Asana, a workplace management software maker, revealed a 63 per cent growth in revenue in the first half of the year as it emerged as one of the winners in the work-from-home era.
The company said during a live broadcast from its San Francisco office on Thursday that the current environment will help bring awareness to its software and accelerate its adoption as businesses get more comfortable with employees working remotely.
“Turns out, if you’re hitting the goals, no one cares if we’re wearing pants,” the company said in an introduction video to the presentation.
Asana’s shares are set to begin trading on the New York Stock Exchange on or about September 30 in a direct listing, it said in an updated filing with the US Securities and Exchange Commission on Wednesday. The direct listing, in which the company doesn’t issue new shares to raise capital, is alternative to going public in an initial public offering.
The listing is expected to follow one scheduled for a week earlier by Palantir Technologies. Previously, only two other major technology companies, Spotify Technology and Slack Technologies have gone public through direct listings.
Asana reported $99.7 million (Dh366m) revenue in the six months ended July 31, compared with $61.1m for the same period last year, the amended filing shows. Its net loss more than doubled in that period to $76.9m as research, sales and marketing costs shot up.
About 40 per cent of the company’s revenue comes from outside the US and it’s present in 190 countries, its executives said during the presentation. It has a gross margin of 87 per cent in the first half, similar to 86 per cent in the last fiscal year.
The company has registered 30 million shares.
Morgan Stanley, JPMorgan Chase, Credit Suisse Group and Jefferies Financial Group are financial advisers on the Asana direct listing. The shares are expected to trade under the symbol ASAN.
UAE currency: the story behind the money in your pockets
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Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
Killing of Qassem Suleimani
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Lexus LX700h specs
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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MATCH INFO
Champions League quarter-final, first leg
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Our legal consultant
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
