Slack has found a new stock trading symbol that reflects where it wants to be.
In an updated prospectus on Monday (May 20), the workplace collaboration app company said it has received approval from the New York Stock Exchange to update its ticker symbol from the previously listed “SK” for the more apt symbol: WORK.
The $9 billion collaboration software market is a saturated one. Slack’s competitors include Microsoft, Alphabet and Cisco, and there are dozens of newer companies in this space, including enterprise software giant Atlassian and cloud-based HR systems provider Workday. Atlassian’s ticker symbol is TEAM, while Workday (WDAY) uses the more traditional style of identifier.
More broadly, businesses catering to enterprises are having their moment on the public market. Videoconferencing company Zoom, the rarest of unicorns in that it is profitable, has more than doubled from its IPO price in April, as has cloud computing company PagerDuty. Fastly, which makes software to help companies deliver online content, soared 50% in its debut on May 17.
Slack, valued at more than $7 billion with its last round of funding, will forgo a traditional public listing and list directly on the NYSE June 20.