First, diving a little bit more into the term discussion, you mentioned in the past that your retention rates are about 98% for those customers spending [over 5k], has that been consistent, you know during COVID or has there been changes with what we've done the customers who have larger bills versus just a total customer as a whole kind of the whole?
Let's conquer your financial goals together...faster. Thanks for taking the question. Operator, maybe we will come back to Michael. From a cloud enterprise perspective, don't have a lot of to add to what I've said before, obviously the early reaction to the EIP from customers who joint I of joined it has been very good largely along the lines of this is the addition we're looking for.
Thanks, Gregg it’s Scott, we’ll do Scott first and then James can follow-up. So we do skew in our cloud business to a smaller size of organization. Your line is open. You know, we provide that for them.
And Atlassian plays a really important part there with our coding tools, with our deployment tools, and so forth, but there are – our commitment to our customers in that space is that we will integrate with everything in that space and everything that space because of our market presence and our customer base, they are incentivized to integrate with us and so our brand promise no spaces. And then on a cloud revenue side in the shareholder letter, you said slightly less than half of revenue is cloud. On the call today, we have Atlassian's Co-Founders and Co-CEOs, Scott Farquhar and Mike Cannon-Brookes; our Chief Financial Officer, James Beer; and our President, Jay Simons. This is Hannah on for Rishi. Participants in our product and users of our product, if they don't want to travel all the way to San Francisco for an event, but we made it far easier for them to join an event and meet -- and I think that's something that we'll continue to explore going forward. And then at the other, sort of the very end of that when we say, okay I want to manage, run, and support these products, that's where we increasingly been spending time with all of our ITSM investments with Jira Service Desk with opportunities that are [words], people, you know, when you have issues.
I was wondering if you could just talk about what is really accounting for that increase there, whether there is something that's happening organically or whether you pivoted your marketing message? Your next question comes from Michael Turrin with Wells Fargo Securities. So, we're really proud about M&A. There's a reason that we talk about targeting Fortune 500,000 and the 800 million to 1 billion knowledge workers on the planet today, let alone that number itself growing. That's super helpful. Great, thank you so much. That's it from me. Got it.
We disclaim any obligation to update or revise them should they change or cease to be updated. In terms of the strategies, look, by far the most important strategy is just building a kick ass cloud offering. That's very helpful. Actually get pulled forward into Q2. And we note in the shareholder letter to illustrate this point that at the end of the fiscal year, about 25% of the deferred revenue was cloud based, while a little less than 50% of the revenue was cloud driven. Hi guys. [Technical Issues] R&D investment and requires large-scale changes in our infrastructure and how we deploy products, how we work with data residency, how we work with security, how we work with our companies our networks etc. Statements made on this call include forward-looking statements. The R&D hiring environment, I think any company will tell you is not simple, not an easy thing to do.
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