"We've got a very disruptive business model," he said. Mr Cannon Brookes said Atlassian would "keep doing what we're doing". "While Atlassian has done very well, the competition in their core markets is heating up," said Constellation Research tech analyst Alan Lepofsky. The co-chief executives' combined wealth is now about $6 billion, injecting them into the top 20 on the BRW Rich List.Īs Atlassian grows beyond its existing 1400 staff, the challenge will be to maintain its innovative culture and staving off competition from collaboration tools like Slack Technologies, Ryver and FlowDock, as well as enterprise software companys including Rally Software Development, GitHub, WorkFront, Wrike, Clarizen and ProjectPlace. The company, founded in 2002, flew over 12 "Atlassians" from Australia who had worked at the company for at least 10 years, to take in the stock market debut at Times Square.Ītlassian shares finished up 32.3 per cent to $US27.78 on Thursday evening in the US. Mr Farquhar said: "I think US investors love businesses that are growing fast, have 10 years of profitability and cash flow and a strong market position." "It's easily one of the most-intense weeks we've been through," Mr Cannon-Brookes said. The public debut of Atlassian culminates an intense 10-day road show across the US, where the co-CEOS and their advisers held as many as 50 meetings with 250 investors, visiting seven cities in the opening 72 hours they eventually made their way to Baltimore, New York, Boston, Kansas City, Milwaukee, Minneapolis, Chicago, Los Angeles and San Francisco. They had not yet had time to look in detail at the innovation statement published this week, because of a demanding work schedule leading up to the float. Mr Cannon-Brookes said Prime Minister Malcolm Turnbull's embrace of technology and innovation was a "breath of fresh air". In a reference to the country's perceived overreliance on mining, Mr Farquhar said "we can't just keep digging things out of the ground". "To the extent we can be a beacon or inspiration for other people to look up to I think that's going to make a huge difference," Mr Farquhar said. The former University of NSW classmates, now aged 36, hope their success can inspire Australian entrepreneurs, at a time when the federal government is putting greater emphasis on innovation and digital disruption. The enterprise software maker clinched a record-breaking $US4.4 billion valuation for an Australian technology company listing on a public sharemarket, after sealing a $US462 million sale of new shares on Wednesday night. Investors who missed out on stock in the 22-million-share IPO, or who wanted a higher allocation, jumped in to drive up the price. Morgan Stanley, whose chief executive is Australian James Gorman, was the other lead underwriter on the IPO. More than 2.3 million shares quickly changed hands, equivalent to about 10 per cent of the new shares sold in the IPO. The opening trade of Atlassian shares, brokered by lead underwriter Goldman Sachs, was priced at $US27.67. "It's a great day to be celebrating but it's just a milestone on the journey," Mr Cannon-Brookes said. "We're not a different company today than we were yesterday." "We've always been a very long term thinking company," he said. Mr Cannon-Brookes said Atlassian was focused on building better software products, adding to its 50,000 customers and improving the company. "The IPO is not so much about the money, it's about transitioning to the public stage and building an amazing company," Mr Farquhar said. Trevor Collensĭressed in navy blue, fleece zip jackets and jeans, the co-chief executives said the $US462 million IPO was just another "milestone" in a longer journey. The Sydney-born company's total valuation surged to as much as $US5.8 billion ($7.9 billion) in the opening minutes of trade in New York on Thursday, as the $US21 initial public offering (IPO) stock price soared as high as $US28.05.Īfter ringing the opening bell at the Nasdaq stock exchange surrounded by family and staff known as "Atlassians", the co-founders laid out their future aspirations to The Australian Financial Review in their first interview since the share float.Ītlassian founders Mike Cannon-Brookes and Scott Farquhar at the debut in New York. Atlassian founders Mike Cannon-Brookes and Scott Farquhar have taken the software maker's stunning 32 per cent share price jump firmly in their stride, vowing that its debut as a publicly traded company is only the beginning as they focus on maintaining an innovative culture and investing for the long term.
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