Mike_Cannon-Brookes

Mike Cannon-Brookes

Mike Cannon-Brookes

Australian billionaire business magnate (born 1979)


Michael Cannon-Brookes (born November 1979) is an Australian billionaire business magnate who is the co-founder and co-CEO of software company Atlassian.

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Since 2018, he has been involved in the Australia-Asia Power Link, a huge electricity infrastructure project to be developed in the Northern Territory by Sun Cable in a collaboration with Twiggy Forrest.

Early life and education

Cannon-Brookes was born in November 1979,[3] the son of a global banking executive, also named Mike, and his wife, Helen.[4]

He attended Cranbrook School in Sydney,[5] and graduated from the University of New South Wales with a degree in information systems on a UNSW Co-op Scholarship.[6]

Career

With Scott Farquhar, Cannon-Brookes is the co-founder and co-CEO of Atlassian, a collaboration software company. The pair started the company in 2002, shortly after graduating from university, funding it with credit cards.[7] They have said they founded Atlassian with the aim of earning the then-typical graduate starting salary of A$48,000 at the big corporations without having to work for someone else.[8][9]

Their first major Atlassian product was Jira, an issue- and project-tracking software.[10] They decided to forgo the expense of hiring sales people, and instead spent their time and money on building a good product and selling it at a more affordable price via the Atlassian website.[10] As of 2016, the company still did not have a traditional sales force, investing instead in research and development.[11]

In 2005, they opened an office in New York, where most of their clients were.[10] Later in 2005 they moved the U.S. office to San Francisco,[12] which had a much larger pool of relevant technical talent.[10]

Their first external funding for Atlassian was a $US60 million round from Accel in 2010.[13]

In 2014, they redomiciled the company to the UK, in advance of an IPO.[14]

On 10 December 2015, Atlassian made its initial public offering (IPO) on the NASDAQ stock exchange,[15] putting the market capitalization of Atlassian at $4.37 billion.[16] The IPO made Cannon-Brookes and Farquhar Australia's first tech startup billionaires and household names in Australia.[17][18][19]

In 2022, Cannon-Brookes and Farquhar redomiciled Atlassian to the United States.[14]

In March 2022, Cannon-Brookes and billionaire Andrew Forrest invested in the Sun Cable project,to build a solar and battery farm 12,000 hectares (120 km2) in size at Powell Creek, Northern Territory, and a power-cable to link it to Singapore (via Indonesia) leaving Australia at Murrumujuk beach.[20][21] In January 2023, Sun Cable went into administration owing to disagreements between Cannon-Brookes and Forrest, and in May 2023, Cannon-Brookes' company Grok Ventures outbid Forrest and others to buy the liquidated company.[22][21]

Other activities

Cannon-Brookes is an adjunct professor at the University of New South Wales' School of Computer Science and Engineering.

In December 2020, Cannon-Brookes bought a minority stake in NBA team Utah Jazz, along with Qualtrics co-founder Ryan Smith.[7]

Cannon-Brookes is a major investor in Australian publicly listed energy company AGL.[23]

In September 2020, it was revealed that Cannon-Brookes was listed on a Chinese Government "Overseas Key Individuals Database" of prominent international individuals of interest for China.[24]

Personal life

Cannon-Brookes married American fashion designer Annie Todd in 2010, and they had four children together.[25][26]

The couple first met at a Qantas lounge while flying from Sydney to San Francisco.[27] Cannon-Brookes and Todd lived in Sydney's eastern suburbs in Centennial Park.[9] In 2018 they bought Fairwater, Australia's most expensive house for approximately A$100 million, next door to Scott Farquhar's A$71 million Point Piper harbourside mansion, Elaine. Cannon-Brookes also acquired the 1923-built heritage residence Verona, designed by architect Leslie Wilkinson and located in Double Bay, for A$17 million.[28] The house previously belonged to New Zealand philanthropist Pat Goodman. Prior to that, in 2016, Cannon-Brookes had bought the A$7.05 million SeaDragon house, built in 1936, also designed by Wilkinson and updated by architect Luigi Rosselli.[29] His Centennial Park home sold for A$16.5 million.[30] In 2019 he purchased a house near Fairwater for A$12 million.[31]

Cannon-Brookes separated from his wife Annie in July 2023.[25]

Recognition

Cannon-Brookes and Farquhar were recognised as Ernst & Young's 2006 Australian Entrepreneur of the Year.[32] Cannon-Brookes is a member of The Forum of Young Global Leaders.[6]

Net worth

In 2016, his net worth was estimated by Forbes on the list of Australia's 50 Richest people as US$1.69 billion;[33] by BRW Rich 200 as A$2.00 billion;[34] and by the Sunday Times Rich List as £906 million.[35] As of May 2023, the Australian Financial Review estimated his net worth was A$19.01 billion.[36] Meanwhile, in 2021, his net worth was assessed at US$13.7 billion by Forbes and at US$11.2 billion by Bloomberg.[2]

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See also


References

  1. Bailey, Michael; Sprague, Julie-anne (27 May 2021). "The 200 richest people in Australia revealed". Australian Financial Review. Retrieved 28 May 2021.
  2. "Mike Cannon-Brookes". Forbes. Retrieved 28 May 2021.
  3. Kitney, Damon (27 February 2016). "The Cannon-Brookes: balancing life as accidental billionaires". The Australian. Retrieved 9 June 2016.
  4. McDuling, John (8 August 2016). "The secret to Atlassian's success". Australian Financial Review. Retrieved 4 April 2024.
  5. McGahan, Donna (10 March 2009). "Atlassian Support – The Legend Continues". Atlassian.com. Retrieved 5 April 2024.
  6. Yolanda Redrup, Yolanda Redrup (6 May 2021). "Atlassian's Scott Farquhar tells founders not to bootstrap". Australian Financial Review. Retrieved 5 April 2024.
  7. Conchie, Charlie (10 July 2022). "Software giant Atlassian leaves UK in setback for the City's tech hopes". City A.M. Retrieved 13 April 2024.
  8. Primack, Dan. "And the Price of the Last Big Tech IPO of 2015 Is..." Archived from the original on 11 December 2015.
  9. Moses, Asher (15 July 2010). "From Uni dropouts to software magnates". The Sydney Morning Herald. Archived from the original on 4 December 2013.
  10. Finley, Klint. "Atlassian Challenges GitHub to a Fork Fight". Wired. Archived from the original on 22 May 2013. Retrieved 15 May 2013.
  11. Bowles, Nellie (13 February 2019). "The Strange Experience of Being Australia's First Tech Billionaires". The New York Times. ISSN 0362-4331. Retrieved 18 September 2020.
  12. "Billionaire Cannon-Brookes to Seek Stake in Australia's AGL". Bloomberg.com. 2 May 2022. Retrieved 27 May 2023.
  13. "Why Mike Cannon-Brookes is on a Chinese military database". Australian Financial Review. 13 September 2020. Retrieved 19 September 2020.
  14. Riordan, Primrose; Bailey, Michael (24 July 2023). "Atlassian's Mike Cannon-Brookes faces asset split after separation". Australian Financial Review. Retrieved 2 April 2024.
  15. "Imposter Syndrome as an Asset". Atlassian blog. Retrieved 1 September 2017.
  16. Macken, Lucy (9 February 2017). "Techie Mike Cannon-Brookes proves a sucker for fine real estate, twice". Domain. Retrieved 5 May 2019.
  17. "Australia's most expensive house sells for $100m". OneRoof. NZME Publishing Limited. 28 September 2018. Retrieved 29 September 2018.
  18. Macken, Lucy (26 April 2019). "Mike Cannon-Brookes buys house next door to Fairwater for $12m". Domain. Retrieved 5 May 2019.
  19. "The 2006 Australian Entrepreneur Of The Year". Ernst & Young. Archived from the original on 31 December 2006. Retrieved 29 March 2024.
  20. "2015 Australia's 50 Richest". Forbes Asia. March 2015. Retrieved 10 June 2015.
  21. Stensholt, John, ed. (29 May 2016). "BRW Rich 200 List 2016". Australian Financial Review. Australia. Retrieved 9 June 2016.
  22. "Rich List 2016". The Sunday Times. No. 44. 24 April 2016.
  23. Bailey, Michael; Sprague, Julie-anne (26 May 2023). "The 200 richest people in Australia revealed". Australian Financial Review. Retrieved 6 June 2023.
  24. Stensholt, John, ed. (May 2013). "BRW Rich 200 List 2013". Australian Financial Review. Australia. Retrieved 9 June 2016.
  25. "Gina Rinehart tops Forbes' Australian rich list". The Australian. Australian Associated Press. 31 January 2013. Retrieved 9 June 2015.
  26. Stensholt, John, ed. (27 June 2014). "BRW Rich 200 List 2014". Australian Financial Review. Australia. Retrieved 9 June 2016.
  27. Rollason, Adam (30 January 2014). "Rinehart on top, Palmer down on Forbes rich list". Financial Review. Australia. Retrieved 9 June 2015.
  28. "2015 Australia's 50 Richest". Forbes Asia. March 2015. Retrieved 10 June 2015.
  29. Stensholt, John, ed. (May 2015). "BRW Rich 200 List 2015". Australian Financial Review. Australia. Retrieved 9 June 2016.
  30. Stensholt, John, ed. (25 May 2017). "Financial Review Rich List 2017". Australian Financial Review. Retrieved 7 October 2019.
  31. "Australia's Richest 2017: Country's Wealthiest Continue Mining For Dollars". Forbes Asia. 1 November 2017. Retrieved 28 September 2019.
  32. Stensholt, John, ed. (25 May 2018). "2018 AFR Rich List: Who are Australia's richest people?". Australian Financial Review. Retrieved 26 May 2018.
  33. Bailey, Michael (30 May 2019). "Australia's 200 richest people revealed". The Australian Financial Review. Retrieved 31 May 2019.
  34. "2019 Australia's 50 Richest". Forbes Asia. January 2019. Retrieved 28 September 2019.
  35. Bailey, Michael; Sprague, Julie-anne (30 October 2020). "The full list: Australia's wealthiest 200 revealed". Australian Financial Review. Retrieved 31 October 2020.

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