Charlie Ross discusses the growing demand for productivity technologies, signalled by the recent valuation of enterprise tool Slack at $7.1bn (£5.6bn) in its latest funding round.
“Slack’s latest valuation of £5.6bn, following its latest round of funding, demonstrates that there is a huge market for businesses looking to leverage the benefits of software and the cloud to improve productivity, foster creativity and bring together dispersed teams in real-time,” said Charlie.
Slack is a cloud-based tool suite that is designed to enable increased collaboration among teams. It initially saw growth primarily through adoption by IT and development teams, but is increasingly being used in a host of different departments and industries.
Charlie believes the valuation will prompt other software companies to produce cloud-based applications designed to streamline business processes.
“As Slack’s star continues to rise, amid the continued threat of Microsoft and its Teams product, other software companies will be looking to emulate Slack’s cloud-first business model and its product-focused lead generation approach,” he said.
“Applications which free up employees to collaborate in a more streamlined and creative fashion will continue to be a magnet for investment from venture capitalists and other tech companies.”
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