This outsized investment makes sense when you consider the changes that have taken place in the productivity-software market. Monday.com claims to help knowledge workers collaborate better: “Boost your team’s alignment, efficiency, and productivity by customizing any workflow to fit your needs.” This objective might sound dry in our current moment of flashy social apps and eerie artificial intelligence, but helping organizations manage their workflows has proved to be surprisingly lucrative.
Trello, one of the early success stories from this category, was launched in 2011 as a side project by an independent software developer. In 2017, it was purchased by Atlassian for four hundred and twenty-five million in cash and stock. Another workflow-management service, named Wrike, subsequently sold for $2.25 billion. For its part, Monday.com went on to leverage the user growth generated by its advertising push to support a successful I.P.O. that valued the company at over seven billion dollar