{"id":12933,"date":"2019-06-20T12:33:04","date_gmt":"2019-06-20T10:33:04","guid":{"rendered":"https:\/\/chartmogul.com\/blog\/?p=12933"},"modified":"2023-08-11T11:14:05","modified_gmt":"2023-08-11T09:14:05","slug":"slack-ipo","status":"publish","type":"post","link":"https:\/\/chartmogul.com\/blog\/slack-ipo\/","title":{"rendered":"Slack\u2019s IPO Is Going to Be a Success. Here\u2019s Why"},"content":{"rendered":"\n<p>Slack will go public later today on <a href=\"https:\/\/techcrunch.com\/2019\/06\/19\/slack-reportedly-prices-ipo-at-26-per-share\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">a $15.7B valuation<\/a>, the biggest SaaS IPO in history and the first direct listing of a SaaS company. We are truly living through a golden age of business software.<\/p>\n\n\n\n<p>While the core functionality of Slack is similar to IRC, it\u2019s clearly something beyond the core product that has enabled Slack to become so valuable.<\/p>\n\n\n\n<p>The success of the company speaks for itself \u2014 <a href=\"https:\/\/www.theverge.com\/2014\/10\/31\/7135639\/slack-is-now-the-fastest-growing-workplace-software-ever\">Slack is the fastest growing workplace app ever<\/a> and its shares have been popular in private trading for a while.<\/p>\n\n\n\n<p>So where does this success come from?<\/p>\n\n\n\n<p>I believe it\u2019s rooted in two (connected) factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The Slack team has built a truly great product:<\/strong> one that is connected in existing behavior, improves on it, and is very sticky. In the process, they\u2019ve created a new (huge) category in which they hold a formidable advantage.<br><\/li>\n\n\n\n<li><strong>They\u2019ve come up with a business model which supports the product:<\/strong> it allows the company to capture the lion\u2019s share of this new category\/market and grow sustainably.<\/li>\n<\/ul>\n\n\n\n<p>This explains why Slack is so <em>bullish<\/em> on their public offering \u2014 <a href=\"https:\/\/www.fool.com\/investing\/2019\/02\/04\/slack-ipo-what-investors-need-know-direct-listing.aspx\">it\u2019s planned as a <em>direct<\/em> listing<\/a> (technically not an IPO), meaning the company won\u2019t be issuing new shares, but rather allowing investors to monetize their existing stock. Also, there would be no limitations to selling, which creates a risk about the price of Slack\u2019s shares.<\/p>\n\n\n\n<p>Because of the reasons I explained above, I believe Slack\u2019s public offering will be a success.<\/p>\n\n\n\n<p>In the following sections, I will go into detail on what makes Slack\u2019s product and business model so good and so well-aligned.<\/p>\n\n\n\n<p>But before we get to it, let\u2019s quickly go over Slack\u2019s numbers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-look-at-slack-s-numbers\"><strong>A look at Slack\u2019s numbers<\/strong><\/h2>\n\n\n\n<p>A look at <a href=\"https:\/\/sec.report\/Document\/0001628280-19-004786\/\">Slack\u2019s S-1 statement<\/a> reveals some truly fascinating statistics about the company:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-slack-s-revenue-was-134-8m-in-q1-2019\"><strong>Slack\u2019s revenue was $134.8m in Q1 2019<\/strong><\/h3>\n\n\n\n<p>Slack <a href=\"https:\/\/news.crunchbase.com\/news\/slack-details-its-q1-performance-including-revenue-growth-of-66-6\/\">generated $134.8m in revenue<\/a> in Q1 of 2019. That means sales grew 66.6% in one year.<\/p>\n\n\n\n<p>That level of growth is amazing for a company that generates over $100m in sales on a quarterly basis.<\/p>\n\n\n\n<p>The fact that revenue continues to grow so fast, combined with <em>where<\/em> this growth is coming from (more on this below), signals that Slack\u2019s (long-term) business strategy is working.<\/p>\n\n\n\n<p>The question is, how much runway do they have\u2026<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-slack-recorded-a-net-loss-of-31-9m-in-q1-of-2019\"><strong>Slack recorded a net loss of $31.9m in Q1 of 2019<\/strong><\/h3>\n\n\n\n<p>Slack continues to burn through a significant amount of cash per quarter.<\/p>\n\n\n\n<p>However, it\u2019s also important to look at their numbers from the perspective of the <a href=\"https:\/\/news.crunchbase.com\/news\/slack-details-its-q1-performance-including-revenue-growth-of-66-6\/\">$792m in cash Slack have sitting in their bank account<\/a>.<\/p>\n\n\n\n<p>At their current rate, they would have around 6 <em>years<\/em> of runway.<\/p>\n\n\n\n<p>That\u2019s plenty of time to figure out how to make money (also, it\u2019s aligned with their overall strategy, which I\u2019ll get to in a bit).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-40-of-revenue-comes-from-0-7-of-customers\"><strong>40% of revenue comes from 0.7% of customers<\/strong><\/h3>\n\n\n\n<p>That\u2019s perhaps the biggest threat to Slack, if there\u2019s one.<\/p>\n\n\n\n<p>Out of 95 thousand paying customers, <a href=\"https:\/\/www.marketwatch.com\/story\/slack-non-ipo-5-things-to-know-about-the-direct-listing-2019-04-26\">there are 645 organizations<\/a> that generate &gt;$100,000 in annual recurring revenue.<\/p>\n\n\n\n<p>These large customers contribute about 40% of Slack\u2019s total revenue.<\/p>\n\n\n\n<p>Clearly, relying on such a small number of customers is a risk, but it also shows how successful Slack is at growing through existing customers \u2014 they can enter an organization just by getting one team\/department to use Slack and then expand internally by getting the whole company to switch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-net-dollar-retention-rate-of-143\"><strong>Net dollar retention rate of 143%<\/strong><\/h3>\n\n\n\n<p>Slack is well into <a href=\"https:\/\/beth.technology\/slack-ipo\/\">net negative churn territory<\/a>. In fact, the company has one of the best net dollar retention rates a SaaS company going public has ever reported:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"421\" height=\"658\" src=\"https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2019\/06\/SaaS-net-dollar-retention.png\" alt=\"Slack has one of the best net dollar retention rates in SaaS.\" class=\"wp-image-12935\" srcset=\"https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2019\/06\/SaaS-net-dollar-retention.png 421w, https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2019\/06\/SaaS-net-dollar-retention-192x300.png 192w, https:\/\/chartmogul.com\/blog\/wp-content\/uploads\/2019\/06\/SaaS-net-dollar-retention-192x300@2x.png 384w\" sizes=\"auto, (max-width: 421px) 100vw, 421px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/about.crunchbase.com\/blog\/net-dollar-retention\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Source (opens in a new tab)\">Source<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n<p>What the 143% is telling us is that Slack\u2019s customers are growing and expanding their use of the product faster than they are churning.<\/p>\n\n\n\n<p>This is a critical piece of Slack\u2019s business model. However, before we get to it, we should look at how Slack created a product that became so sticky.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-find-an-existing-broken-behavior-and-fix-it\"><strong>Find an existing (broken) behavior and fix it<\/strong><\/h2>\n\n\n\n<p>Organizations have relied on email for quick (asynchronous) communication for years, but email is not a good fit for that purpose.<\/p>\n\n\n\n<p>Slack identified this and built a tool, which is much better aligned with the goals that users want to achieve.<\/p>\n\n\n\n<p>The similarity with IRC is not by chance \u2014 early in the life of the company when they were working on developing an MMORPG game, <a href=\"https:\/\/www.fastcompany.com\/3026418\/this-story-about-slacks-founder-says-everything-you-need-to-know-about-him\">they were using IRC as a team<\/a>.<\/p>\n\n\n\n<p>However, the team quickly realized what were the limitations of IRC and started building and expanding on it. After the game didn\u2019t pan out as expected, CEO Stewart Butterfield decided to pivot and spin out their tool for <em>internal communication<\/em> as a separate product. Thus, Slack was born.<\/p>\n\n\n\n<p>Slack not only created a new tool that was well aligned with the needs of professional teams, but they also created a whole new category.<\/p>\n\n\n\n<p>Being pioneers and having a great product positioned Slack to capture the lion\u2019s share in their category.<\/p>\n\n\n\n<p>However, that didn\u2019t prompt the team to exploit this position for quick returns. Instead, Slack focussed on building a business model that would allow them to capture a lot more value in the long term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-focus-on-integrating-then-building-all-the-tools\"><strong>Focus on integrating then building all the tools<\/strong><\/h2>\n\n\n\n<p>Professional software is a gradually more fragmented field. The average large company in the US <a href=\"https:\/\/www.ft.com\/content\/c26062d8-90bc-11e9-aea1-2b1d33ac3271\">uses software from around <em>1000<\/em> different vendors<\/a>.<\/p>\n\n\n\n<p>Yet, most companies look at expanding their own suite of products as a way to grow.<\/p>\n\n\n\n<p>Slack has chosen a different way. The company admits its <a href=\"https:\/\/www.marketwatch.com\/story\/slack-non-ipo-5-things-to-know-about-the-direct-listing-2019-04-26\">product offering is limited<\/a>, but that\u2019s by design.<\/p>\n\n\n\n<p>Instead of trying to expand by building a tool for every task and behavior as a way to grow, Slack has chosen to focus on integrating as many popular tools as possible to work with their chat tool.<\/p>\n\n\n\n<p>That means their users don\u2019t have to switch their behavior and learn a new tool. That lowers friction for people to start using Slack and makes the product sticky.<\/p>\n\n\n\n<p>Thus, <a href=\"https:\/\/usefyi.com\/slack-history\/\">Slack has become a platform<\/a> \u2014 it allows external developers to integrate and build on top of the tool.<\/p>\n\n\n\n<p>This creates a long-term network effect: the more people use Slack, the more other popular tools would want to integrate with it, thus sparking further growth in the number of teams that want to use Slack, and so forth.<\/p>\n\n\n\n<p>(To learn more about what it means for Slack to be a platform and how they\u2019re marketing it, check out <a href=\"https:\/\/www.intercom.com\/blog\/podcasts\/slack-ceci-stallsmith\/\">this interview with Ceci Stallsmith<\/a>, Slack\u2019s Director of Platform Marketing)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-build-a-business-model-that-supports-your-product-strategy\"><strong>Build a business model that supports your product strategy<\/strong><\/h2>\n\n\n\n<p>According to the S-1 filing, <a href=\"https:\/\/www.barrons.com\/articles\/slack-is-going-public-its-stock-wont-come-cheap-51560540659\">there are over 600,000 teams<\/a> worldwide that use Slack, but only around 95,000 (or ~16%) are paying for the product.<\/p>\n\n\n\n<p>That might seem like a precarious position to be in, but you also need to consider the fact that <a href=\"https:\/\/www.saastr.com\/5-interesting-learnings-from-slack-as-it-gets-ready-to-ipo\/\">only 8% of their customers start with a paid plan<\/a>.<\/p>\n\n\n\n<p>For Slack, the freemium model is a great lead generation tool \u2014 once a team joins and starts chatting, integrating with other tools they\u2019re using, and adding their information to the platform, it would be very hard to switch to another tool.<\/p>\n\n\n\n<p>That way, Slack can \u201center\u201d a team early with their free tier, establish a foothold, and stay for the long haul \u2014 the stickiness of the product minimizes the chance customers leave early. The net negative churn numbers we saw above are a testament that the strategy works.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-slack-is-going-to-be-successful-as-a-public-company\"><strong>Slack is going to be successful as a public company<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<p class=\"video-container\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Let\u2019s do this. <a href=\"https:\/\/t.co\/YfGc8OwJOD\">pic.twitter.com\/YfGc8OwJOD<\/a><\/p>&mdash; kris (@kriz) <a href=\"https:\/\/twitter.com\/kriz\/status\/1141466443902586880?ref_src=twsrc%5Etfw\">June 19, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<\/div><\/figure>\n\n\n\n<p>Slack sets a great example for all types of subscription companies.<\/p>\n\n\n\n<p>Butterfield and team succeeded by focusing on defining their market well and building a product that\u2019s both great at fulfilling the needs of their market and sticky.<\/p>\n\n\n\n<p>Additionally, they also did a great job of formulating their strategy and business model in a way that supports the product strategy.<\/p>\n\n\n\n<p>Because of the above, I am very optimistic about Slack\u2019s future as a public company. Even if market analysts seem to be pretty cautious at the moment.<\/p>\n\n\n\n<p><strong><em>Disclaimer:<\/em><\/strong><em> As of writing I own no shares in Slack, though this could change following their listing later today. This article does not constitute investment or financial advice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SaaS companies have a lot to learn from Slack&#8217;s relentless focus on building a great product and aligning it with a business model that supports it.<\/p>\n","protected":false},"author":4,"featured_media":12937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,11],"tags":[293,21,52],"class_list":["post-12933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gtm","category-market-insights","tag-ipo","tag-saas","tag-slack"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Slack\u2019s IPO Is Going to Be a Success. Here\u2019s Why | ChartMogul<\/title>\n<meta name=\"description\" content=\"SaaS companies have a lot to learn from Slack&#039;s relentless focus on building a great product and aligning it with a business model that supports it.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chartmogul.com\/blog\/slack-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slack\u2019s IPO Is Going to Be a Success. 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