Case Study

A Future-Focused Long-Term Partnership: Asana and the Long-Term Stock Exchange

Everything we do at Asana is in service of our mission: empowering teams to achieve their own missions. When we all work together, we can achieve great things. By listing with the LTSE we are elevating our public commitment to our long term view, further developing our structures to execute on our strategies and aligning even more with public stakeholders who share similar values.

Dustin Moskovitz, Co-Founder & CEO, Asana
Being heard can be challenging, but Asana found a 
way to elevate its voice — by partnering with a stock exchange that shares its commitment to long-term 
value creation.
Asana’s vision for the future of work is the same vision that empowers its long-term strategy: helping humanity thrive by enabling the world's teams to work together effortlessly.

To that end, Asana’s flagship product — which bears its name — is a leading work management software platform that helps organizations set and track goals, drive strategic initiatives, and manage work in one place. Beyond its own focus on innovation, accessibility, and environmental sustainability, Asana supports thousands of mission-driven customers who leverage the product to achieve their goals.

Asana has always been committed to creating long-term value, and partnering with LTSE has helped to elevate this commitment and provide shareholders with specifically stated values and strategies. While over 4,000 public companies are listed on U.S. exchanges today, the Long-Term Stock Exchange estimates less than 10% to 15% demonstrate a verified commitment to long-term value¹, and most of those companies aren't getting the credit they deserve.
Asana gets the credit it deserves from its stakeholders
Asana was looking for ways to further accentuate its long-term focus — that’s where the Long-Term Stock Exchange came in.

The results of a survey conducted by LTSE were clear, strong, and swift. A vast majority of surveyed executives (88%) attending an Asana x LTSE event agreed that the Asana and Long-Term Stock Exchange partnership strengthens consideration for doing business with Asana.2 Partnership events between Asana and the Long-Term Stock Exchange in New York City and London saw 158% and 1,200% increases, respectively, in closed annual recurring revenue (ARR) compared to targets.3 Plus, Asana experienced a 266% increase in Requests For Proposal from values-aligned enterprise clients as a result of the Asana and Long-Term Stock Exchange partnership events.4

The benefits of listing did not stop with enterprise clients, though; Asana was finally getting the recognition its work warranted. It was attracting the right investors, with a 116% improvement in long-term investor quality and a 118% improvement in long-term investor quality versus its public comparable group since listing, according to LTSE's Long-Term Investor Score℠ methodology.5 Those investors were more aligned with Asana’s mission; 52% of the company’s top 25 sub-fund holders demonstrated investment behavior significantly accretive to long-term investor quality.6 And when investors got on board, they also got involved — Asana experienced a 75% investor response rate and 20% investor meeting rate across Q1-Q3 2023 outreach.7
Asana is outperforming its top public competitor and overall public comparable group since listing on LTSE*
*Measured via LTSE Long-Term ScoreSM as applied to LTSE proprietary data-sets, FactSet, and relevant SEC filings.
Asana measures LTSE’s impact by values-aligned enterprise client ARR expansion
In collaboration with LTSE, Asana developed measurable outcomes that directly align with Asana's long-term strategy. This partnership supports Asana's objectives by establishing specific and quantifiable goals that reflect their long-term vision and direction.
Of surveyed executives Strongly Agree/Agree that the partnership between LTSE and Asana strengthens their consideration for doing business with Asana at the NY Summit**
Of the closed annual recurring revenue target**
Of the closed annual recurring revenue target - London Summit**
Increase in RFP responses from values-aligned enterprise clients overall**
**Based on LTSE and Asana tracking data.
Listing on LTSE signals a long-term focus
Companies that list on the Long-Term Stock Exchange take an active leadership role in voicing their approach and commitment to long-term strategy. Guided by the Long-Term Stock Exchange, companies like Asana codify their own practices to ensure accountability and a strong future focus. This effort helps underscore the work that companies like Asana are doing and provides a clear outlook for investors who want to ensure their values are aligned with a company’s strategy.
Listing easier than expected
In recalling the listing process, Eleanor Lacey, Head of Legal and General Counsel of Asana, said, “As we were thinking through our listing, it was obvious that our values and our goals as a company were quite aligned with the goals of the Long-Term Stock Exchange. However, I was concerned about how much overhead it would create for our department and how we would align our values and the goals of the Long-Term Stock Exchange, which I really liked, with the very clear practicalities of being a public company. It was not and has not been a separate lift for our department. It’s not a lot of overhead. What we wanted to do was align ourselves – our employees, our policies, and our investors – with our long-term goals. This was another way to understand who our long-term investors were and to be able to focus on those long-term goals.”
A positive reaction
Lacey also spoke about how Asana employees reacted to listing on the Long-Term Stock Exchange: “A nice outgrowth that has been more powerful than we anticipated is the employee reaction. As the world has changed and employees are more focused on what their companies are doing, there’s been a positive reaction from our employees that we have a place and a forum to talk about our long-term strategy. We’ve made a very public commitment to it. It’s not just a conversation internally — we have this other public commitment we’ve made and we’re putting resources into the form of supporting a listing on the Long-Term Stock Exchange. It also allowed us to connect with other companies that were like-minded.” 8
“As we were thinking through our listing, it was obvious 
that our values and our goals as a company were quite aligned with the goals of the Long-Term Stock Exchange.”
— Eleanor Lacey,
Asana Head of Legal and General Counsel
LTSE methodology drives best-in-class investor quality
LTSE developed a proprietary algorithm to calculate the LTSE Long-Term Score℠, which assesses portfolio manager investing behavior at the individual-fund level. This score reflects a fund manager's patience in holding investments, with higher scores indicating better alignment with long-term company strategy.

Strong alignment and higher scores are correlated with lower volatility and optimized market conditions, potentially leading to increased stock price returns over time. Additionally, the LTSE Long-Term Score℠ enables companies to identify and access capital from long-term shareholders, supporting the execution of long-term strategies for companies like Asana.


Increase in Asana’s investor quality since listing on LTSE — Asana is significantly outpacing its industry competitor’s diminishing investor quality, particularly over the past several quarters*


Improvement to Asana’s investor quality vs. Asana’s overall public comparable group since listing. In addition, investor quality now exceeds Asana’s publicly traded comparable group*


Percentage of Asana’s Top 25 sub-fund holders whose investment behavior is significantly accretive to long-term investor quality*
*Based on Long-Term Stock Exchange tracking data.
Benefits of listing on the Long-Term Stock Exchange
The Long-Term Stock Exchange differentiates companies to help them get the credit they deserve from critical long-term stakeholders.
Your company will have one ticker symbol across exchanges – listing on the 
Long-Term Stock Exchange is 100% compatible with incumbent U.S. exchanges.
Listing on the Long-Term Stock exchange is a straightforward process for companies already doing the work that comes with long-term leadership.

Leaps of progress require not just work, but the courage to lead. This creates businesses and legacies that persevere. Dustin Moskovitz of Asana believes that ‘when we work together, we can do great things — things that contribute
to a better life for people and the planet.’

Eric Ries, Founder and Executive Chairman of LTSE

A long-term partnership built on results

In the same way Asana empowers millions of teams to stay connected, the Long-Term Stock Exchange empowers Asana to gain the attention of customers, employees, investors, and decision-makers who align with Asana's commitment to long-term value creation. The recognition that comes from listing on the Long-Term Stock Exchange provides Asana with a way to demonstrate its unwavering dedication to the long term.

Asana wasn’t getting all the recognition it deserved for the work it was already doing and the long-term value that it was generating. By listing with the Long-Term Stock Exchange, Asana broke through the short-term noise with significant improvements in RFPs, investor quality, and investor engagement.

It can be hard to be heard, but it’s not impossible. Sometimes all it takes is the right partner.
For more information
For additional case studies, resources, and more information about how listing on the Long-Term Stock Exchange can be good for your business, good for shareholders, and good for the investor community, email
Contact Listings Team
About Asana
Asana empowers organizations to work smarter. Asana has over 150,000 customers and millions of users in 200+ countries and territories. Customers like Amazon, Roche, and T-Mobile, rely on Asana to manage everything from goal setting and tracking to capacity planning, to product launches. For more information, visit
The information contained above is provided for informational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Readers should consult their own tax, legal, accounting or investment advisors.

Many of the services outlined in this document are provided by LTSE Services, Inc. LTSE Services and its affiliates, including the Long-Term Stock Exchange, Inc., which is a registered national securities exchange under the provisions of the Securities Exchange Act, do not provide tax, legal, accounting or investment banking or investment advisory services or advice.

Companies are not required to adopt or purchase any tools or services from LTSE Services in order to apply to list on the Long-Term Stock Exchange. Companies can customize their long-term policies; however, only the Exchange’s independent regulatory staff can determine whether proposed policies meet the principles-based requirements for listing under Exchange rules. Exchange rules differentiate between the products and services that it can offer to prospective listed companies and those that are available to companies currently or newly listed on the Exchange.

Neither LTSE nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding LTSE-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results.

© 2024 LTSE Services, Inc.
  1. Based on an internal analysis conducted by LTSE Services, Inc., in January 2024.
  2. Based on LTSE and Asana tracking data.
  3. Ibid.
  4. Ibid.
  5. Measured via LTSE Long-Term ScoreSM as applied to LTSE proprietary data-sets, FactSet, and relevant SEC filings.
  6. Ibid.
  7. Ibid.
  8. Understanding LTSE Listings, The Corporate Counsel Webcast, December 8, 2021.