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Atlassian aims bigger with first new software product since IPO

Atlassian Corp. walked away from its initial public offering with more than $400 million, and the quiet Australian software company is using that haul to aim bigger.

Atlassian TEAM, -1.46% will announce Thursday its first brand-new product since going public, a chat and video-conferencing offering called Stride, software similar to Slack, Spark and their siblings. With Stride and recent acquisition Trello, Atlassian can woo a wider selection of customers, but it will also face more competition from deep-pocketed, entrenched competition like Microsoft Corp. MSFT, -0.29% and Cisco Systems Inc. CSCO, +0.79%

Atlassian already acquired HipChat in 2012 to rival Slack, but Chief Executive Mike Cannon-Brookes said Stride’s video integration and other tools will offer “a superset of what Hipchat does.

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