Atlassian Corporation
Information Technology · Systems Software
Structural: Atlassian is the default collaboration + ticketing layer for software teams (Jira install base measured in hundreds of thousands of customers) and is extending into ITSM ($SNOW / $NOW adjacency via JSM) and async work (Loom). Cloud migration off Server/Data Center is a multi-year ARR uplift - cloud seats price materially above legacy.
Rovo (AI agents inside Jira/Confluence) plugs LLM workflows directly into the system of record for engineering and product orgs.
cloud migration tailwind still live (Data Center end-of-life forces customers onto cloud at higher ARPU); enterprise tier growing faster than SMB, lifting net-revenue retention; JSM grabbing ITSM share from $NOW at lower price point; Rovo monetization optionality (AI seat upsell) starting to surface in disclosed metrics; founders (Cannon-Brookes / Farquhar) still control voting via dual-class.
SMB seat compression in soft macro (developer headcount cuts at customers hit Jira seat counts); $MSFT bundling (Teams + Planner + Loop + GitHub) is a slow-moving but credible substitution risk on the low end; Rovo competes against $MSFT Copilot inside the same enterprises; dual-class governance limits activist pressure; FCF margin compressed by cloud R&D spend; high stock-based comp dilutes GAAP earnings.
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