Slack has had one its best days in a long time, after it was revealed that IBM would be adopting it as its collaboration software of choice for all its 350,000 employees.
The news instantly makes IBM Slack’s biggest customer, and the cash infusion should go a long way to bringing the money-losing company closer to profitability.
In response, the company’s share price was up more than 15% for the day, though still very much below its IPO price last year.
In its last quarterly financials, the company said it now had more than 50 customers paying at least $1 million a year, up from 30 in the same quarter a year earlier.
The company’s share price dropped 8.4% on Nov. 19, after Microsoft said Teams had more than 20 million daily active users, much more than the 12 million users Slack reported in October.