Software developer Atlassian (NASDAQ: TEAM) has agreed to buy Trello, the provider of a collaborative digital whiteboard tool for project management, for $425 million. Atlassian will pay $360 million in cash and the remainder in stock. New York-based Trello was the recipient of a $10.5 million round led by Index Ventures and Spark Capital in 2014 that valued the company at $50 million. The five-year-old business will continue operating as a standalone service upon closing.
The purchase is Atlassian’s largest to date and broadens the company's portfolio of enterprise software businesses focused on teamwork and productivity in the workplace. The Australian software provider’s other investments include code collaboration tool Bitbucket and HipChat, a group and video chat app.
PitchBook users can view Atlassian's full portfolio here.