With the intention to list its common stock on NASDAQ under the ticker symbol “TEAM”, Atlassian has proposed that it will offer Class A and Class B ordinary shares as part of plans to raise up to $250 million (AU$354.56 million). Atlassian is reportedly valued above $3 billion (AU$2.84 billion) in its last private investment round.
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The company has been profitable for the past 10 fiscal years, the prospectus stated.
Goldman Sachs and Morgan Stanley will act as lead joint book-running managers for the proposed IPO.
Atlassian joins payments company Square in high-profile, end-of-year public filings, capping off an otherwise lackluster year for tech IPOs. In the financial year ending June 2015, it had a total revenue of US$319.5 million with a net income of US$6.8 million.
Principal shareholders include Accel Partners, which was the sole venture capital investor in 2010 when Atlassian raised $60 million and holds 12.5% of shares, according to the filing.
“Atlassian is a company that deserves a lot more visibility than they have”, said Al Hilwa, a program director with IDC.
Our products include JIRA for team planning and project management, Confluence for team content creation and sharing, HipChat for team messaging and communications, Bitbucket for team code sharing and management and JIRA Service Desk for team services and support applications. The company said that across its product lines it now sees 5 million monthly active users from 450,000 organizations.
Atlassian was founded in 2002, and its aim is to help software teams work better together with its products created to help developers collaborate with other non-developer teams involved in software innovation. “We will endeavor to stay true to these values and continue our efforts to make a sustainable difference to the world”, Atlassian says in the IPO filing.
In going after public money, the company said it’s going to be “the first time in our 13-year history” that it’ll be raising any external financing.
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Among other things, this means that they report financials under IFRS accounting standards, rather than US GAAP and, while they report quarterly results they “will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as USA public companies”.
