The company is looking to take a sizable bite out of the market for workplace communication and collaboration software, an industry they estimate could be worth $28 billion in 2020. As the companies grow, and their needs grow too, they can move to paid tiers ranging from $6.67 to $15 per month per user. It's free with limited functionality for small organizations.

Slack is using the classic software-as-a-service approach of land and expand with its 'freemium' model. And to date, the service has been wildly successful. The staff at the company that would eventually become Slack couldn't find an enterprise communication tool that fit the needs of their business, so they decided to build their own. The software was born out of frustration. It's an acronym and stands for 'Searchable Log of All Communication and Knowledge.' Instead of the siloed approach that email offers, Slack allows new teammates to access information that was added before they joined on. With Slack, users can share files, create project-based channels, and easily communicate with teammates around the globe. Most people would describe it as a messaging service, but it does so much more. Slack's namesake platform is a cloud-based collaboration tool.

What does slack technologies do