After declaring its intention to go public confidentially in late September, Australian-born collaboration software startup Atlassian has taken its IPO case to the Securities and Exchange Commission.
According to the placeholder named in its F-1 prospectus filed Monday, the company seeks to raise up to $250 million with the offering. Atlassian reported $320 million in revenue for the fiscal year that ended June 30. Unlike many of its peers from the cloud software world, it is profitable—and has been so for the past decade.
The secret? A strong focus on customer experience. “We recognize that users drive the adoption and proliferation of our products and, as a result, we are relentlessly focused on measuring and improving user satisfaction,” the company notes in its F-1 filing. “We know that one happy user will beget another, thereby expanding the large and organic word-of-mouth community that helps drive our growth.”
The result: Atlassian boasts more than 5 million monthly active users from more than 51,000 paying accounts, including 79 organizations within the Fortune 100 such as Citigroup and Coca-Cola.
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Atlassian got its start selling project management tools for software developers with its flagship JIRA offering, but has slowly expanded into other departments with applications such as its HipChat messaging software and its Confluence collaboration platform.
Risks named in its prospectus include its reliance on renewals, tough competition in the collaboration software sector that could force it to spend more on sales and marketing, and its own successful legacy. “Our rapid growth makes it difficult to evaluate our future prospects and may increase the risk that we will not continue to grow at or near historical rates,” the company notes.
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