Slack plans to go public after hitting 10 million daily users

Slack plans to go public. The company that is behind the popular chat application in the workplace was presented today before the Securities and Exchange Commission, revealing plans to be listed on the New York Stock Exchange with the symbol "SK". In an unusual move, the public offering will not raise money for Slack; it will simply allow existing shareholders to start selling their shares.

In its presentation, Slack reported rapidly growing revenues, to $ 400.6 million from $ 105.2 million in the last three fiscal years. The company has been losing money all this time, but its losses are shrinking, albeit at a much slower pace, falling to $ 138.9 million in the most recent fiscal year of $ 146.9 million two years earlier.

Slack has 10 million daily users that are divided into more than 600,000 organizations using its application. Of these, the vast majority, more than 500,000, use the free Slack level, an offer the company says is designed to convince organizations to eventually start paying. There are about 88,000 paying organizations as of January 31, more than the 59,000 from the previous year.

The presentation also lists the potential risks Slack faces, and one of them points to the particular threat posed by hackers. Because the Slack software contains a large amount of confidential communications, any type of violation could poorly reflect Slack. "Despite significant efforts to create security barriers for such threats, it is virtually impossible for us to completely mitigate these risks," the company writes. The company mentions having suffered a security breach that exposed private information in 2015.

Please Note: This content is provided and hosted by a 3rd party server. Sometimes these servers may include advertisements. igetintopc.com does not host or upload this material and is not responsible for the content.