Bye! [32], On July 26, 2018, Atlassian announced the shutdown of its competing HipChat and Stride effective February 11, 2019, and the sale of their intellectual property to Slack. Slack is a new way to communicate with your team. © Copyright 2020 Slack Technologies, Inc. All rights reserved. [10] A Series B round of $10.7 million was raised in 2011. Slack's fast growth and sizable addressable market are two big reasons why investors have been eyeing the company. Fool.com's Tech & Consumer Goods Bureau Chief and host of the Motley Fool's weekly Tech Industry Focus podcast. Slack alleges that Microsoft illegally bundled their competing Microsoft Teams collaboration product with the Microsoft office suite. [11], Tiny Speck's first product was a computer game called Glitch—a social MMORPG with highly stylized 2D graphics. While it's unusual, the move seems totally on-brand for the disruptive tech company. We're now Slack Technologies, Inc. See @SlackHQ. Here's Why Everybody's Talking About It", "Slack is work chat's runaway train, raises $200M at $3.8B", "Silicon Valley wrestles with Saudi Arabia ties", "Slack Raises $250 million; Tops $5 Billion Valuation", "Slack names Allen Shim as company's first CFO", "Slack forms key alliance as Atlassian throws in the towel on enterprise chat", "Slack buys HipChat with plans to shut it down and migrate users to its chat service", "Atlassian's HipChat and Stride to be discontinued, with Slack buying up the IP", "Slack Actively Preparing for Early 2019 IPO", "Credit Suisse AG Announces the Disruptive Technology Recognition Program", "Slack files to go public with an unusual approach", "What You Need To Know About The Slack IPO", "Slack files to go public, revealing $400 million in revenue and $139 million in losses", "Slack Files Confidentially to Go Public With Direct Listing", "Slack confidentially files to go public", "Slack files to go public, reports $138.9M in losses on revenue of $400.6M", "Slack Services Partners To Help Vendor Target Enterprises", "Slack skyrockets 21% after making IBM its biggest account yet (WORK)", "Slack Accuses Microsoft of Illegally Crushing Competition", https://en.wikipedia.org/w/index.php?title=Slack_Technologies&oldid=983922153, Companies listed on the New York Stock Exchange, Software companies based in the San Francisco Bay Area, Video game companies of the United States, Short description is different from Wikidata, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License, This page was last edited on 17 October 2020, at 02:05. [36] In November 2018, Slack was recognized in Credit Suisse AG's inaugural Disruptive Technology Recognition (DTR) Program, an annual recognition of five top companies who are disrupting traditional enterprise information technology. Market data powered by FactSet and Web Financial Group. Instead of the siloed approach that email offers, Slack allows new teammates to access information that was added before they joined on. Returns as of 10/17/2020. That’s why we made Slack – a place where people get work done, together. Slack has been able to turn all this into the beginnings of a solid software-as-a-service business. The core team is largely drawn from the founders of Ludicorp, the company that created Flickr. Selecting a different region will change the language and content of slack.com. And now that shares are publicly traded via the company's direct listing, we'll get a lens into exactly how that fight plays out. On November 13, 2019, Slack announced the formation of its partner channel as part of its focus on enterprise clients[47], On February 10, 2020, it was reported that IBM will deploy Slack to all of its 350,000 employees, making IBM Slack's largest client to date. Of course, all this potential also has market expectations and Slack's valuation high -- and the business will be going up against some big names in the enterprise software segment, namely Microsoft. With Slack, users can share files, create project-based channels, and easily communicate with teammates around the globe. Narrator: Slack has taken company communications by storm -- but a lot of people still don't really understand what it is or why investors are so interested in the business. For software they produce, see, "Tiny Speck Finds More Than a Glitch and Closes Game for Good", "Slack's Co-Founders Take Home The Crunchie For Founder Of The Year", "Flickr Co-Founder Butterfield Talks About His New Game startup, Glitch", "Slack Just Went Public and the Stock Is Trading Well Above Expectations", "Q&A with Stewart Butterfield on the launch of Glitch", "Stewart Butterfield's Tiny Speck Raises 5 Million from VCs", http://www.crunchbase.com/company/tiny-speck, "A Flickr Founder's Glitch: Can A Game That Wants You To Play Nice Be A Blockbuster? The core team is largely drawn from the founders of Ludicorp, the company that created Flickr. Slack is a young company, but it's already made a big splash. [39] In the lead-up to its DPO, Slack reported that, for the fiscal year ending January 31, 2019, it had generated $400.6 million in revenue, up from $220.5 million in the previous year[40] and up from $105.2 million in 2017. Let's conquer your financial goals together...faster. After the closure of Glitch, the company launched the Slack real-time collaboration app and platform, raising $17 million in funding from Andreessen Horowitz, Accel and Social Capital. On December 11, 2018, it was reported that Slack was considering a direct public listing. [24] In May 2015, Social Capital was a leading investor in a funding round for Slack Technologies. Stock Advisor launched in February of 2002. Everything to Know About the Company That Went Public Without an IPO @themotleyfool #stocks $WORK, 5 Reasons I Bought More Slack After Its Seemingly Disappointing Quarter, 3 Tech Stocks to Buy in the Market Correction, Copyright, Trademark and Patent Information. Cumulative Growth of a $10,000 Investment in Stock Advisor, What Is Slack? [22] In March 2015, Slack signed a deal with investors to raise up to $160 million in a funding round that valued the company at $2.76 billion. Various trademarks held by their respective owners. [18] The name is an acronym for "Searchable Log of All Conversation and Knowledge". This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The company posted 87% gross margins in its last fiscal year, a sign that down the road the business could print cash for investors. In this video from our YouTube channel, we break down how Slack started, the meaning behind the seemingly strange company name, and the numbers that matter for the business and investors. As the companies grow, and their needs grow too, they can move to paid tiers ranging from $6.67 to $15 per month per user. It’s faster, better organized, and more secure than email. Looking at the financials, the story seems to make sense. Most people would describe it as a messaging service, but it does so much more. [34][35], In September 2018, it was announced the firm was preparing for an initial public offering in the first half of 2019. [20] In October 2014, the company raised $120 million in venture capital with a $1.2 billion valuation led by Kleiner Perkins and GV. [49], This article is about the company. Unlike email, conversations in Slack are easy to follow. [46] Its stock, ticker WORK, started trading on June 20, 2019. [31] In early 2018, Slack announced the company's first CFO, Allen Shim. The software was born out of frustration. All that employee communication turns Slack into a knowledge repository for a business, which means companies can't switch to a competitor without losing the accumulated, easily accessible knowledge. ", "Vancouver's Tiny Speck puts massively multiplayer game Glitch online", "Glitch 'unlaunches' to add new features - Massively", "Flickr Co-Founder Stewart Butterfield Turns to Workplace Communication Tools With Slack", "Tiny Speck is no more. Slack Technologies (NYSE:WORK) has been an interesting case in 2020. [41] Slack also reported losses of $138.9 million for the fiscal year ending in January 2019. The workplace messaging service is the hot enterprise software solution and one of the most anticipated 2019 stock market debuts. Teamwork can be hard, messy, complicated… and still the best way to work. The company raised $42.75 million in April 2014. According to The Wall Street Journal, sources indicated the company would pursue a Direct Listing Process (DLP) instead of the traditional IPO. [12] Originally scheduled for release in Spring 2011,[13] Glitch launched on September 27, 2011,[14][15] but subsequently "unlaunched" to improve gameplay. Slack has been a poster child for remote work during the novel coronavirus pandemic, … From Fortune 100 companies to corner markets, millions of people around the world use Slack to connect their teams, unify their systems, and drive their business forward. The company is looking to take a sizable bite out of the market for workplace communication and collaboration software, an industry they estimate could be worth $28 billion in 2020. It's free with limited functionality for small organizations. Software is generally high margin, and Slack is no exception. [37] On January 16, 2019, Slack announced the launch of the company's new logo.[38]. In this video, we break down Slack and explain why some think it's the future of enterprise software. Slack Technologies, Inc. is an American international software company founded in 2009 in Vancouver, British Columbia, Canada. Slack is the collaboration hub that brings the right people, information, and tools together to get work done. The staff at the company that would eventually become Slack couldn't find an enterprise communication tool that fit the needs of their business, so they decided to build their own. [8], Tiny Speck received angel funding of $1.5 million in 2009,[9] followed by Series A funding of $5 million in 2010 from Accel Partners and Andreessen Horowitz. [21] Earlier investors Andreessen Horowitz, Accel Partners and The Social+Capital Partnership also participated in this round. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Slack's namesake platform is a cloud-based collaboration tool. [29][30] This round put Slack's total fundraising at $841 million and its valuation at $5.1 billion (including cash raised). [48], In July 2020, Slack filed a lawsuit with the European Commission accusing Microsoft of anticompetitive behavior. [7], In June 2019, Slack Technologies went public on the New York Stock Exchange via a direct stock listing. [25], In April 2016, Slack raised another $200 million, led by Thrive Capital, with participation by GGV, Comcast Ventures and existing investors, including Accel, Index Ventures and Social Capital. [19] Slack had been an internal tool used for the development of Glitch. [33] Slack was to pay an undisclosed amount over three years to assume the user bases of the services, and Atlassian was to take a minority investment in Slack. Two teammates having a conversation in a channel, Screenshots of Slack channels for teams, projects and announcements, ‘I help to bring product from the wild to the kitchen, and all across the dining room’, Koseba explains. Founded in 2014, the company has just gone public on the New York Stock Exchange through a direct listing, instead of undergoing the more standard IPO process. Like a lot of early tech companies, Slack is losing money right now, but the hope is that at a larger scale, the business can ratchet down its sales and marketing spend and get into the black. And to date, the service has been wildly successful. New investors include Institutional Venture Partners, Horizons Ventures, Index Ventures and DST Global. Slack's name really says it all. And they’re more than conversations – you can make calls, share files and even connect with other apps. The companies also announced a commitment to work on integration of Slack with Atlassian services. [26][27] In 2016, Slack was ranked #1 on the Forbes Cloud 100 list. The gameplay was described as "players must learn how to find and grow resources, identify and build community and, at the higher levels of the game, proselytize to those around them".

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