shares today rose for the fifth session in a row, but still have plenty of catching up to do. Recently trading at $171.66, the stock is down nearly 28% YTD.
At the investor event, Atlassian management talked about opportunities across three “massive” markets: software development, service management and work management. Atlassian argues that these markets are becoming more interconnected, putting it in a unique position to bring together technical and business teams. Atlassian estimates that its total serviceable addressable market is worth $67 billion, growing 13% annually.
Work management, Atlassian’s largest SAM, is worth about $35 billion, growing 14% annually. As businesses become more complex, the company is seeing a rapid rise in teams across HR, marketing and finance working with their counterparts in development and IT. Organizations want to see a single system of work, while teams want seamless collaboration.
Looking beyond its existing customer base and teams currently on free editions, Atlassian sees a $44-billion opportunity based on 4 million potential customers worldwide. It has identified that approximately half of this total dollar opportunity is available within the 400,000 companies it is currently targeting.
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