Business

Slack aims to be the most important software company in the world, says CEO – TechCrunch




Slack this morning published estimated preliminary financial results for the first quarter of 2019, before a direct listing was planned on 20 June.

Referring to an addition of paid customers, workplace messaging service revenue of around $ 134 million, up 66 percent from $ 81 million in the first quarter of 2018, reported operating losses increased from $ 26 million in Q1 2018 to around $ 39 million this year.

In addition to posting updated paperwork, the Slack executive team gathered on Monday to get a final pitch for potential shareholders, emphasizing the goal of replacing corporate e-mail worldwide.

"People deserve to do their best work," said Slack co-founder and CEO Stewart Butterfield in a video released along with a live streaming of investor day event. "This desire to be aligned with your team, to remove confusion, to gain clarity; the desire for support in doing the best work in your life, it is universal, it is deeply human. It appeals to people with all sorts of roles in all sorts of industries, on all organizational scales and in all cultures. "

" We believe that anyone who is able to unlock this potential for humans … will be the most important software company in the world. aiming to be that company, "he added."

Slack, valued at over $ 7 billion with his latest round of venture capital financing, plans to list on the NYSE under the ticker symbol "SK."

The Business was filed to become public in April, when other well-known technology companies were completing their first public offerings.After Uber's disastrous IPO last week, both public and private market investors will keep an eye on Slack's stock market performance, which to determine Wall Street's future appetite for Silicon Valley's unicorns.

Although some of the recent technological IPOs performed well-known, such as Zoom, Uber and Lyft's performance has been a warning to go into poor market conditions with high valuations. Uber began trading last week during its $ 45 IPO price and is currently down at just $ 36 per share. Lift, for its part, sells for $ 47.5 today after pricing $ 72 a share in March.

Slack does not lose billions a year as Uber, but it is also not as close to profitability as expected. In the year ending January 31[ads1], 2019, Slack had a net loss of $ 138.9 million and a turnover of $ 400.6 million. This is compared with a loss of $ 140.1 million on revenues of $ 220.5 million for the year ending January 31, 2018. In its S-1, the company attributes the losses to scale its business and capitalize its market opportunity.

Startup of Workplace Messages Slack said Monday, February 4, 2019 it had filed a confidential record for an initial public offering and became the last of a group of valuable technical companies to look at Wall Street. (Photo by Eric BARADAT / AFP) (Photo credit should read ERIC BARADAT / AFP / Getty Images)

Today, Slack has more than 10 million daily active users of more than 600,000 organizations – 88,000 on paid plan and 550,000 on free schedule .

Slack has managed to bypass the traditional roadhow process expected of an IPO-ready business, and chooses a road to Wall Street, popular with Spotify in 2018. The company plans to complete a direct listing, allowing companies to waive Issue of new shares and instead sell existing shares like insiders, employees and investors directly to the market in mid-June. However, the date may change.

Previously, Slack has increased a total of $ 1.2 billion in investor financing, including Accel, Andreessen Horowitz, Social Capital, SoftBank, Google Ventures and Kleiner Perkins.



Source link

Back to top button