Slack Steps up Efforts for IPO as Early as First Quarter 2019

Slack Technologies Inc, a provider of Instant Messaging services for business, is now preparing for an IPO (Initial Public Offering) for the first half of 2019, according to a report citing people familiar with the company plans.

The San Francisco-based startup expects it could achieve a valuation well in excess of $7 billion, the level at which a recent round of financing valued the company.

The startup competes with Microsoft Team, Cisco System WebEx Teams, Alphabet Inc’s Google Hangouts, and some others in the workplace collaboration market, which research firm will be worth around $3.2 billion by the end of 2021.

Slack, which counts Softbank among its top investors, has around 8 million daily active users and 3 million paid users.

The company has not hired underwriters yet but could do soon, according to the report which has been revealed.

Picture Credits: CNET