![]() He was introduced to computers in the second grade but lost interest in the technology as he got older and went on to study philosophy in college. has come a long way from the log cabin where he lived without electricity and running water for the first few years of his life. He started Slack after selling an earlier startup called Flickr to Yahoo for more than $20 million in 2005.įortune recently wrote of him: "Butterfield. ![]() A new billionaire is minted (on paper, at least)īutterfield, 46, owns 8.4% of the company, so Thursday's share price would value his stake at around $1.5 billion. ![]() Microsoft Teams became a standalone product last year, while Workspace at Facebook has snagged some large clients, like and Nestle. Its success has attracted aggressive competition from Microsoft and Facebook, which could challenge Slack's dominance going forward. The company has about 95,000 paying customers today with many more free users. It's one of the fastest-growing companies that has ever existed in the subscription-software space, according to technology analyst GP Bullhound. Slack has been growing rapidly, taking in $400 million in revenue last year for a net loss of $138 million. "Slack has the potential to become one of the most significant enterprise software companies globally, reshaping how white-collar workers collaborate," GP Bullhound said in a report. About three-quarters of companies with more than 10,000 employees use Slack, Marketplace reported recently. That makes it particularly useful for companies with a scattered workforce or particularly large companies. Slack is superior to email, the argument goes, because conversations within it allow for many participants and are public within a company, creating a permanent record of projects, processes or meetings. It is not aimed at any one specific purpose, but nearly anything that people do together at work," the company said in securities filings. "Like email (or the Internet or electricity), Slack has very general and broad applicability. Founder and CEO Stewart Butterfield has called it "a brand-new category of software," and often talks about using it to replace email. What is Slack? What does it do?Īt its core, Slack's software provides chat rooms divided into channels according to departments, projects or topics. ![]() Slack's workplace software has developed a cult following in its five years of existence - "I'll slack you" is a common phrase today in certain types of workplaces - and many are betting that it will become the dominant form of workplace collaboration.īut Slack has nearly as many detractors as it does fans and now faces competition from deep-pocketed tech giants like Microsoft and Facebook.Ī direct listing "is viewed as a little bit riskier or more uncertain for a number of reasons, principally because you haven't had this roadshow process, so it's a bit harder to tell where the shares are going to open and at what price," said Adam Augusiak-Boro, a senior research associate at EquityZen. The money-losing startup had a stock market valuation of about $19.5 billion in its first moments as a public company. Shares of the buzzy workplace software company Slack Technologies started trading publicly for the first time Thursday and their price immediately surged nearly 50% to $38.50. companies with more than 10,000 employees reportedly use Slack. While Slack is growing, it has yet to turn a profit, losing $138 million last year on revenue of $400 million.The jump in share prices gave the San Francisco-based startup a market valuation of about $19.5 billion.The price of shares in the workplace software company Slack Technologies surged nearly 50% to close at $38.62 after the company's debut Thursday on the New York Stock Exchange under the ticker symbol "WORK.".
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