Accel pumps $60 million into Atlassian. Who?
What do Facebook, Shell and Pfizer have in common?
They all use software by Atlassian for product development. The Atlassian name may not have the same familiar ring to it as heavyweight software players like Oracle or Salesforce.com, but the company just got a major endorsement from Silicon Valley venture capital firm Accel Partners.
Accel invested $60 million in Atlassian on Thursday, representing the firmsâ€™ largest single-round bet on a company in nearly a decade.
The cash infusion should allow the 8-year old Australian company to ramp up its international expansion, make some acquisitions and provide liquidity to employees,Â said Accel partner Ryan Sweeney, who led the investment along with Accel partner Richard Wong.
Atlassian, whose products allow companies to collaborate on product development and do things like track bugs, generated $59 million in its fiscal 2010 and has been profitable from the get-go, , according to Accel.
Accel isnâ€™t saying how much equity it got for its $60 million other than to note that the VC firm now has a minority stake in the company and a board seat.
As for a potential exit?
â€śWe do think that this could be a public company some day, but weâ€™re not in any rush that it has to be in any particular year,â€ť said Wong.