Slack investors were looking desperately for good news when the stock of the company sharply rose by more than 15 percent. The unexpected rise was due to Business Insider’s report on IBM purchasing accounts from Slack for its 350,000 employees. This purchase made IBM one of the biggest customers of all time for Slack. The company held back the news just before the market closed and they expected a boost in sales. One of the major concerns regarding this news was that IBM was already the biggest customer for Slack. Microsoft Teams is a renowned platform that organizations use to have a group chat, meeting notes, upload videos among other activities. IBM looked past Microsoft and chose its rival Slack for its collaborative activities.
The usage of Slack was increased over a long period of time because IBM has worked with Slack for several years. The rivalry between Microsoft teams and Slack is very intense and last year Microsoft beat Slack when the company announced that its platform is being used by more than 13 million people worldwide. Stewart Butterfield, CEO of Slack stated that "Going wall to wall in IBM - it's basically the maximum scale that there is, so we now know that Slack will work for literally the largest organizations in the world."