Atlassian co-founder Scott Farquhar to sell nearly 3.4 million shares in technology company

One of Australia’s best known technology partnerships is becoming a little less even.

Ownership of software giant Atlassian is changing for the first time in years, with former co-chief executive Scott Farquhar to sell more than three million shares.

This will mean his co-founder and current chief executive Mike Cannon-Brookes emerges with a greater share of the company the pair founded in Sydney in 2002.

Mr Cannon-Brookes is also buying up more of the stock, totalling about $US250 million ($361m), according to the company’s latest filings to the US Securities and Exchange. Atlassian is listed on the US tech-dominated Nasdaq exchange.

“The plan is part of Mr Farquhar’s long-term strategy for individual asset diversification and liquidity,” the filing states. “Under the plan, the sales will be spread out until the plan’s expiration date, in order to reduce market impact on any given day.”

Mr Farquhar, who until the sales has a 20 per cent stake in the company, is the chair of industry lobby group the Technology Council of Australia.

His sale of 3,393,500 shares of its class-A common stock will be spread out until December 4 next year.

In a statement, Mr Farquhar said he would remain on Atlassian’s board and a significant shareholder, and had full confidence in the company’s future.

Atlassian’s shares have been caught up in the so-called SaaSpocalypse, where “software as a service” companies have been battered by investor jitters about the influence of artificial intelligence on their role in workplaces. Atlassian, through its software such as Jira and Confluence, has become a $US39 billion company after widespread adoption of its tools.

Other high-profile companies caught in the SaaSpocalypse include Adobe and other Australian players like Xero and WiseTech Global, with privately-held Canva earlier this year slashing its valuation.