A new billionaire is minted (on paper, at least)īutterfield, 46, owns 8.4% of the company, so Thursday's share price would value his stake at around $1.5 billion. Microsoft Teams became a standalone product last year, while Workspace at Facebook has snagged some large clients, like and Nestle. Its success has attracted aggressive competition from Microsoft and Facebook, which could challenge Slack's dominance going forward. The company has about 95,000 paying customers today with many more free users. It's one of the fastest-growing companies that has ever existed in the subscription-software space, according to technology analyst GP Bullhound. Slack has been growing rapidly, taking in $400 million in revenue last year for a net loss of $138 million.
Slack technologies inc work software#
"Slack has the potential to become one of the most significant enterprise software companies globally, reshaping how white-collar workers collaborate," GP Bullhound said in a report. About three-quarters of companies with more than 10,000 employees use Slack, Marketplace reported recently. That makes it particularly useful for companies with a scattered workforce or particularly large companies. Slack is superior to email, the argument goes, because conversations within it allow for many participants and are public within a company, creating a permanent record of projects, processes or meetings. It is not aimed at any one specific purpose, but nearly anything that people do together at work," the company said in securities filings. "Like email (or the Internet or electricity), Slack has very general and broad applicability. Founder and CEO Stewart Butterfield has called it "a brand-new category of software," and often talks about using it to replace email.
What is Slack? What does it do?Īt its core, Slack's software provides chat rooms divided into channels according to departments, projects or topics. A direct listing "is viewed as a little bit riskier or more uncertain for a number of reasons, principally because you haven't had this roadshow process, so it's a bit harder to tell where the shares are going to open and at what price," said Adam Augusiak-Boro, a senior research associate at EquityZen.
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