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Why Atlassian Surged Today

TheMotleyFool 
0 0 04.12.24
Why Atlassian Surged Today
 

Shares of enterprise productivity software company (NASDAQ: TEAM) rallied 6.6% on Wednesday as of 3:05 p.m. ET.

Atlassian rose along with many others in the space on the back of good earnings elsewhere in the sector. However, a large strategic collaboration agreement with Amazon Web Services appears to be driving especially big gains today.

At Amazon's Re:Invent conference, Atlassian and AWS announced a strategic collaboration agreement (SCA) with the goal of driving faster migrations of large enterprise workloads to Atlassian Cloud, which runs on AWS. Today, Atlassian still runs lots of its software for large enterprises in on-premises data centers. In the press release announcing the collaboration, Atlassian noted over $1 billion of its $4.6 billion in trailing-12-month revenue comes from Atlassian Data Center.

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Source Fool.com

Atlassian Corp. Stock

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