Slack Technologies’ partnership will power your gains

Article Excerpt

Slack Technologies provides firms with an application to help their teams of employees communicate through chat and direct messaging. Meanwhile, even though the overall market is expanding rapidly, Slack faces significant competition. Its rivals include Microsoft Teams, Cisco Systems’ Webex Teams and Facebook’s Workplace. That’s why its new partnership with Amazon.com is an important step toward gaining more and more market share against competitors. SLACK TECHNOLOGIES INC. $32.40, is a buy. The company (New York symbol WORK; TSINetwork Rating: Extra Risk) (www.slack.com; Shares o/s: 599.0 million; Market cap: $18.2 billion; No dividends paid) has now formed a partnership with Amazon.com). Under a multiyear deal, Amazon Web Services (Amazon’s cloud-computing service) will adopt Slack’s messaging software for its employees. At the same time, Slack will migrate all its voice- and video-calling features to the Amazon Chime application from its current Slack Calls feature. Both systems let users make phone calls to other team members from within Slack. The deal also makes Amazon Slack’s preferred partner for a range of…