In this clip from "3 Minute Stocks Updates" on Motley Fool Live , recorded on Jan. 5 , Motley Fool contributors Brian Withers and Toby Bordelon discuss why Atlassian (NASDAQ:TEAM) has outperformed other SaaS competitors and consider whether it can continue to do so.
Brian Withers: Atlassian. TEAM is the ticker. They were just named a leader by Forrester (NASDAQ:FORR) for its enterprise service management tools. These tools are in the same zone as ServiceNow (NYSE:NOW) . ServiceNow is in the leader zone as well. ServiceNow was actually founded and focused on this product and customer set. This is great news for Atlassian shareholders and a recognition that its move into the IT service management space is paying off. In its investor meeting over a year ago, the company laid out three pillars which was focused on, first, agile development tools for software engineers, which is where the company started. Work management and it calls it for all, for non-tech and technical, and this IT service management, which is a natural extension of its work in the software engineering teams. Today, 35,000 customers depend on Jira service management for their product support needs. A quote from the press release, "Atlassian received the highest possible scores in 18 of the 22 evaluation criteria. The report list usability ecosystem Atlassian Suite integrations as its greater strength, noting that Atlassian is a good fit for organizations looking for a comprehensively integrated service management platform to bring together development, operations, and business teams." I love that this company's products are being recognized as exceptional, especially in this new area for growth.
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Why This Software Stock Didn't Get Crushed Like Its Competitors