So the leaders in Project Management “Plus” are all over the place today:

Monday:

  • Sells mainly to folks outside of tech — and because of that, it’s on fire.
  • It’s up to an $11 Billion (!) market cap and
  • Almost $900m in ARR, growing 34%

🔼 Atlassian:

  • At almost $5 Billion in ARR
  • Trading at $40B market cap,
  • And is growing 30%. It’s seeing “macro impacts” — but powering through them

↘️ Asana has been hit the hardest:

  • At $700m ARR and a $2.7 Billion market cap
  • Growth has been hit the hardest, falling to 19% year-over-year and 13% quarter-over-quarter. And projected to be just 9% next year.
  • That’s down fast, from 34% at just $600m ARR.
  • Issue #1? An NRR drop from 115% to just 102%.

The chart below summarizes just how different their journeys are today:

Monday and Atlassian are down from their peaks, too.  In growth, NRR, and multiples.  You can see even the fastest growing, Monday, has seen its NRR fall materially from its peak of 2021.  But the biggest difference?  It’s still high for SMBs:

But Asana has been hit the hardest, in part to its high reliance on run-rate tech deals.  Atlassian has similar exposure, but is also more enterprise, and has a broader suite of products.   And Monday?   Tech is a relatively small segment of its customer base.  That’s key in today’s world.

The so-called “downturn” isn’t everywhere, and it certainly isn’t evenly distributed.  It’s hit Asana the hardest.  Atlassian a bit.  And Monday?  It’s not the crazy growth of 2021.  But still … Pretty, Pretty Good.

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