As a leading provider of collaboration software, Atlassian has revolutionized how teams work together. Since its founding in 2002, its value has increased significantly, reflecting the company’s commitment to transforming workplace productivity. As of September 2024, Atlassian has a net worth of $41.56 billion, offering a wealth of insights for business owners and potential opportunities for investors.
At Business2Community, we’ve consulted a wide range of sources to provide a detailed account of Atlassian’s net worth and financial history. Read on as we explore the company’s key milestones, revenue, controversies, and more.
Atlassian Key Company Data
Atlassian Net Worth: $41.56 billion
Date Founded: October 2002
Founded By: Mike Cannon-Brookes and Scott Farquhar
Current CEO: Mike Cannon-Brookes
Industries: Technology, software, project management
Atlassian Stock Ticker: NASDAQ: TEAM
Dividend Yield: 0%
What is Atlassian’s Net Worth?
As of September 2024, Atlassian’s net worth, also known as market capitalization or market cap, was $41.56 billion, calculated with a share price of $159.84 and 260 million shares outstanding.
The company is listed on the NASDAQ stock exchange under the ticker symbol TEAM and has traded its shares since its IPO in December 2015.
Atlassian’s fiscal year ends on June 30 and the company typically releases its annual financial results in August of the same year. In addition, Atlassian earnings are also released quarterly, in October (Q1), January (Q2), April (Q3), and July (Q4).
Privately valued at $3.3 billion in 2014, Atlassian’s market cap hit $5.8 billion just days after its IPO. By 2024, Atlassian market cap growth hit an impressive 634%.
On its first day, the company’s shares traded at around $21, making for an estimated Atlassian market cap of $4.4 billion. Atlassian shares hit a peak price of $458.10 in October 2021 and experienced their steepest decline during 2022, with the share price closing at $128.70 on the last day of the year.
Overall, the company’s stock price increased 680% between 2015 and 2024, outperforming the S&P 500’s 50% increase over the same period.
As of September 19, 2024, Atlassian’s stock price was $159.84, up from a 52-week low of $135.29 and down from a high of $258.69. Atlassian earnings per share on a trailing twelve months (TTM) basis were -$1.16 indicating that the company reported a loss during the period.
While this has been a trend over the last five years, with a price-to-book (P/B) ratio of 37.9, the market continues to place a premium on the company relative to its book value.
Atlassian Revenue
In its first year, Atlassian made over $1 million in revenue. By 2006, the company’s revenue had surged to $14.9 million. This growth accelerated, reaching $319.5 million in 2015, as the company’s product offerings and user base expanded.
Post-IPO, the company’s revenue has continued to trend upward, crossing the $1 billion mark in 2019. By 2024, the company’s revenue had more than quadrupled, surpassing $4 billion.
While Atlassian maintained profitability between 2002 and 2016, with net income peaking at $19 million in 2014, the company has reported net losses since 2017.
| Year | Revenue ($ billions) | Net Income ($ millions) |
|---|---|---|
| 2013 | 0.148 | 10.8 |
| 2014 | 0.215 | 19.0 |
| 2015 | 0.319 | 6.8 |
| 2016 | 0.457 | 4.4 |
| 2017 | 0.619 | -37.5 |
| 2018 | 0.874 | -113.5 |
| 2019 | 1.2 | -637.6 |
| 2020 | 1.6 | -360.7 |
| 2021 | 2.1 | -579 |
| 2022 | 2.8 | -519.5 |
| 2023 | 3.5 | -486.8 |
| 2024 | 4.4 | -300.5 |
Who Owns Atlassian?
As a public company, Atlassian is owned by various shareholders. The largest shareholder as of June 2024 was the Vanguard Group with a 9.98% ownership stake in the company. This was followed by Blackrock Inc. with 6.72% and Price (T.Rowe) Associates Inc with 5.79%.
In 2002, classmates Mike Cannon-Brookes and Scott Farquhar founded Atlassian to help teams organize, discuss, and complete shared work more efficiently. The duo financed the startup with $10,000 in credit card debt, bootstrapping the company for several years through organic growth.
Marking its first major external investment, Atlassian raised $60 million via a secondary offering from Accel Partners in 2010. In 2014, Atlassian conducted another secondary offering, raising $150 million. A year later, on December 10, 2015, Atlassian went public, raising $462 million.
Who is the Atlassian CEO?
The CEO of Atlassian is company co-founder Mike Cannon-Brookes. Cannon-Brookes served as co-CEO alongside fellow Atlassian founder Scott Farquhar from 2002 until August 2024, when he became sole CEO following Farquhar’s resignation to spend more time with his family.
In 2023, Cannon-Brookes’ total annual compensation was $55,110 comprising 89.7% salary, 10.3% in bonuses, and company stock options. The Atlassian founder also directly owned 19.26% of the company’s shares, valued at $8.27 billion.
To lead the company’s digital transformation and transition to a cloud-first approach, Rajeev Rajan joined Atlassian as its first CTO in 2022. Rajan brought a wealth of experience from his previous roles at Microsoft and Facebook (now Meta).
Overall, Atlassian’s leadership structure has proved successful, providing the company with the vision and strategic stability to become a leading enterprise software company.
Atlassian’s Company History
Atlassian develops collaboration software and solutions to help organizations efficiently manage their workforce. Incorporated in Delaware with global headquarters in Australia, and US headquarters in San Francisco, Atlassian serves three major markets: software development, service management, and work management.
Atlassian’s portfolio is made up of core products such as:
- Jira
- Confluence
- Trello
- Loom
- Bitbucket
- Compass
- Atlassian Guard
It also offers additional products, including Bamboo, Crowd, Crucible, Fisheye, Opsgenie, Sourcetree, Statuspage, and Atlassian cloud apps.
Below, we track the company’s journey to becoming a major player in the collaborative software industry.
2002-2014: Atlassian Takes Off
In 2002, Atlassian was formed in Sydney, Australia, to support other companies’ customer support teams. Eventually, the company developed its own bug tracking software Jira, and pivoted to selling the software in 2003. To add to the growing company’s revenue streams, Atlassian launched Confluence, a team collaboration platform, in 2004.
The company broke into the lucrative US market in 2005 and continued to grow through internal development and strategic acquisitions. By the beginning of 2008, Atlassian had developed Bamboo and added FishEye, Crucible, and Clover to its product line by acquiring Cenqua in 2007.
In 2010, Atlassian acquired Bitbucket, a code management and collaboration product for professional teams, for an undisclosed amount. The company also secured $60 million in funding to expand its portfolio through increased research, and development (R&D) acquisitions.
2012 saw Atlassian acquire HipChat, an app for real-time team communications, launch Atlassian Marketplace, and release Bitbucket Server.
By 2014, Atlassian had crossed the significant milestone of over 40,000 customers. In that same year, it restructured to Atlassian Corporation PLC, a UK-registered company with its official address in London and global headquarters in Sydney, Australia.
Continuing its 12-year trend of revenue growth, Atlassian achieved its highest profit to date that year, reaching $19 million.
2015-2019: Atlassian Goes Public
Joining the ranks of other leading technology companies, Atlassian went public in 2015. From its humble beginnings as a bootstrapped startup, it had grown to serve over 51,000 customers across virtually every industry sector in more than 160 countries. The company’s notable customer base included 79 of the Fortune 100 and 273 of the Fortune 500.
Following its IPO, Atlassian made its largest acquisition deals at the time, acquiring status and incident communication platform StatusPage for an undisclosed amount in 2016, and project management service Trello for $425 million in 2017.
Atlassian’s acquisition strategy continued in 2019 with the purchase of Opsgenie for $295 million. The deal expanded Atlassian’s presence in the lucrative incident management market. Additionally, to enhance its enterprise agile planning capabilities, the company purchased AgileCraft for $166 million, later rebranding it as Jira Align.
Overall, within the four-year period after becoming a publicly traded company, Atlassian’s focus on product development and market expansion paid off, growing its revenue by over 275%.
2020 – Present: Atlassian Bets on Cloud
In 2020, Atlassian announced a strategic shift, betting big on cloud technology as the future of work. The company committed to migrating its customers and prioritizing Cloud-based solutions. This decision proved to be well-timed, as the pandemic accelerated the global transition to remote work.
As a result, Atlassian saw a significant increase in cloud adoption among its customer base, with 150,000 of its 174,000 customers moving to cloud-based services. That year, Atlassian’s notable acquisitions included Halp, which converts Slack conversations into helpdesk tickets, and Mindville, an IT asset and configuration management provider. These purchases strengthened Atlassian’s position in workplace messaging integration and IT service management (ITSM).
The next year, Atlassian acquired data and analytics company Chartio to bring data visualization to its platform. It also acquired ThinkTilt, expanding its investment in ITSM and enterprise service management (ESM). Additionally, the company continued its evolution to a cloud-first company by adding five new products to its rapidly advancing cloud platform, enhancing its data export capabilities, and multiplying cloud migrations by 2x.
2022 saw Atlassian strengthen its investments in AI and machine learning through the acquisition of Percept.AI, an AI-powered virtual agent technology provider. The company also made significant progress as a cloud-first organization, achieving a cloud net expansion rate of over 130% and surpassing 200,000 cloud customers.
To elevate the collaboration experience for its customers, Atlassian acquired Loom, an asynchronous messaging tool for $975 million in 2023. The company also announced a number of new AI features – Atlassian Intelligence, powered by OpenAI technology. Despite ongoing economic challenges, Atlassian’s revenue for the year was $3.5 billion, a 119% increase from 2020 levels.
In 2024, Atlassian announced a unified Jira and:
- Rovo, an AI-powered teammate.
- Guard, an advanced security solution designed to enhance user and data protection, visibility, and auditing across Atlassian cloud products.
- 30+ new Atlassian Intelligence capabilities to deliver game-changing innovation to customers in the cloud.
Later in the year, as the company surged past 300,000 customers, it acquired Rewatch, an AI-powered meeting recording company, with plans to integrate it into Loom and the Rovo AI platform.
Overall, for the fiscal year, Atlassian’s revenue shot past $4 billion reflecting the company’s strong growth potential and ability to capitalize on a massive total serviceable addressable market worth $67 billion.
Atlassian Controversies
While Atlassian has managed to remain controversy-free, the company’s systems have recently been linked to several security incidents.
In October 2023, Microsoft reported that Chinese state-backed hackers Storm-0062 exploited a critical zero-day vulnerability in Atlassian software. The flaw affected the Atlassian Confluence Data Center and Server, allowing hackers to create unauthorized administrator accounts and potentially access sensitive data.
Atlassian disclosed the issue on October 4, 2023, about three weeks after the initial exploit. The company stated that the vulnerability only impacted on-premises instances of Confluence Data Center and Confluence Server and that it had released a patch for the flaw.
However, the company declined to comment on how many of its customers had been compromised or whether it had seen any evidence of data theft.
Microsoft has observed nation-state threat actor Storm-0062 exploiting CVE-2023-22515 in the wild since September 14, 2023. CVE-2023-22515 was disclosed on October 4, 2023. Storm-0062 is tracked by others as DarkShadow or Oro0lxy.
— Microsoft Threat Intelligence (@MsftSecIntel) October 10, 2023
In January 2024, a hacker exploited vulnerabilities in Atlassian’s API and scraped approximately 15 million Trello user profiles. Atlassian responded by tightening its API security but didn’t take responsibility for its role in the incident. The company argued that the hacker had only obtained Trello user profile information that was already publicly available.
Data scraping often leads to more dangerous follow-on attacks, and while Atlassian deflected blame, companies are increasingly being taken to task for allowing it to happen. A prime example is Facebook (Meta), which faced significant backlash following the Cambridge Analytica scandal, and subsequently added data scraping to its bug-bounty program as a legitimate threat vector.
What Can We Learn From Atlassian?
Atlassian’s success stems from its ability to identify key market segments and develop unique products to meet their evolving needs. This approach, resulting in high product-fit and customer loyalty rates, has differentiated Atlassian from competitors and contributed significantly to its growth.
By expanding its user base and adding complementary solutions to its product portfolio through strategic acquisitions, the company has positioned itself as a comprehensive solution for teams.
Its transparent and frictionless distribution model, which eliminates complex sales processes, has facilitated adoption and allowed the company to focus resources on critical R&D and customer retention efforts. The company’s commitment to innovation, evident in its high R&D budget, has been crucial for maintaining its competitive edge in the rapidly evolving software industry. It has also allowed the company to capitalize on emerging technological trends.
Atlassian has evolved with the changing tech landscape, transitioning to a cloud-first model to fulfill its mission of serving teams. The success the company continues to experience owing to this pivot demonstrates the power of agility and adaptability.
However, Atlassian has experienced net losses over several years, raising concerns about long-term profitability. While ongoing investments in R&D are necessary for growth, they may strain the company’s financial resources if not managed effectively.
Atlassian remains at the forefront of digital transformation, continually guiding its customer base towards the future of work. As the company pursues growth in a vast market, it must prioritize robust cybersecurity strategies, especially in light of recent security incidents.