Work management software maker Asana categorizes direct list documents

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Asana Co-Founder and CEO Dustin Moskovitz.

Horacio Villalobos | Corbis News | Getty Images

Asana, a San Francisco-based company that provides group project tracking software, filed documents for direct listing on Monday, six months after announcing that it had confidentially filed draft documents with the US Securities and Exchange Commission. United. Asana plans to join the New York Stock Exchange. The company has yet to finalize its ticker symbol.

It’s not just Asana looking to get her stocks traded now. Telemedicine software company Amwell, data warehouse software company Snowflake and game engine company Unity also debuted in public markets on Monday.

Asana was founded in 2008 by Dustin Moskovitz, co-founder of Facebook, and Justin Rosenstein, former Google product manager and head of Facebook engineering. Investors include Benchmark Capital, Founders Fund and Generation Investment Management.

Like Facebook, Asana has two classes of shares, class A and class B. The shares resold in direct listing are class A shares, and each is entitled to one vote. Each class B gets 10 votes. Much like Facebook CEO Mark Zuckerberg is the largest holder of Facebook’s powerful Class B shares, Moskovitz (who remains a key Facebook shareholder) owns more Class B shares of Asana than anyone else.

“Mr. Moskovitz could exercise substantial influence on matters requiring the approval of our shareholders,” Asana said in Monday’s filing. Moskowitz received total compensation of $ 1 for the fiscal year ended Jan. 31.

The company could have raised funds through a more traditional initial public offering, but chose a direct listing, which was popularized by Spotify in 2018 and bypasses investment banks in selling stocks.

Asana is not profitable, however. It generated a net loss of $ 118.6 million on revenue of $ 142.6 million for the year ended Jan. 31. While revenue grew nearly 86% during that time, the company’s loss more than doubled from $ 50.9 million the year before. For the three months ended April 30, the net loss was $ 35.8 million, again more than double what it was in the same period a year earlier, while the revenues were $ 47.7 million, up about 71%.

Competitors include Atlassian, Google, Microsoft, private company Monday.com, and Smartsheet. Customers include Facebook, GE, Google, Kaiser Permanente, and Harvard University. Asana had a valuation of $ 1.5 billion in association with a funding round in 2018.

LOOK: Facebook Co-Founder Creates a “Mindful” Environment at Asana


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