Atlassian drops after Microsoft confirms acquisition of GitHub

Shares of Atlassian (TEAM) are falling in early trading after Microsoft (MSFT) announced it has reached an agreement to acquire GitHub for $7.5B in Microsoft stock.

Oppenheimer analyst Ittai Kidron has said he thinks Atlassian is most affected among the stocks in the space that he cover, as it has a competing SCM solution that ties closely to its collaboration/workflow platform.

In early trading after Microsoft confirmed the GitHub deal, Atlassian shares are down 1.6% to $62.99.