Slack, the supplier of office communication and collaboration instruments, has submitted paperwork with the Securities and Exchange Commission to go public later this 12 months, the corporate announced on Monday.
This is its first concrete step towards changing into a publicly listed firm, 5 years after it launched.
Headquartered in San Francisco, Slack has raised greater than $1 billion in enterprise capital funding, together with a $427 million funding spherical in August. The spherical valued the enterprise at $7.1 billion, cementing its place as one of the most valuable privately held businesses within the U.S.
The company counted 10 million day by day energetic customers all over the world and 85,000 paying customers as of January 2019. According to knowledge supplied (by way of e-mail) by SensorTower, Slack’s new customers on cell elevated roughly 21 p.c final quarter in comparison with This autumn 2017, whereas complete installs on cell grew 24 million. The firm recorded 8 million installs in 2018, up 21 p.c year-over-year.
Slack’s traders embrace SoftBank’s Vision Fund, Dragoneer Investment Group, General Atlantic, T. Rowe Price Associates, Wellington Management, Baillie Gifford, Social Capital and IVP, in addition to early traders Accel and Andreessen Horowitz.
Slack is certainly one of a number of tech unicorns on deck to go public this 12 months. Uber and Lyft have both similarly filed confidentially to go public in what are anticipated to be conventional preliminary public choices. Slack, nonetheless, is anticipated to pursue a direct itemizing, following in Spotify’s footsteps. Instead of issuing new shares, Slack will promote on to the market current shares held by insiders, workers and traders, a transfer that may permit it to bypass a roadshow and a few of Wall Street’s exorbitant IPO charges.