Atlassian is due to see the first major change to its leadership since its launch, with co-CEO Scott Farquhar to step down, leaving Mike Cannon-Brookes as sole CEO of the Australian-founded software company.

The announcement came alongside the company's financial results for Q3 FY2024, which saw a reported revenue of $US1.2 billion, up 30 per cent year-on-year. The company is currently valued at around US$52.6 million (A$79 million).

After co-founding the business 23 years ago, Farquhar plans to spend more time with his young family, as well as working in the philanthropy and technology spaces.

“While it's a difficult decision to step away, I do so knowing Atlassian is exceptionally positioned to take hold of the massive opportunities at its feet. We have a strong leadership team, and great momentum around cloud, enterprise, and now, AI,” said Farquhar.

“The contribution Scott has made at Atlassian is impossible to quantify. Starting with just the two of us in 2001, to a global company of over 11,000 employees and over USD $4 billion in annual revenue, Atlassian would not be the company it is today without Scott. I am truly grateful to have had him by my side every day for the last 23 years," said Cannon-Brookes.

Farquhar's last day as co-CEO will be August 31, 2024. He will remain on as an active board member and assume a special advisor role.