Workplace chat app Slack to float at valuation of up to $17bn 

Telegraph 12 Jun 2019 04:00

Workplace messaging service Slack is poised to go public in New York next week with a valuation worth between $16bn (£12.6bn) and $17bn.

The company’s direct listing of shares will value the business up to $17bn, a significant jump on its $7.1bn valuation during its most recent funding round in August, Bloomberg reported.

Slack, founded in 2013 by four computer programmers, has grown to become one of the world’s most popular workplace messaging tools. The company says its customers now include Airbnb, Electronic Arts and IBM.

Stewart Butterfield, Slack's chief executive, previously founded photo-sharing service Flickr before selling it on to Yahoo for more than $20m in 2005.

Slack has raised more than $1.4bn in funding from investors including SoftBank, Accel Partners and T. Rowe Price.

It was reported in 2016 that Microsoft had considered purchasing Slack in an $8bn deal, but senior executives including co-founder Bill Gates and chief executive Satya Nadella did not pursue the deal.

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