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Collaboration and project management software provider Atlassian (NASDAQ: TEAM) is in the middle of transitioning its customer base to the cloud. The company's traditional business of selling software licenses for its products, which include issue tracking tool Jira, collaboration tool Confluence, and a handful of others, is being phased out in favor of cloud subscriptions. In the third quarter of Atlassian's fiscal 2022, which ended on March 31 of that year , cloud revenue grew by 60% year over year.