Mike Cannon-Brookes says claims Atlassian's US IPO will hurt Australian tech are 'bullshit'

Since news emerged a fortnight ago that Atlassian would float on the US stock exchange, many have offered their opinion either for or against the tech company’s decision.

But co-founder and co-CEO Mike Cannon-Brookes has defended the move and described claims that a Wall Street listing would hurt the Australian tech sector as “total bullshit”.

Instead Cannon-Brookes says any US listing would be a huge win for Aussie tech, and that given the maturity of Wall Street, it’s better equipped to handle Atlassian’s size and growth potential.

Speaking to The Australian, Cannon-Brookes said: “I think we need to lose a little bit of our parochialism about that (listing in the US), I don’t understand at all why that’s bad for Australia. I think that’s ­really good for Australia.

“We are passionate and dedicated to improving the Australian industry, it’s a huge priority for us as a company… We spend a huge amount of time on that and it’s an essential part of our company.”

Cannon-Brookes also said that going for an IPO in the US is far better option than a reverse takeover — a trend seen on the ASX this year, where tech startups use ­mining companies to list on the local stock exchange.

“I tell people, stay away from a reverse listing,” he said. “By and large they are unsuccessful in tech.

“The reason is, usually, it’s a funding source of last resort… Most of these companies have been to all the venture funds and been turned down, and then they turn to the public market.”

Read more here.

Now read: Atlassian is splitting its most successful business app into three.

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