![]() ![]() It’s designed to easily integrate other online services for corporations-from Google Drive to Microsoft 365-essentially becoming the glue that can unite a fragmented world of business software.Īnd yet some of these companies, notably Microsoft and Google, are Slack’s key rivals in the corporate technology market. “Slack exhibits a rare combination of highly recurring revenue, very low churn, viral growth and extremely high engagement-taking the best of both worlds, enterprise and instant messengers.”Īnother challenge is for Slack to continue making its service more useful. Bullhound, an M&A advisory firm, said Slack’s growing popularity could push its market cap to more than double to $50 billion by 2025. In the end, investors didn’t seem to care about the uncertainty.Īnd a separate research note from G.P. ![]() Instead of a definitive price recommended by Wall Street banks and approved by their corporate client, Slack had a reference price of $26 per share set by the NYSE. While many retail investors may not know the difference, Slack’s direct listing created uncertainty in the price at which it would start trading. Slack’s arrival on the New York Stock Exchange came through the unorthodox route of a direct listing rather than a conventional initial public offering. The company ended the day with a market value of $21 billion, or more than three times as much as retail giant Gap Inc. On Thursday, shares in that business, renamed Slack Technologies, made an impressive public debut-closing at $38.62, 48% higher than the reference price set by the New York Stock Exchange on Wednesday. ![]() But instead of giving up, he refocused the company on a chat app that his small team had created to communicate among themselves. A decade ago, serial entrepreneur Stewart Butterfield co-founded startup Tiny Speck, which made video games that ultimately failed to catch on. ![]()
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