Slack Is Heading To The Public Market

Slack Technologies Inc., a provider of cloud-based proprietary team collaboration tools and services, plans on listing its shares on the New York Stock Exchange.

What Happened

Slack confirmed Wall Street Journal's earlier report and released its S-1 regulatory filing. The document shows Slack recorded $400.55 million in revenue throughout 2018 and recorded a net loss of $138.9 million. As of the end of January, total cash equivalents were $841 million.

For the quarter ending Jan. 31, Slack's daily active users exceeded the 10 million mark and paid customers totaled 88,000. Total paid customers rose 59 percent year-over-year from fiscal 2017 and fiscal 2018.

Among the tens of thousands of paying customers, 575 of them pay more than $100,000.

Why It's Important

Slack joins a crowded field of "unicorn" companies looking to list their shares on a public market. Lyft Inc (NASDAQ:LYFT) was among the first high profiled IPOs of 2019, but shares have been off to a rough ride despite some support from Street analysts in bullish ratings. Lyft's stock peaked at $88.60 shortly following its IPO and was seen trading at $55.41 Friday morning.

Slack intends to pursue a direct listing on NYSE through a direct listing under the ticker "SK."

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Photo courtesy of Slack.