-74%

est. 2Y upside i

ProductivitySeries B

Secure Collaboration for Technical Teams

Rank

#3546

Sector

Collaboration Software

Est. Liquidity

~3Y

Data Quality

Data: Medium

Mattermost presents a risky equity opportunity due to its severe preference stack ($73.6M raised on an estimated $135M valuation), meaning common stock holders face significant downside in most exit scenarios.

Last updated: March 10, 2026

Bull (9%)+275%

Mattermost successfully leverages its focus on secure, self-hostable solutions for defense and government, expanding its 'Enterprise Advanced' and AI-integrated offerings. Key partnerships, like the one with Microsoft Azure, drive significant customer wins, pushing revenue to over $65M and justifying a $500M+ valuation at a premium multiple, attracting a strategic acquisition.

Base (47%)+35%

Mattermost maintains its niche in secure enterprise collaboration, growing steadily but facing continued pressure from incumbents like Microsoft Teams and Slack. Revenue reaches approximately $35M-$40M, and the company secures a modest follow-on funding round or is acquired at a valuation around $180M-$200M, offering limited upside for common stock holders after liquidation preferences.

Bear (44%)-65%

Intense competition from dominant players and challenges in open-source development, coupled with the negative employee growth trend, lead to stalled revenue growth or decline. The company struggles to differentiate effectively, resulting in a down round or an acquisition at a distressed valuation of $45M-$55M, which, given the $73.6M in liquidation preferences, would wipe out most, if not all, common stock value.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors hold $73.6M in liquidation preferences ahead of common stock on an estimated $135M valuation.

Dilution Risk

high

Given the current funding stage (Series B from 2019) and estimated valuation, further funding rounds are likely, posing a high risk of additional dilution for existing equity holders.

Secondary Liquidity

limited

While secondary market opportunities exist for accredited investors, they are not active or guaranteed, and pricing can be opaque.

Other — 22 roles

View all 22 open roles at Mattermost →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Mattermost's data — designed to show you've done your homework.

  • 1

    “Given the intense competition from Microsoft Teams and Slack, how does Mattermost plan to accelerate its market penetration beyond its core defense and government niche?”

  • 2

    “With revenue around $27M and a 12% employee reduction last year, what are the key strategies to re-accelerate growth and improve operational efficiency over the next 2-3 years?”

  • 3

    “Considering the Series B funding was in 2019 and the significant liquidation preferences, what is the realistic timeline and expected valuation range for a liquidity event that would provide meaningful returns for common stock holders?”

Community

Valuation Sentiment

Our model estimates -74% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.