Workplace software platform Slack has gone public and the company is now valued at $20 billion.
The company entered the New York Stock Exchange on Thursday, following a slew of other tech unicorns that became publicly traded earlier this year including Uber, Lyft and Pinterest. Rather than raise money to create new shares, Slack put its existing shares on the market for its IPO.
When Slack entered the market five years, people suggested that it would kill email because of its workplace tools. However, the collaboration tool has not proven less of a threat to corporate email, and more of a supporting tool. Users have reported that Slack may have cut down on long threaded email chains in the workplace, because these conversations around a specific project can be discussed within the tool. This could actually make email more effective with an inbox less bogged down with many back and forth communications.
The company reported that it had more than 10 million users in the first three months of the year, counting both free and paid members.