The owner of popular workplace instant messaging app Slack made public strong ye...
- The owner of popular workplace instant messaging app Slack made public strong year-on-year growth numbers on Friday, and an annual loss of $140.7 million, as it filed formally for its long-awaited market debut.
Paying customers or organizations numbered 88,000, up almost 50 percent from a year earlier and more than double the 37,000 it had in 2017, the company’s regulatory filing showed. Reuters had previously reported that the company was hoping for a valuation of more than $10 billion in the listing, which should now happen within weeks.
“The company is a classic tech company with scalability,” said Jay Ritter, an IPO expert and professor at the University of Florida. “There is the potential for profitability in the next few years, with rapidly growing profits after that.” Slack’s biggest shareholders include Accel Partners, an investor in Facebook and Dropbox, which holds 24 percent, followed by Andreessen Horowitz, with 13.3 percent. Japanese conglomerate SoftBank owns 7.3 percent.
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