $215.1m and to $319.5m for 2015.

It also generated free cash flow of $65.5m for the 2015 fiscal year.

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Atlassian now includes 79 of the Fortune 100 companies as customers.

Its core products include HipChat for team messaging, JIRA for team planning and project management and Confluence for team content creation and sharing.

The company was founded in Australia in 2002 by Mike Cannon-Brookes and Scott Farquhar and they bootstrapped the company for the initial few years using their credit cards. In 2010, they raised $60m in venture capital from Accel Partners.

Last year it moved its headquarters from Sydney to London.

The company is also responsible for fostering what has now become a popular tradition at software companies called ShipIt Days where software workers can spend 24 hours tackling any problem they like four times a year.

Nasdaq image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years

editorial@siliconrepublic.com