Atlassian ponders US transfer – Startup Day by day


NASDAQ-listed Australian software program enterprise Atlassian is taking a look at shifting its father or mother firm from the UK to the US.

Atlassian (NASDAQ: TEAM) introduced final week that it had undertaken an exploration of redomiciling the father or mother holding firm throughout the Atlantic.

The office collaboration software program enterprise initially arrange within the UK in 2014 forward of its itemizing on the NASDAQ in 2015.

It’s now price greater than $100 billion by market cap, making its NSW-based co-founders Mike Cannon-Brookes and Scott Farquhar, extraordinarily rich 20 years after they launched Atlassian after assembly on the College of NSW.

Forbes estimates their web price at round US$20 billion in, putting them within the high 150 richest folks on the planet.

In an announcement asserting the potential shift, the corporate mentioned: “Pending exploration, Atlassian would intention to shut the transaction within the first half of fiscal 12 months 2023, and can share extra particulars within the coming months, together with the submitting of extra supplies with the U.S. Securities and Alternate Fee.”

Whereas the enterprise is domiciled within the UK for better entry to capital – tax is just not a problem as a result of in 20 years Atlassian has by no means completed a monetary 12 months within the black – the corporate is constructing a 40-storey HQ as a part of Sydney’s Tech Central.

Atlassian mentioned it believes shifting the father or mother firm to the USA will improve its entry to a broader set of traders, help inclusion in extra inventory indices, streamline its company construction, and supply extra flexibility in accessing capital.

“Atlassian has all the time operated with a mindset to drive the very best long-term consequence for its clients, workers, companions, and shareholders. Atlassian,” the corporate mentioned.

“Atlassian doesn’t imagine this transaction will lead to any important operational or enterprise mannequin adjustments.”

The transaction is topic to ultimate approval, together with by Atlassian’s Board of Administrators and shareholders.

NOW READ: Atlassian needs to rent 5,000 extra Aussie workers




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