Slack, the company behind the popular cloud-based office communication and collaboration tool of the same name, filed to go public last Friday. As opposed to a traditional IPO, Slack will go public in a direct listing choosing the same route that Spotify took last year.
Also not unlike Spotify, Slack is competing with some of the largest and most resourceful companies out there in its quest to become a market leader in workplace productivity tools. Both Facebook (with Workplace) and Microsoft (Teams) have thrown their hat in the ring, and while both companies have deep pockets, Microsoft looks particularly threatening considering its strong standing in the enterprise softwareand cloud solutions market.
Since its launch in 2013, Slack’s user base has steadily grown. In January 2019, the company had 10 million daily active users and 88,000 companies paying for its services.