Finance

Raised in a log cabin in Canada, Slack chairman is now price $1.three billion

Canadian entrepreneur Stewart Butterfield helped discovered Slack Applied sciences Inc. after promoting his earlier startup, Flickr, to Yahoo for greater than US$20 million. The most recent enterprise is bringing a much bigger windfall.

His eight per cent stake within the office communication firm could be price US$1.three billion if Slack goes public this week at US$16 billion, the low finish of Wall Avenue’s anticipated vary. Slack co-founder Cal Henderson, 38, owns three per cent price about US$533 million.

Butterfield, the 46-year-old chairman and chief govt officer, has come a great distance from the log cabin the place he lived in a distant a part of Canada with out electrical energy and operating water for the primary few years of his life. He was launched to computer systems within the second grade however misplaced curiosity within the know-how as he acquired older and went on to check philosophy in school.

“By the point I completed my grasp’s diploma I actually had no thought of what I used to be going to do aside from be an instructional as a result of, you already know, the large 5 philosophy companies aren’t all the time hiring,” Butterfield advised Bloomberg final 12 months.

After transient stints within the startup world at Talk.com and Gradfinder.com, Butterfield got here up with the thought for Flickr, a photograph and video internet hosting service that he bought to Yahoo in 2005. Butterfield labored at Yahoo till 2008 and later based Glitch, which grew to become the multibillion-dollar firm now known as Slack.

Slack, an acronym for “Searchable Log of All Dialog and Information,” will start buying and selling Thursday on the New York Inventory Trade beneath the ticker image WORK.

Bloomberg.com

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