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Atlassian is seeking to raise external capital for the first time in its 13-year history, with the homegrown tech success story filing a preliminary prospectus for an initial public offering in the United States overnight.
The filing comes after a long period of speculation that Atlassian would go public, with reports as recently as yesterday speculating about when the former Smart50 finalist would lodge its prospectus with the US Securities and Exchange Commission.
While Atlassian has not put a hard number on how much capital it is seeking to raise via its listing on the NASDAQ exchange, it has nominated a notional maximum aggregate offering of $US250 million.
The company was recently valued at approximately $US3 billion ($4.25 billion).
While Atlassian has not specified a date for the float, it is likely to occur before the end of the year.
“Atlassian is a special company. We are unlike any other enterprise software company you’ve seen before,” said founders Mike Cannon-Brookes and Scott Farquhar in a letter in the prospectus.
“We have an ambitious mission, a decade-long history of consistent growth and free cash flow, a culture of innovation, and a unique model that both propels our existing business and opens up future growth opportunities.”
Cannon-Brookes and Farquhar, who founded Atlassian in 2002, said the future of their business will be driven by the power of teamwork.
“Atlassian’s mission is to unleash the potential in every team,” the said.
“Our products help teams organise, discuss and complete their work. And what teams do can change the world. We have helped NASA teams design the Mars Rover, Cochlear teams develop hearing implants and hundreds of thousands of other teams do amazing things. We have an incredible opportunity to help millions more teams in organisations across nearly every industry.”
“Teamwork is hard. We make it easier.”
Cannon-Brookes and Farquhar said teamwork has been, and remains, a key value at Atlassian. In fact, Atlassian will list on the NASDAQ under the ticker name ‘TEAM’.
“We began Atlassian as a team. We lead Atlassian as a team. We’re two founders. We’re two co-CEOs,” they said.
“We’re made better through teamwork and a deep shared belief in what we’re building. It’s unusual, but after 13 years, we’re practiced at it. We believe Atlassian is stronger for it.” |
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