Atlassian heads for Nasdaq listing

The darling of Australia's tech scene, Atlassian, has filed a prospectus outlining its plans to debut on the Nasdaq Stock Market in the US.

Australia's software darling Atlassian hopes to join industry giants Apple and Facebook and Microsoft on America's famous Nasdaq Stock Market.

The Sydney-based company has released its much-anticipated prospectus outlining details of plans to become a publicly listed company by selling shares to US-based investors.

Rumours about its US share market debut emerged in September, with Atlassian criticised for snubbing an Australian listing.

Founded in 2002 by co-chief executives Scott Farquhar and Mike Cannon-Brookes, Atlassian designs software for teams of programmers and project managers including tracking software program JIRA and collaboration platform Convergence.

It counts Panasonic, CNN, and Toyota among its 51,000 customers. Even NASA has used its software to help design the Mars rover.

In its prospectus, the company devotes a lot of space to talking about how its software enhances teamwork and collaboration.

Its even chosen "TEAM" as its Nasdaq stock code.

In colourful note, the prospectus says Atlassian's core values include "No Bullsh*t" and "Don't #@!% the Customer".

Atlassian's founders are widely regarded as champions of the local tech scene, and the company has been hailed, among other things, for its attractive work culture which is based around transparency and collaboration.

"We have an ambitious mission, a decade-long history of consistent growth and free cash flow, a culture of innovation, and a unique model that both propels our existing business and opens up future growth opportunities," Mr Cannon-Brookes and Mr Farquhar wrote in the prospectus.

The pair, both aged 35, topped the BRW Young Rich List this year with an estimated combined worth of $2.3 billion.

A successful initial public offering could see that wealth skyrocket, with both founders each currently holding a 37.2 per cent stake in the company.

Atlassian's Nasdaq listing is a milestone for the company, which has so far relied on selective rounds of equity injections.

Its last investment placed its value an estimated $US3.3 billion ($A4.68 billion).

Atlassian's prospectus reveals that the company has been profitable for 10 years, with revenues having risen by almost 50 per cent in the past three years to $US319 million ($A452.42 million).

The company has chosen to adopt a News Corp-style share structure once it is listed on the Nasdaq.

Mr Farquhar and Mr Cannon-Brookes will hold class B shares. Each of those shares carry 10 votes.

Ordinary shareholders will be offered the chance to buy Class A shares, which will carry one vote each.

Atlassian aims to use the proceeds from its IPO to help cover operating expenses and capital expenditure as well as potential acquisitions.


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Source: AAP



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