Oh no, you're thinking, yet another cookie pop-up. Well, sorry, it's the law. We measure how many people read us, and ensure you see relevant ads, by storing cookies on your device. If you're cool with that, hit “Accept all Cookies”. For more info and to customize your settings, hit “Customize Settings”.

Review and manage your consent

Here's an overview of our use of cookies, similar technologies and how to manage them. You can also change your choices at any time, by hitting the “Your Consent Options” link on the site's footer.

Manage Cookie Preferences
  • These cookies are strictly necessary so that you can navigate the site as normal and use all features. Without these cookies we cannot provide you with the service that you expect.

  • These cookies are used to make advertising messages more relevant to you. They perform functions like preventing the same ad from continuously reappearing, ensuring that ads are properly displayed for advertisers, and in some cases selecting advertisements that are based on your interests.

  • These cookies collect information in aggregate form to help us understand how our websites are being used. They allow us to count visits and traffic sources so that we can measure and improve the performance of our sites. If people say no to these cookies, we do not know how many people have visited and we cannot monitor performance.

See also our Cookie policy and Privacy policy.

This article is more than 1 year old

Millionaire staffers pop corks at Atlassian as Oz biz raises $462m

First day of IPO and shares soar by a third

The champagne must have been flowing at Australian developer Atlassian last night as the company's shares soared by 32 per cent on its first day of public trading, reportedly instantly turning 100 staffers into millionaires.

Shares of the Aussie software-as-a-service maker, which helps companies collaborate and manage their operations, were up almost one-third at $28 (£18) per share, with the company raising a total of $462m (£305m).

The Sydney-based company closed out the day with a market value of $5.8bn, well above its last private valuation of $3.3bn last year, reported Reuters.

According to the Sydney Morning Herald, around 100 employees became millionaires overnight as a result of the IPO.

The company finally floated on the American stock exchange, NASDAQ, yesterday.

"There are going to be a hundred people who are going to be millionaires today — at least on paper," a former Atlassian employee told the paper.

Atlassian flogs project management wares and a document sharing/collaboration service without an enterprise sales force. Half its staff work in product design and development. It operates on a subscription model and has been profitable in every quarter since it founded in 2002.

Angela Eager, analyst at TechMarketView, noted the company is working in a hot area so its products are in demand, with third quarter net income expanding from $68m (£45m) to $102m (£67m). "As always the challenge is keeping the first day trading gains," she added. ®

 

Similar topics

TIP US OFF

Send us news


Other stories you might like