NASDAQ-listed Australian software venture Atlassian is looking at moving its parent company from the United Kingdom to the US.
Atlassian (NASDAQ: TEAM) announced last week that it had undertaken an exploration of redomiciling the parent holding company across the Atlantic.
The workplace collaboration software business originally set up in the UK in 2014 ahead of its listing on the NASDAQ in 2015.
It’s now worth more than $100 billion by market cap, making its NSW-based co-founders Mike Cannon-Brookes and Scott Farquhar, extremely wealthy 20 years after they launched Atlassian after meeting at the University of NSW.
Forbes estimates their net worth at around US$20 billion in, placing them in the top 150 richest people in the world.
In a statement announcing the potential shift, the company said: “Pending exploration, Atlassian would aim to close the transaction in the first half of fiscal year 2023, and will share additional details in the coming months, including the filing of additional materials with the U.S. Securities and Exchange Commission.”
While the business is domiciled in the UK for greater access to capital – tax is not an issue because in two decades Atlassian has never finished a financial year in the black – the company is building a 40-storey HQ as part of Sydney’s Tech Central.
Atlassian said it believes moving the parent company to the United States will increase its access to a broader set of investors, support inclusion in additional stock indices, streamline its corporate structure, and provide more flexibility in accessing capital.
“Atlassian has always operated with a mindset to drive the best long-term outcome for its customers, employees, partners, and shareholders. Atlassian,” the company said.
“Atlassian does not believe this transaction will result in any significant operational or business model changes.”
The transaction is subject to final approval, including by Atlassian’s Board of Directors and shareholders.