Atlassian (TEAM) closed at $207.75 on October 12 after returning approximately 239% over the past six months. The article says the company is expanding beyond Jira and Confluence into finance, HR, legal and other departments, arguing that selling more to existing customers can be easier than winning new ones, while Microsoft and ServiceNow compete for enterprise software budgets. Its Rovo platform helps employees search for information and work across tools, and management says more than 80% of Fortune 500 companies use Rovo and that customers adopting it grow annual recurring revenue at more than twice the rate of non-adopters. The article cautions that heavier spenders may be the ones adopting Rovo first, so the real test is whether AI drives more spending, additional products and longer retention.
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