You have it nailed: they offer low-churn products.
Atlassian is well-managed. Their revenue is fine. Their cash flow management is good. Their compensation plan is effective at retaining employees--the stock employees receive is likely to be more valuable at the end dof the vesting cycle than it is today.
Atlassian has got a collection of offerings that are industry standard. When used at large companies, they become quickly entrenched, with very low churn.
It is also a collection of offerings that is chosen by startups. Last quarter through a year from now, I expect that stream to be dry. But they are on 3-year contracts at an awful lot of got-my-Series A startups that will have to tighten their belts in other ways before trying to rotate off of Atlassian.
Atlassian is well-managed. Their revenue is fine. Their cash flow management is good. Their compensation plan is effective at retaining employees--the stock employees receive is likely to be more valuable at the end dof the vesting cycle than it is today.
Atlassian has got a collection of offerings that are industry standard. When used at large companies, they become quickly entrenched, with very low churn.
It is also a collection of offerings that is chosen by startups. Last quarter through a year from now, I expect that stream to be dry. But they are on 3-year contracts at an awful lot of got-my-Series A startups that will have to tighten their belts in other ways before trying to rotate off of Atlassian.