Atlassian Has a Long Runway for Growth Supported by a Switching Cost-Driven Moat

Atlassian endeavors to “unleash the potential of teams” through better planning, project management, and workflow software, and we think its strong momentum is likely to continue in the coming years as the transition to the cloud continues. Atlassian’s original product, Jira, was designed as a workflow solution for software developers that has grown into a richly featured, easy-to-use, inexpensive, easy-to-buy application. The software is often bundled with Confluence, a collaboration tool. The firm has also gradually moved upmarket toward enterprise customers, even as it continues to serve customers of all sizes.