Tiny Speck's first product was a computer game called Glitch-a social MMORPG with highly stylized 2D graphics. A Series B round of $10.7 million was raised in 2011. Tiny Speck received angel funding of $1.5 million in 2009, followed by Series A funding of $5 million in 2010 from Accel and Andreessen Horowitz. The company goes back to the San Francisco based startup Tiny Speck, which was headed by Stewart Butterfield, the co-founder of the photo sharing site Flickr. History Slack logo used between August 2013 and January 2019 Initial funding and Glitch On July 21, 2021, the acquisition was closed. On December 1, 2020, Salesforce announced its acquisition of Slack for $27.7 billion. On June 20, 2019, Slack Technologies went public on the New York Stock Exchange via a direct stock listing. Outside its headquarters in San Francisco, California, Slack operates offices in New York City, Denver, Toronto, London, Paris, Tokyo, Dublin, Vancouver, Pune, and Melbourne. The team that advised on Slack’s IPO also included associates Sarah Axtell and Erica Kassman and partners David Van Horne, Lynda Galligan and Brad Weber and associates Sophie Stramm, Monica Patel and Xing Yan.Slack Technologies, LLC is an American software company founded in 2009 in Vancouver, British Columbia, known for its proprietary communication platform Slack. A direct listing helped them achieve their goals.”įor details on just what kind of balance sheet had, check out Alex’s piece outlining the company’s first-quarter performance, which included it posting revenue of $134.8 million, a 66 percent increase compared to the 2018 first quarter. “This allowed Slack to consider what their priorities were for becoming a public company. “Slack has a strong balance sheet from pre-IPO fundraisings and a great reputation as an important enterprise software company,” Kline said. Slack and Spotify before it (in 2018) are examples of companies that had success going this route, he said. Companies “that have strong balance sheets prior to an IPO and a significant, positive reputation in the investing company will likely consider this as an alternative method to get public.”īut there are challenges too, such as: a lack of funds raised for the company at the listing and a more restrictive pre-offering process, Kline added. “It isn’t right for every company, but it is an interesting alternative for companies with the right profiles,” he wrote via email, as it provides no dilution at listing, lower aggregate fees and expenses to get public and no lockups once trading begins. According to Kline, a direct listing “allows a company to become public without taking the dilution of selling shares in an IPO where the offering price is often at a discount to the true market value of the company.” There are cases when this approach is considered to be a more favorable option than a traditional IPO. The company does not sell any shares or raise any money in a direct listing. He and his team led Slack’s listing.įirst off, for those who don’t know a direct listing “is when a private company registers already outstanding shares for resale by existing stockholders on a Form S-1,” according to Kline. Rick Kline, co-chair of capital markets and partner at global law firm, Goodwin, offered up some perspective on when direct listings make sense and what are the benefits and challenges around them. The debut marked the third-largest initial trade in the U.S., according to Yahoo Finance. Shares of the work messaging and productivity company, trading under the ticker symbol WORK, opened Thursday at $38.50, a jump of nearly 50 percent from its $26 a share reference price. As you probably have already heard, Slack went public this week via direct listing rather than a traditional initial public offering.
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