Slack shares were trading sharply higher Monday after a report said the company has secured its single-biggest contract ever—a deal to provide its collaborative-communications software to the 350,000 employees at IBM.
The news was reported Monday morning by Business Insider. “Going wall to wall in IBM—it’s basically the maximum scale that there is, so we now know that Slack will work for literally the largest organizations in the world,” Slack CEO Stewart Butterfield told the publication.
Slack shares (ticker: WORK) have floundered since their direct listing in June 2019. The stock opened for trading at $38.50, and over time drifted lower, pressured in part by the perception of increased competition from its primary rival, Microsoft Corp.’s (MSFT) Microsoft Teams. But the stock has picked up steam in recent sessions—up about 32% this month—and was on track Monday for its single best day since going public.
Neither Slack nor IBM (IBM) immediately responded to requests for comment.
Slack was up 14.5% to $26.32 Monday afternoon and traded as high as $27.89, the highest price since September. The Dow Jones Industrial Average was up 0.2%.
Write to Eric J. Savitz at eric.savitz@barrons.com
https://news.google.com/__i/rss/rd/articles/CBMiVWh0dHBzOi8vd3d3LmJhcnJvbnMuY29tL2FydGljbGVzL3NsYWNrLXN0b2NrLXNwaWtlcy1pYm0tMzUwLTAwMC1lbXBsb3llZXMtNTE1ODEzNjE1MjbSAVlodHRwczovL3d3dy5iYXJyb25zLmNvbS9hbXAvYXJ0aWNsZXMvc2xhY2stc3RvY2stc3Bpa2VzLWlibS0zNTAtMDAwLWVtcGxveWVlcy01MTU4MTM2MTUyNg?oc=5
2020-02-10 19:06:00Z
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