SAN FRANCISCO - Asana, Inc. (NYSE:ASAN)(LTSE:ASAN) announced today it has completed the acquisition of StackAI, a no-code AI workflow platform, according to a press release statement. The $1.6 billion market cap company generated $791 million in revenue over the last twelve months despite posting a loss of $0.80 per share.
StackAI enables companies to design, test, deploy and govern AI agents and automation for business workflows. The San Francisco-based platform connects workflows and data across enterprise systems including ERP, CRM and ITSM to automate processes such as customer support, IT service requests and compliance workflows. The company serves customers in financial services, healthcare and professional services.
The platform executes processes across enterprise tools including Salesforce, AWS, Docusign, Oracle and document systems through bi-directional sync. StackAI will continue to operate as its own product and brand following the acquisition.
The StackAI team is led by co-founders Tony Rosinol and Bernard Aceituno, both MIT PhDs, who are joining Asana as part of the acquisition.
"This acquisition accelerates our roadmap and marks the next phase of human-agent work," said Dan Rogers, CEO of Asana. "StackAI now lets them go further, agentifying the most complex business processes end-to-end, across every system and tool their business runs on."The acquisition comes as Asana’s stock has declined 65% over the past year. Yet InvestingPro analysis suggests the company is undervalued, with analysts predicting profitability this year. The platform offers detailed analysis on ASAN and over 1,400 US equities through comprehensive Pro Research Reports.
Rogers described a proof of concept where StackAI agents pulled data across five marketing systems and worked with Asana’s AI Teammates to complete a search engine optimization spend process.
"StackAI was built on a simple conviction: AI creates ROI for enterprises when agents can specialize and reach into the systems where business actually runs," said Tony Rosinol from StackAI.
Financial terms of the acquisition were not disclosed. Asana describes itself as an operating system for human-agent teams, built on the Enterprise Work Graph.
In other recent news, Asana reported mixed fourth-quarter results, with revenue slightly surpassing consensus estimates by approximately 0.2%. The company’s billings, non-GAAP operating margin, and non-GAAP earnings per share also exceeded expectations. However, RBC Capital responded by lowering its price target for Asana to $7.00 from $11.00, maintaining an Underperform rating. In contrast, RBC Capital upgraded Asana to Sector Perform from Underperform, following investor meetings that highlighted AI SKU adoption and go-to-market strategy. Piper Sandler downgraded Asana to Neutral from Overweight, citing concerns about growth in the collaboration software space and potential seat constraints. Hedge fund founder Eric Jackson announced short positions in Asana and other software companies, pointing to research suggesting that frequent discussions of AI on earnings calls could lead to underperformance. These developments reflect ongoing shifts in investor sentiment and market strategies surrounding Asana.
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