ATLASSIAN DUO ON CLOUD NINE AS WEALTH HITS $25BN
ATLASSIAN’S quarterly results have bolstered the wealth of founding duo Mike Cannon-Brookes and Scott Farquhar to an eye-watering $25bn each.
The windfall is thanks to bumper Covid-related demand for their cloud collaboration software.
Atlassian’s shares soared by 13 per cent after hours to $US302 on Thursday US time, after the Sydney-based company posted strongerthan-expected projections for the fiscal first quarter.
It also reported “ripper” fiscal fourth-quarter results, with revenue of $US560m, an increase of 30 per cent yearover-year.
The company is now worth about $90bn, giving Mr Farquhar and Mr CannonBrookes – who have held on to a majority stake of the company they founded – an on-paper wealth of $25bn each.
The pair were ranked as Australia’s third and fourth richest people in The List: Australia’s Richest 250 in February 2021.
“Our Q4 was a ripper of a quarter – as we Aussies say – as we added over 23,000 new customers, grew subscription revenue 50 per cent year-over-year, and continued to see cloud momentum build,” Mr Cannon-Brookes said. “We are incredibly proud of our resilience and execution.”