I wanted to know if it's possible to invite other Jira users into our instance of Jira without increasing my user count and thus my cost.
We are going to be working with an external development team who already use Jira and want them to use our Jira for a project. They already have paid licenses on their accounts, but is there a way to invite them into our project without having to pay for them as users in our instance?
As good as that would sound, no it's not possible. Licensing is the only way around user management on Atlassian Products. If you want to invite users into your Instance without cost, you can do so by removing the Application access from those user. However this will not allow the users to collaborate with your Projects except you want to make your Project Public which is a security risk, so that's out of the question. You can consider using Jira Service Desk Projects (if you have the Application), make those users customer users so they can do all the Interaction within the Service Desk project then you could use Automation to sync whatever comments made there to your Jira Projects and vice versa. That way you do not bear the cost in new user licensing. Just my own opinion on the matter.
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