Atlassian passes US$1 billion mark for the first time

Written on the 26 July 2019 by Matt Ogg

Atlassian passes US$1 billion mark for the first time

Now with more than 150,000 customers on its books, one of Australia's most successful technology companies has notched 36 per cent year-on-year growth in the fourth quarter to hit US$334 million.

In an announcement this morning, Atlassian (NASDAQ: TEAM) co-founder and co-CEO Scott Farquhar (pictured right) said the company had vaulted past the US$1 billion revenue mark for the first time in a fiscal year.

"Fiscal 2019 was another outstanding year for Atlassian. We surpassed 150,000 customers during fiscal 2019 a remarkable achievement for Atlassian and triple the audacious 50,000 customer target we set when we founded the company," says Farquhar.

Headquartered in Sydney and listed in the US, the workflow coordination technology group has made an even more audacious goal for FY2020 citing expectations revenue will exceed US$1.54 billion.

In the current quarter, Atlassian expects revenue to be in the range of US$349 million to US$353 million. More recently, the company opened a new technology centre to complement its existing presence in Bengaluru, India.

Atlassian recorded a US$637.6 million net loss in FY19, however more than 90 per cent of this can be accounted for by research and development.

The company has now gone far beyond the workhorses of its 'Jira' tracking software and team collaboration platform 'Confluence', with acquisitions of AgileCraft and Opsgenie in FY19.

Purchased for US$166 million in March, AgileCraft has since been rebranded as Jira Align, allowing enterprises to seamlessly connect the work of engineering and IT teams to business objectives.

Atlassian's $295 million acquisition of Opsgenie in September last year helped move into the area of incident management with a technology that enables companies to respond to IT service disruptions.

In addition, Atlassan's has introduced new early access programs for cloud-based services while its collaboration tool Trello now serves 80 per cent of the Fortune 500.

"We are a Cloud-first company, with more than 125,000 of our customers using our Cloud products and more than 90% of our net new customers each quarter choosing a Cloud product," says co-founder and co-CEO Mike Cannon-Brookes (pictured left).

"In fiscal 2020, we will continue to invest in our Cloud business to serve the needs of the Fortune 500,000 and drive our long-term growth."

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Author: Matt Ogg

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