Asana, the developer of a work management platform for enterprises, announced the sale of $350 million in Class A common stock to Dustin Moskovitz, its President, CEO and Chair of the Board of Directors.
The deal includes 19,273,127 shares of Class A common stock valued at $18.16 per share on September 2, 2022. The proceeds from the private sale are expected to be used for capital investments and operational expenses. Asana’s shares spiked in after-hours trading after the company presented solid Q2 earnings and announced the CEO’s $350 million cash injection.
Asana provides a work management platform that organizations use to arrange activities on a single visual dashboard, enhancing employee coordination.
The software company reported revenue of $134.9 million in its most recent quarter, a 51 percent increase year over year. Net loss totaled $113 million, up from a net loss of $68.4 million in the same quarter last year. The results were better than predicted, with Wall Street expecting a loss of 39 cents per share on $127.2 million in revenue.
According to Moskovitz, the company’s promising quarter was driven by major corporate acquisitions and momentum in the United States. The number of clients spending at least $100,000 per year climbed by 105 percent.
He said Asana is the most scalable work management platform available, as proven by its widespread deployment and millions of users globally, particularly its largest customer deployment of over 100,000 paid seats.
The impressive performance persuaded Moskovitz to put his whole weight behind the firm, stressing the potential for expansion.