Published on the 28/09/2015 | Written by Beverley Head
Within hours of announcing it had achieved the 50,000 customer mark Sydney software company Atlassian was dominating the news for a very different reason – its looming US float…
While the company and its founders have yet to formally confirm it, a report in the Wall Street Journal has revealed that Atlassian has filed papers to list in the US.
The company which has been privately valued at more than $3.3 billion has been building its US presence and board for some years, and has long been expected to list the company in the US rather than Australia. The WSJ report suggests that the listing may take place before the end of the year – though with global share markets already turbulent, the founders have picked an interesting time to float.
But it’s not been an overnight decision, instead the result of 13 years’ solid slog.
Writing in a blog last week, co-founder and CEO Scott Farquhar explained that he had turned down a salary of $48,500 from PricewaterhouseCoopers in 2002 in order to set up Atlassian with Mike Cannon-Brookes using a $10,000 credit card debt.
By 2005 they had set themselves the goal to get to 50,000 customers, which a decade later has been achieved. The company which has racked up more than $1 billion worth of sales over its lifetime has offices in four continents and sells to more than 100 countries.
It has yet to report its financial results for the year ended this June, but in the year to June 2014 Altassian reporting revenues of $US215 million – 44 percent up on the year earlier.
The company has also established a strong (though entirely male) board of directors in the US, and has also beefed up its executive ranks.
Gearing up for the IPO Atlassian appointed Erik Bardman chief financial officer in February, who has serial experience of working with listed technology companies in the US.
At the time co-founder Cannon-Brookes said; “Erik’s strong management skills and expertise in strategic development, and financial planning and analysis is a perfect fit for Atlassian as we expand into new markets. His private and public company experience will be a huge asset as we continue our growth trajectory as a private company but operate the business as public-market ready.”
Atlassian previously appointed former Cisco executive, Didier Moretti, as a vice president and general manager and Citrix veteran, Bernardo de Albergaria, also as vice president and general manager.
