Business messaging company Slack pitched investors Monday about its forthcoming plans to go public in a presentation that was live streamed on the company’s website. Like music-streaming company Spotify, Slack is going public by directly listing its shares on the New York Stock Exchange, which means it won’t raise any capital in the offering and it’s forgoing the traditional roadshow that’s a typical part of the initial public offering process.
In the presentation, the company’s chief executive officer Stewart Butterfield said Slack could someday replace email. “By increasing the return on what people put into communication, there’s a movement from inboxes to channels,” said Mr. Butterfield. “It’s a world that’s team first over individual first. The shift is inevitable.”
Investor buy-in to Mr. Butterfield’s vision for Slack’s future as a cornerstone of messaging software services will be key to the success of Slack’s closely watched direct listing, which is expected to take place in June of this year.