Slack, the provider of workplace communication and collaboration tools, has submitted paperwork with the Securities and Exchange Commission to go public later this year, the company announced on Monday.
This is its first concrete stride toward becoming a publicly listed company, five years after it launched.
Headquartered in San Francisco, Slack has raised more than $1 billion in quest capital investment, including a $427 million funding circular in August. The circular valued the business at $7.1 billion, cementing its position as one of the most precious privately held businesses in the U.S.
The company counted 10 million daily active users around the world and 85,000 paying users as of January 2019. According to data provided (via email) by SensorTower, Slack’s brand-new users on mobile increased roughly 21 percent last quarter compared to Q4 2017, while total installs on mobile grew 24 million. The company recorded 8 million installs in 2018, up 21 percent year-over-year.
Slack’s investors include SoftBank’s Vision Fund, Dragoneer Investment faction, General Atlantic, T. Rowe Price Associates, Wellington Management, Baillie Gifford, Social Capital and IVP, as well as early investors Accel and Andreessen Horowitz.
Slack is one of several tech unicorns on deck to go public this year. Uber and Lyft have both similarly filed confidentially to go public in what are expected to be traditional initial public offerings. Slack, however, is expected to chase a direct listing, following in Spotify’s footsteps. Instead of issuing brand-new shares, Slack will trade directly to the marketplace existing shares held by insiders, employees and investors, a move that will allow it to bypass a roadshow and some of Wall roadway’s extortionate IPO fees.