Slack, the well-known business chat service, said this morning that it has filed to go public by submitting a confidential S-1 to the SEC. Or in plain speak: Slack is going public and has sent its documents to the government for a look before we can get our hands on it.
The move marks the next step for the well-capitalized technology company to float, potentially providing an ocean of liquidity to its investors and its employees.
According to Crunchbase data, Slack has raised $1.2 billion to date. It was recently reported that Slack had $900 million in on-hand cash last October. This is what it’s fundraising history looks like:
Slack’s IPO is hotly anticipated due to the company’s Silicon Valley-famous growth rates and quick penetration into the workflows of tech companies. Microsoft’s competing Teams product is a rival, pitting the larger company against the smaller company that it contemplated buying years ago.
For unicorn watchers, Slack’s IPO will help explain much of its fundraising history and hype. What was once whispers and conjecture will become charted figures and gross margin statistics. We’re about to get the good stuff.
Most recently, Slack announced that it reached 10 million daily active users and 85,000 paying customers. However, due to Slack sharing fewer financial details and reporting different metrics over time, exactly how large Slack has become in revenue terms is hard to pin down today. I suppose we’ll find out soon enough. More when we have it.
Top Image Credit: Li-Anne Dias.