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Brief: Slack aims to raise $500m as big tech firms mull over buyout

Brief: Slack aims to raise $500m as big tech firms mull over buyout

Brief: Slack aims to raise $500m as big tech firms mull over buyout
June 16
09:55 2017

Slack logo on laptop

Photo credit: Giorgio Minguzzi.

The news:

  • Slack is aiming to raise US$500 million in an ongoing funding round. If the company hits its target, it will have an estimated valuation of close to US$5 billion.
  • The “virtual office” platform has attracted interest from potential buyers including Amazon, Microsoft, and Salesforce.

Why it matters:

  • The money that Slack raises is likely to be invested in artificial intelligence for automation and a larger platform developer system. The company wants to attract a wider range of corporate clients, so these measures are intended to make its office-oriented messaging service more secure and to assuage privacy concerns.
  • The funding round could be a prelude to a buyout offer. When a particularly promising startup is engaged in fundraising, larger tech companies will often make an approach before the round closes in order to give the acquisition target more options.

Source: Recode.

Editing by Michael Tegos

(And yes, we’re serious about ethics and transparency. More information here.)

About Jack

Hello, world. I’m the latest addition to the Tech In Asia news team.

source : techinasia

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