Tech from down under goes up in debut While many tech companies that come public are high growth, they are frequently unprofitable and require outside funding to keep the business running through the losses. Australian enterprise software-maker Atlassian (TEAM) does not fit the usual tech bill: it is high growth, has been profitable for the last ten years, and has scaled without institutional capital. Its products include JIRA (project management), Confluence (content sharing), HipChat (messaging), JIRA Service Desk (service requests) and at least six smaller products. The company provides services to over 51,000 customers, including 79 of the Fortune 100. It does not have a direct sales force, instead using a land-and-expand strategy driven by strong word-of-mouth marketing, free trials and low pricing ($5/user/month/service). This week, the company priced its IPO at $21, 20% above the midpoint, and popped 32% in its debut.
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