Even with a big and growing San Francisco presence, Atlassian has stayed somewhat under the radar in hype-heavy tech. Surely some of that has to do with its distance from the venture world. Not until 2010 did any venture capitalists get involved, when Accel Partners bought $60 million worth of shares from insiders.
In March 2014, T. Rowe Price and Dragoneer Investments purchased $150 million stock from Atlassian employees, in transactions that valued the company at $3.3 billion. That makes Atlassian one of the most valuable private tech companies, but because it has never raised traditional financing, it's not on The Wall Street Journal's billion-dollar club list.
Atlassian's main products are JIRA for planning and project management and Confluence for content creation and sharing. The company also has a Slack messaging competitor called HipChat, which it acquired in 2012.
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While Atlassian is bigger than most software companies at the IPO stage and has the unusual distinction of being profitable on a bottom-line basis, with net income of $6.8 million in 2015, it may face some resistance from growth-hungry investors that like to see expansion at all costs.
That's especially true given the long list of competitors that Atlassian faces, including Microsoft, IBM, Hewlett-Packard, Google, ServiceNow, Salesforce.com and Zendesk, as well as start-ups such as GitHub and Slack.
Still, revenue in the past year climbed 49 percent, accelerating from 45 percent growth in 2014. At Atlassian's size, there aren't many businesses that are still gaining that kind of speed.