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.”
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