The work messaging app narrowed its annual losses to 139 million this year.
Slack generated more than $400 million in revenue in fiscal 2019, up 82 percent year over year, according to a regulatory filing Friday. It also posted more than $138 million in losses. By Hamza Shaban Hamza Shaban Technology reporter Email Bio Follow April 26 at 11:51 AM Office messaging platform Slack is on the verge of becoming a publicly traded company, the latest in a series of highly anticipated IPOs from multibillion-dollar start-ups.
The alternative route to the public market can save companies money by minimizing the role investment banks play in an IPO. It also frees employees to sell their stock immediately; many workers with equity in a company are typically barred from selling their shares for at least 180 days after an IPO. In addition, a company that is already well capitalized may not need to raise money through a traditional IPO, which involves issuing new shares to investors.
More than 600,000 organizations use Slack, adding up to more than 10 million daily active users. More than half of the people on Slack are located outside the United States. Slack counts more than 88,000 paying customers, including 65 companies in the Fortune 100, according to the filing. But the bulk of its customers — 500,000 organizations, or more than 80 percent of its customer base — are on the company’s free subscription plan.Subscriptions are Slack’s primary source of revenue. Companies pay based on the number of people who use the software, on a monthly or annual basis, the filing said.
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