Project management service Trello has been acquired by software company Atlassian in a deal said to be worth $425 million by TechCrunch. Much of the deal, $360 million worth, is a cash transaction, with the remainder to be paid out in restricted shares and options. The acquisition is expected to close by March 31.
Atlassian currently has its own project management app, Jira, but Trello has more of a loyal following, according to a story in Wired, due to its simplicity and ease of use. It’s also more geared towards a wider market, such as marketers and advertisers, and not just software developers and IT managers.
The deal marks Atlassian’s 18th acquisition as well as its largest, and the company will retain the Trello name and service so consumers have a smooth transition.
Trello launched in 2011 and became a stand-alone company in 2014 after it was spun out of Fog Creek Software, raising $10.3 million from several investment groups. It is one of the fastest-growing project management services, with roughly 19 million users and nearly 100 employees, who will all now join Atlassian, according to TechCrunch.