Slack, had it remained independent and focused on AI, would likely trade between $16 billion and $20 billion today, according to SaaStr analysis. This valuation contrasts with Salesforce’s $27.7 billion acquisition price. The estimate is based on comparisons with Atlassian, a multiproduct company with a strong ecosystem, which SaaStr cites as the closest comparable to Slack’s potential standalone trajectory.
The analysis, shared by SaaStr founder Jason Lemkin, suggests Slack would still be a single-product company with an ecosystem bolted on, similar to Atlassian’s Teamwork Collection. Atlassian’s bundle, which includes Jira, Confluence, Loom, and Rovo, has crossed 1 million seats and 1,000 customers. This multiproduct approach drives higher seat counts and faster ARR growth, with Rovo adopters growing ARR at twice the rate of non-adopters, highlighting the impact of cross-selling.
Slack’s hypothetical valuation reflects the discount applied to single-product companies compared to multiproduct firms like Atlassian. Atlassian’s customers buy 10% more seats when purchasing the bundle versus standalone products, and customers consolidate to expand spend. SaaStr estimates Slack would trade at 7x to 8x ARR, around $2.5 billion ARR growing 25%, roughly half the value Salesforce paid, even without adjusting for dilution or time.
The comparison underscores the value of product diversification and ecosystem expansion in SaaS valuations. Atlassian’s multiproduct strategy has driven cloud revenue beats, primarily through cross-selling rather than data center migration. Slack’s independent valuation, as estimated by SaaStr, would be significantly lower than its acquisition price but still substantial, reflecting the evolving SaaS market dynamics.