Atlassian files US IPO: report

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Atlassian files US IPO: report
Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar.

Aussie success story to go public in America.

Australian technology success story Atlassian has reportedly filed for an initial public offering in the United States in what could become a US$3 billion-plus listing.

The software company has lodged its IPO documents and intends to go public before the end of this year, according to The Wall Street Journal.

Atlassian was valued at US$3.3 billion (A$4.7 billion) two years ago when T Rowe Price and Dragoneer Investment Capital paid US$150 million for a 6 percent stake in the business.

The company reportedly filed its IPO documents under the US Jumpstart Our Business Startup (JOBS) Act, which allows businesses with less than US$1 billion in revenue to file confidentially.

A US IPO would make Atlassian's two founders - Mike Cannon-Brookes and Scott Farquhar - two of Australia's richest men. Together they are reported to own around 78 percent of the company, and the pair have an existing combined wealth of $2.1 billion.

The company hired former eBay executive Erik Bardman as its chief financial officer in February, in a move suggestive of a planned IPO.

"[Bardman's] private and public company experience will be a huge asset as we continue our growth trajectory as a private company but operate the business as public-market ready," Cannon-Brookes said at the time.

“That gives us the greatest flexibility to do what we’ve always done, which is to make decisions that are right for the long-term.”

Atlassian was famously born in 2002 after Cannon-Brookes and Farquhar put $10,000 to launch the company on credit.

Its business IT products include the Jira bug tracking tool, Confluence collaboration software and HipChat chat app.

Earlier this year, Atlassian said it had more than 43,000 customers. In the fiscal year ending June 30 2014 it reported revenue of $215 million, and the business has been profitable for ten years.

The company - based in Sydney but with a significant Silicon Valley presence - topped the BRW annual 'best places to work list' this year for the second time in a row.

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